$FMHS
FARMHOUSE, INC. /NV

2023 Q3 Form 10-Q Financial Statement

#000109690623001545 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $5.503K $4.134K $2.649K
YoY Change 10.64% 56.06% 385.16%
Cost Of Revenue $2.404K $2.066K $0.00
YoY Change -3.34%
Gross Profit $3.099K $2.068K $2.649K
YoY Change 24.61% -21.93% 385.16%
Gross Profit Margin 56.31% 50.02% 100.0%
Selling, General & Admin $106.4K $142.7K $249.4K
YoY Change -39.85% -42.78% 1.82%
% of Gross Profit 3434.33% 6899.9% 9414.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0% 0.0%
Operating Expenses $106.4K $142.7K $249.4K
YoY Change -39.85% -42.78% 1.7%
Operating Profit -$103.3K -$140.6K -$246.7K
YoY Change -40.77% -43.01% 0.84%
Interest Expense $13.03K $12.45K $9.336K
YoY Change -16.6% 33.38% -18.71%
% of Operating Profit
Other Income/Expense, Net -$13.03K -$12.45K -$9.336K
YoY Change -108.72% 33.38% -18.71%
Pretax Income -$116.4K -$153.1K -$256.1K
YoY Change 364.14% -40.22% -0.04%
Income Tax
% Of Pretax Income
Net Earnings -$116.4K -$153.1K -$256.1K
YoY Change 364.17% -40.22% -0.03%
Net Earnings / Revenue -2114.45% -3702.88% -9667.01%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$0.01 -$16.11K
COMMON SHARES
Basic Shares Outstanding 17.08M shares 17.08M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.160K $7.810K $0.00
YoY Change -95.56% -100.0%
Cash & Equivalents $5.161K $7.814K $0.00
Short-Term Investments
Other Short-Term Assets $4.000K $3.990K $3.810K
YoY Change -47.51% 4.72% 63.52%
Inventory
Prepaid Expenses $4.000K $3.990K $3.810K
Receivables $2.320K $5.203K
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.48K $17.01K $3.810K
YoY Change -91.08% 346.38% -51.59%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $250.00
YoY Change -100.0% -100.0% -63.24%
TOTAL ASSETS
Total Short-Term Assets $11.48K $17.01K $3.810K
Total Long-Term Assets $0.00 $0.00 $250.00
Total Assets $11.48K $17.01K $4.060K
YoY Change -91.1% 318.89% -52.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.03K $25.51K $19.79K
YoY Change 621.61% 28.89% 7.17%
Accrued Expenses $192.1K $180.1K $137.1K
YoY Change 33.32% 31.38% -87.17%
Deferred Revenue
YoY Change
Short-Term Debt $95.00K $95.00K $127.7K
YoY Change -70.31% -25.58% 34.37%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.866M $1.784M $1.766M
YoY Change 1.31% 1.03% 30.19%
LONG-TERM LIABILITIES
Long-Term Debt $34.00K $25.00K $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $34.00K $25.00K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.866M $1.784M $1.766M
Total Long-Term Liabilities $34.00K $25.00K $0.00
Total Liabilities $1.900M $1.809M $1.766M
YoY Change 3.15% 2.45% 30.19%
SHAREHOLDERS EQUITY
Retained Earnings -$6.185M -$6.069M -$5.792M
YoY Change 6.33% 4.78%
Common Stock $1.708K $1.708K $1.596K
YoY Change 0.29% 7.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.888M -$1.792M -$1.762M
YoY Change
Total Liabilities & Shareholders Equity $11.48K $17.01K $4.060K
YoY Change -91.1% 318.89% -52.51%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$116.4K -$153.1K -$256.1K
YoY Change 364.17% -40.22% -0.03%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$12.96K -$21.82K -$22.74K
YoY Change -92.56% -4.05% -71.26%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.31K 20.96K 21.91K
YoY Change -91.78% -4.34% -74.12%
NET CHANGE
Cash From Operating Activities -12.96K -21.82K -22.74K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 10.31K 20.96K 21.91K
Net Change In Cash -2.650K -860.0 -830.0
YoY Change -102.28% 3.61% -114.98%
FREE CASH FLOW
Cash From Operating Activities -$12.96K -$21.82K -$22.74K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Period End Date
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2023-06-30
dei Document Transition Report
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dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity File Number
EntityFileNumber
333-238326
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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dei Entity Address Address Line2
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Suite 90355
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<p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0;text-indent:36pt"><b><i>Organization</i></b></p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">The Company was incorporated in June 2013 as Somerset Transition Corporation under the Oklahoma General Corporation Act. The Company was formed to complete a reorganization under Section 1088(g) of the Oklahoma Act, whereby the Company became successor to Transnational Financial Network, Inc., which was originally incorporated in California in 1985. In September 2013, the Company was redomesticated in Maryland and changed its name to Somerset Property, Inc. In July 2017, the Company was redomesticated in Nevada and changed its name to Revival, Inc. In June 2019, the Company changed its name to Farmhouse, Inc. to reflect its new business endeavors. </p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">In August 2019, the Company acquired Farmhouse, Inc., a Washington corporation (“Farmhouse Washington”) as its wholly owned subsidiary (the “Acquisition”). Farmhouse Washington was formed in January 2014 and has developed a social network platform, “The WeedClub® Platform”. At the closing of the Acquisition, all of the issued and outstanding shares of common stock of Farmhouse Washington were exchanged for shares of common stock of the Company on a one-for-one basis. The financial statements of the Company are the continuation of Farmhouse Washington with the adjustment to reflect the capital structure of the Company. </p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">Prior to the Acquisition, in August 2017, Farmhouse Washington formed Farmhouse DTLA, Inc. (“DTLA”) in California as a wholly owned subsidiary. In April 2021, DTLA was awarded a 49% equity interest in a Los Angeles based multi-licensed cannabis retail dispensary, grow, manufacturer and distributor called Los Angeles Farmers, Inc. (“LAFI”). Although ownership percentages over 20% would typically be accounted for using the equity method, the Company is accounting for this investment as an investment in equity securities due to the Company not having significant influence over LAFI. The cost of this investment was expensed during the fiscal year ended December 31, 2017 and, due to uncertainties surrounding the value of LAFI and determining any award of back profits and interest, as well as the pending litigation, no value has been reflected in our unaudited interim condensed consolidated financial statements as of June 30, 2023. See Note 9.