Farmhouse, Inc 10-Q for FY2021 Q2

Farmhouse, Inc. (FMHS)

10-Q 2021-08-23 For: 2021-06-30

Added on April 06, 2026

About this 10-Q

Farmhouse, Inc filed this 10-Q on August 23, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $546; down 81.4% from $2940 a year earlier
Net loss: $256.17K; compared with a net loss of $127.56K a year earlier

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NEVADA NV	333-238326	46-3321759
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

	Large accelerated filer [ ]		Accelerated filer [ ]
	Non-accelerated filer [ ]		Smaller reporting company ☒

FARMHOUSE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,		December 31,
	2021		2020
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	5,538	$	3,906
Prepaid expenses		2,332		-
Total current assets		7,870		3,906

Property and equipment, net		683		1,272
Total assets	$	8,553	$	5,178

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	18,467	$	10,971
Accrued legal fees		288,067		267,127
Accrued payroll and payroll taxes		669,391		577,321
Accrued liabilities		78,239		59,011
Deferred revenue		-		3,000
Accrued interest payable		32,234		28,095
Convertible note payable		45,000		45,000
Note Payable		50,000		-
Due to related parties		174,778		150,365
Total current liabilities		1,356,176		1,140,890

Stockholders’ deficit:
Preferred stock - Undesignated: $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding		-		-
Common stock, $0.0001 par value; 295,000,000 shares authorized, 15,131,656 and 14,855,792 shares issued and outstanding, respectively		1,513		1,486
Additional paid-in capital		3,370,694		3,189,140
Accumulated deficit		(4,719,830)		(4,326,338)
Total stockholders’ deficit		(1,347,623)		(1,135,712)
Total liabilities and stockholders’ deficit	$	8,553	$	5,178

The accompanying notes are an integral part of these condensed consolidated financial statements

FARMHOUSE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	For the three months ended June 30,				For the six months ended June 30,
	2021		2020		2021		2020

REVENUES
Net revenues	$	546	$	2,940	$	11,896	$	2,940
Total revenues		546		2,940		11,896		2,940

OPERATING EXPENSES
General and administrative		96,622		64,962		169,970		160,586
Professional fees		148,311		53,165		215,437		116,787
Depreciation and amortization		295		614		589		1,224
Total operating expenses		245,228		118,741		385,996		278,597

LOSS FROM OPERATIONS		(244,682)		(115,801)		(374,100)		(275,657)

OTHER INCOME (EXPENSE):
Interest expense		(11,485)		(11,758)		(19,392)		(38,354)
Total other income (expense)		(11,485)		(11,758)		(19,392)		(38,354)

NET LOSS	$	(256,167)	$	(127,559)	$	(393,492)	$	(314,011)

BASIC AND DILUTED NET LOSS PER SHARE	$	(0.02)	$	(0.01)	$	(0.03)	$	(0.02)

BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		14,998,382		14,703,253		14,938,674		14,627,908

The accompanying notes are an integral part of these condensed consolidated financial statements

FARMHOUSE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
For the three and six months ended June 30, 2021
(unaudited)

	Common Stock					Accumulated
	Shares	Par Value		Paid-in Capital		Deficit		Total

Balance at December 31, 2020	14,855,792	$	1,486	$	3,189,140	$	(4,326,338)	$	(1,135,712)

Common stock sold	8,000		1		5,999		-		6,000
Common stock issued for services	58,287		6		29,862		-		29,868
Net loss	-		-		-		(137,325)		(137,325)
Balance at March 31, 2021	14,922,079		1,493		3,225,001		(4,463,663)		(1,237,169)

Common stock sold	49,020		4		24,996		-		25,000
Common stock issued for "anti- dilution" protection	39,844		4		(4)		-		-
Common stock issued for services	120,713		12		120,701		-		120,713
Net loss	-		-		-		(256,167)		(256,167)
Balance at June 30, 2021	15,131,656	$	1,513	$	3,370,694	$	(4,719,830)	$	(1,347,623)

The accompanying notes are an integral part of these condensed consolidated financial statements

FARMHOUSE, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30,
(unaudited)

	2021		2020

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(393,492)	$	(314,011)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization		589		1,224
Stock issued for services		150,581		41,412
Changes in operating assets and liabilities:
Accounts receivable		-		7,594
Prepaid expenses		(2,332)		-
Accounts payable		7,496		(3,996)
Accounts payable to related parties		16,436		-
Accrued legal fees		20,940		71,090
Accrued payroll and payroll taxes		92,070		105,068
Accrued liabilities		19,228		31,559
Deferred revenue		(3,000)		-
Accrued interest payable		4,139		4,042
Net cash used in operating activities		(87,345)		(56,018)

CASH FLOWS FROM INVESTING ACTIVITIES:		-		-

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock		31,000		39,501
Proceeds from borrowings on Note Payable		50,000		-
Borrowings of related party debt and short-term advances		13,000		17,132
Repayment of related party debt and short-term advances		(5,023)		(5,756)
Net cash provided by financing activities		88,977		50,877

NET CHANGE IN CASH		1,632		(5,141)
CASH AT BEGINNING OF PERIOD		3,906		7,313
CASH AT END OF PERIOD	$	5,538	$	2,172

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	$	-	$	-
Income taxes	$	-	$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for intangible asset	$	-	$	125,000
Disposal of property and equipment	$	2,292	$	-
Common stock issued for anti-dilution protection	$	4	$	-

The accompanying notes are an integral part of these condensed consolidated financial statements

	Six Months Ended June 30,
	2021		2020

Subscription fees	$	546	$	-
Affiliate advertising		8,850		-
Event Sales		-		2,940
Referral fees		2,500		-
Consulting and other		-		-
	$	11,896	$	2,940

	Three Months ended June 30,
	2021		2020

Subscription fees	$	546	$	-
Affiliate advertising		-		-
Event Sales		-		2,490
Referral fees		-		-
Consulting and other		-		-
	$	546	$	2,490

	Six Months Ended June 30
	2021		2020

Net cash used in operating activities	$	(87,345)	$	(56,018)
Net cash used in investing activities		-		-
Net cash provided by financing activities		88,977		50,877
Net increase (decrease) in cash and cash equivalents	$	1,632	$	(5,141)

Exhibit Number		Description

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act. *

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act. *

32.2		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

By:	/s/ Evan Horowitz
	EVAN HOROWITZ
	Chief Executive Officer, Director