Farmhouse, Inc 10-Q for FY2023 Q3

Farmhouse, Inc. /Nv (FMHS)

10-Q 2023-11-24 For: 2023-09-30

Added on April 06, 2026

About this 10-Q

Farmhouse, Inc filed this 10-Q on November 24, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $5503; up 10.6% from $4974 a year earlier
Net loss: $116.36K; compared with a net loss of $25.07K a year earlier

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☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2023
or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: _____________ to _____________

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
CONSENSED CONSOLIDATED BALANCE SHEETS


	September 30,		December 31,
	2023		2022
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	5,161	$	62,063
Accounts receivable		2,320		-
Prepaid expenses		4,000		3,810
Total current assets		11,481		65,873

Total assets	$	11,481	$	65,873

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	35,034	$	11,181
Accrued legal fees		377,918		348,137
Accrued payroll and payroll taxes		1,083,716		945,608
Accrued liabilities		192,050		156,050
Accrued interest payable		58,089		48,931
Convertible notes payable		45,000		45,000
Notes payable		50,000		50,000
Due to related parties		23,888		44,882
Total current liabilities		1,865,695		1,649,789

Long-term liabilities:
Convertible notes payable, long-term		34,000		-
Total long term liabilities		34,000		-
Total liabilities		1,899,695		1,649,789

Stockholders’ deficit:
Preferred stock; $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, 17,075,950 and 17,075,950 shares issued and outstanding, respectively		1,708		1,708
Additional paid-in capital		4,295,527		4,159,075
Accumulated deficit		(6,185,449)		(5,744,699)
Total stockholders’ deficit		(1,888,214)		(1,583,916)
Total liabilities and stockholders’ deficit	$	11,481	$	65,873

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 Sept. 30,				For the nine months ended Sept. 30,
	2023		2022		2023		2022

REVENUES
Revenues	$	5,503	$	4,974	$	10,707	$	7,623
Costs of revenues		(2,404)		(2,487)		(5,006)		(2,487)
Gross margin		3,099		2,487		5,701		5,136

OPERATING EXPENSES
General and administrative		81,717		103,636		251,064		317,550
Professional fees		24,708		73,294		157,383		327,087
Depreciation and amortization		-		-		-		94
Total operating expenses		106,425		176,930		408,447		644,731

LOSS FROM OPERATIONS		(103,326)		(174,443)		(402,746)		(639,595)

OTHER INCOME (EXPENSE):
Gain on sale of domain name		-		165,000		-		165,000
Interest expense		(13,032)		(15,625)		(38,004)		(40,769)
Total other income (expense)		(13,032)		149,375		(38,004)		124,231

NET LOSS	$	(116,358)	$	(25,068)	$	(440,750)	$	(515,364)

BASIC AND DILUTED NET LOSS PER SHARE	$	(0.01)	$	(0.00)	$	(0.03)	$	(0.03)

BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		17,075,950		16,803,061		17,075,950		16,147,094

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

FARMHOUSE, INC. AND SUBSIDIARY
CONSENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
For the three and nine months ended September 30, 2023
(unaudited)

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

Balance at Dec. 31, 2022	17,075,950	$	1,708	$	4,159,075	$	(5,744,699)	$	(1,583,916)

Stock-based compensation on RSA's vested	-		-		58,259		-		58,259
Net loss	-		-		-		(171,315)		(171,315)
Balance at March 31, 2023	17,075,950		1,708		4,217,334		(5,916,014)		(1,696,972)

Stock-based compensation on RSA's vested	-		-		58,259		-		58,259
Net loss	-		-		-		(153,077)		(153,077)
Balance at June 30, 2023	17,075,950		1,708		4,275,593		(6,069,091)		(1,791,790)

Stock-based compensation on RSA's vested	-		-		19,934		-		19,934
Net loss	-		-		-		(116,358)		(116,358)
Balance at Sept. 30, 2023	17,075,950	$	1,708	$	4,295,527	$	(6,185,449)	$	(1,888,214)

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

FARMHOUSE, INC. AND SUBSIDIARY
CONSENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended September 30,
(unaudited)
	2023		2022

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(440,750)	$	(515,364)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization		-		94
Stock issued for services		-		189,582
Stock-based compensation on RSA's vested		136,452		124,950
Gain on sale of domain name		-		(165,000)
Changes in operating assets and liabilities:
Accounts receivable		(2,320)		(4,974)
Prepaid expenses		(190)		(3,870)
Accounts payable		23,853		(4,645)
Accrued legal fees		29,781		(52,843)
Accrued payroll and payroll taxes		138,108		138,109
Accrued liabilities		36,000		43,254
Accrued interest payable		9,158		8,063
Net cash used in operating activities		(69,908)		(242,644)

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of domain name		-		165,000
Net cash provided by investing activities		-		165,000

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock		-		59,415
Proceeds from borrowings on notes payable		-		232,620
Payments on notes payable		-		(32,650)
Proceeds from borrowings of convertible notes payable, long-term		34,000		-
Net repayment of related party debt and short-term advances		(20,994)		(69,407)
Net cash provided by financing activities		13,006		189,978

NET CHANGE IN CASH		(56,902)		112,334
CASH AT BEGINNING OF PERIOD		62,063		3,780
CASH AT END OF PERIOD	$	5,161	$	116,114

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	$	-	$	1,253
Income taxes	$	-	$	-

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

	Three months ended Sept. 30,				Nine months ended Sept. 30,
	2023		2022		2023		2022
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)

Subscription fees	$	-	$	-	$	-	$	149
License revenues		5,503		4,974		10,707		7,474
		5,503		4,974		10,707		7,623
Costs of revenues		(2,404)		(2,487)		(5,006)		(2,487)
Net revenues	$	3,099	$	2,487	$	5,701	$	5,136

	Restricted Stock Awards		Weighted Average Grant Date Fair Value

Non-vested restricted stock awards, Dec. 31, 2022		752,000	$	0.251
Awarded		-		-
Vested		(483,500)		0.282
Forfeited		-		-
Non-vested restricted stock awards, Sept. 30, 2023		268,500	$	0.194

	Nine months ended September 30,
	2023		2022

Subscription fees	$	-	$	149
License revenues		10,707		7,474
	$	10,707	$	7,623

	Three months ended September 30,
	2023		2022

Subscription fees	$	-	$	-
License revenues		5,503		4,974
	$	5,503	$	4,974

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. *

32.1		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

Date: November 24, 2023	By:	/s/ Evan Horowitz
		EVAN HOROWITZ
		Chief Executive Officer, Director
		(Principal Executive Officer)

Date: November 24, 2023	By:	/s/ Lanny R. Lang
		LANNY R. LANG
		Chief Financial Officer, Chief Accounting Officer
		(Principal Financial and Accounting Officer)