</p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0;text-indent:36pt"><b><i>Current Operations</i></b></p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">The Company is a technology company with multiple cannabis related divisions and IP, including the WeedClub® Platform, the @420 Twitter handle and a Web3 division. The WeedClub® Platform is a cannabis social network platform that enables industry professionals to connect, discover products and services and scale their businesses. Within the WeedClub® Platform, members utilize an increasing set of technology-based tools for discovering professional connections and information. The Company’s @420 Twitter handle serves as a public platform to engage with cannabis enthusiasts. The Company’s Web3 division, launched in December 2021, facilitates licensing opportunities between established cannabis brands and influential digital collectible holders to launch digital collectible branded products and accessories<span style="background-color:#FFFFFF">.</span></p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0;text-indent:36pt"><b><i>Going Concern and Management’s Plans</i></b></p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">The accompanying unaudited interim condensed consolidated financial statements have been presented on the basis that the Company is a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the six months ended June 30, 2023, the Company had a net loss from operations of $299,420 and as of June 30, 2023, the Company had </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">stockholders’ deficit of $1,791,790. In view of these matters, the recoverability of any asset amounts shown in the accompanying unaudited interim condensed consolidated financial statements is dependent upon the Company’s ability to expand operations and achieve profitability from its business. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">The Company has financed its activities principally from the sale of its common stock and loans from Company officers. The Company intends to finance its future working capital needs from these sources until such time that funds provided by operations are sufficient to fund working capital requirements. Management believes that the current cash on hand, loans from Company officers and funds raised from the sale of its common stock allow the Company sufficient capital for operations and to continue as a going concern.</p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">On May 31, 2023, the board of directors (“Board”) authorized an offering of up to $1,000,000 of mandatorily convertible notes, designated Series 2023 10% Mandatorily Convertible Notes (the “Series 2023 Notes”) to fund its Web3 product development activities and for sales, marketing, and administrative expenses. For the six months ended June 30, 2023, the Company raised $25,000 of Series 2023 Notes. See Note 5. </p>
us-gaap Operating Income Loss
OperatingIncomeLoss
-299420 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-1791790 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
25000 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font:11pt stHtmlOvrFontNm;margin:0;text-indent:36pt"><b><i>Financial Statement Reclassification</i></b></p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">Certain amounts from the prior year’s financial statements have been reclassified in these unaudited interim condensed consolidated financial statements to conform to the current year’s classifications.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font:11pt stHtmlOvrFontNm;margin:0;text-indent:36pt"><b><i>Use of Estimates</i></b></p> <p style="font:11pt stHtmlOvrFontNm;margin:0"> </p> <p style="font:11pt stHtmlOvrFontNm;margin:0">Operating results for interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates include the carrying value of property and equipment, grant date fair value of options, deferred tax assets and any related valuation allowance and related disclosure of contingent assets and liabilities. The Company evaluates its estimates based on historical experience and on various other assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from these estimates.</p>
CY2023Q2 us-gaap Revenues
Revenues
4134 usd
CY2022Q2 us-gaap Revenues
Revenues
2649 usd
us-gaap Revenues
Revenues
5203 usd
us-gaap Revenues
Revenues
2649 usd
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
2066 usd
CY2022Q2 us-gaap Cost Of Revenue
CostOfRevenue
0 usd
us-gaap Cost Of Revenue
CostOfRevenue
2601 usd
us-gaap Cost Of Revenue
CostOfRevenue
0 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
2068 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
2649 usd
us-gaap Gross Profit
GrossProfit
2602 usd
us-gaap Gross Profit
GrossProfit
2649 usd
CY2023Q2 fil Due To Related Parties1
DueToRelatedParties1
22580 usd
CY2022Q4 fil Due To Related Parties1
DueToRelatedParties1
44882 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
22302 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2411 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
25000 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
45000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
25000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
295000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
295000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17075950 shares
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
59415 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
189582 usd
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15957950 shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
752000 shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.251
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Number Of Shares Period Increase Decrease
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNumberOfSharesPeriodIncreaseDecrease
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
384000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.303
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
368000 shares
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.195
fil Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
116518 usd
fil Stock Based Compensation On Rsa S Vested
StockBasedCompensationOnRsaSVested
51000 usd
CY2023Q2 fil Unrecognized Stock Based Compensation Expense
UnrecognizedStockBasedCompensationExpense
71906 usd
CY2023Q2 fil Due To Related Parties1
DueToRelatedParties1
22580 usd
CY2022Q4 fil Due To Related Parties1
DueToRelatedParties1
44882 usd

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