Thu, Jul 11, 10:02 AM (58 days ago)
Farmhouse, Inc. is a holding company operating in the legal cannabis industry with multiple divisions, including Farmhouse Vault, the @420 brand, and the WeedClub® Platform. For the fiscal year ended December 31, 2023, the company reported revenues of $15,227, a 48% increase from $10,261 in 2022, primarily from license revenues associated with NFT Art License Agreements. However, net losses widened to $560,789 from $442,782 in the previous year, driven by high operating expenses and professional fees. The company had a shareholders' deficit of $1,978,281 as of December 31, 2023, raising substantial doubt about its ability to continue as a going concern. Despite the financial challenges, Farmhouse aims to expand its digital and community-driven IP licensing operations. Future plans include potential acquisitions, such as Thrown, LLC, to diversify its product offerings. The company is reliant on equity and debt financing for operations and has identified material weaknesses in internal controls, which it plans to address.