Mon, Jun 23, 10:01 AM (21 days ago)
**Farmhouse, Inc. (FMHS) 2024 Annual Report Summary** **Financial Performance:** - **Revenue:** $4,154 (2024) vs. $15,227 (2023) - **Net Income:** -$464,343 (2024) vs. -$560,789 (2023) - **Operating Expenses:** $410,668 (2024) vs. $517,843 (2023) - **Earnings per Share:** -$0.03 (2024 & 2023) **Strategic Overview:** - Transitioning from technology and brand development in the wellness industry to a casual lifestyle brand holding company. - Focus on strategic acquisitions to diversify into scalable industries. - Key acquisitions include Thrown, LLC (pending) and proposed acquisition of Ledgewood Holdings, LLC. **Future Outlook:** - Continued focus on managing operating expenses and exploring strategic opportunities. - Dependence on additional financing to support ongoing operations and growth initiatives. - Substantial doubt about the ability to continue as a going concern due to operating losses and working capital deficit. **Risk Factors:** - Limited access to capital and challenging market conditions for microcap companies. - Dependence on related party advances and private placements for financing. - Potential adverse effects of being classified as a "penny stock." **Financial Condition:** - Cash and cash equivalents: $413 (2024) vs. $0 (2023) - Working capital deficit: $2,334,745 (2024) vs. $1,944,281 (2023) - Total liabilities: $2,373,358 (2024) vs. $1,986,441 (2023) - Stockholders' deficit: -$2,342,570 (2024) vs. -$1,978,281 (2023) **Market Position Changes:** - Common stock quoted on OTCQB under the symbol "FMHS." - Share price volatility with a significant decrease in 2024. - 17,925,950 shares of common stock outstanding as of June 20, 2025. **Key Financial Metrics:** - **Revenue Decrease:** Primarily due to the discontinuation of the NFT licensing business. - **Operating Expenses:** Decreased due to reduced consulting and stock-based compensation costs. - **Interest Expense:** Slightly increased due to additional borrowings. - **Net Loss:** Reduced primarily due to the decrease in operating expenses. **Management's Discussion:** - Focus on integrating technology, IP, and consumer products. - Strategic shift away from Web3 licensing initiatives. - Emphasis on maintaining expense discipline and exploring strategic opportunities. **Subsequent Events:** - Raised additional capital through the issuance of Convertible Notes. - Ongoing discussions with Thrown, LLC for the pending acquisition. - Proposed acquisition of Ledgewood Holdings, LLC subject to definitive agreements and due diligence. **Conclusion:** Farmhouse, Inc. is navigating a strategic transition while facing financial challenges. The company's future outlook depends on successful acquisitions and securing additional financing to support its operations and growth initiatives.