Farmhouse, Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2024, generating only $4,154 compared to $15,227 in 2023. This decrease is attributed to the company's decision to discontinue its NFT licensing business after a major customer exited the market. Despite the drop in revenue, the company managed to reduce its operating expenses from $517,843 in 2023 to $410,668 in 2024, primarily due to lower stock-based compensation and consulting fees. As a result, the net loss for the year narrowed to $464,343 from $560,789 in the previous year.
In terms of strategic developments, Farmhouse, Inc. is transitioning from a focus on technology and brand development in the wellness industry to becoming a casual lifestyle brand holding company. This shift includes a Share Exchange Agreement with Thrown, LLC, a beverage company known for its nootropic esports drink, Good Game by T-Pain. The agreement, which involves the issuance of 5,130,000 shares representing approximately 25% of the company's total shares, is still pending completion as of June 20, 2025. Additionally, the company has entered into a non-binding term sheet with Ledgewood Holdings, LLC, a franchise operator with $31 million in trailing revenue, to explore a potential acquisition.
Operationally, Farmhouse, Inc. has maintained a lean structure, with only two full-time executive officers and several independent contractors as of June 20, 2025. The company operates remotely and has no physical properties. The total number of shares outstanding increased from 17,325,950 in 2023 to 17,925,950 in 2024, reflecting the issuance of new shares for various transactions. The company continues to face challenges in securing financing, with a working capital deficit of $2,334,745 as of December 31, 2024, compared to $1,944,281 in 2023.
Looking ahead, Farmhouse, Inc. acknowledges the need for additional financing to support its operations and strategic initiatives. The company has raised capital through various means, including the issuance of convertible notes and common stock. However, management has expressed concerns about the company's ability to continue as a going concern without securing sufficient capital. The ongoing discussions regarding the acquisition of Thrown and Ledgewood are part of the company's strategy to diversify its revenue streams and enhance shareholder value, although there is no guarantee that these transactions will be finalized as planned.
About FARMHOUSE, INC. /NV
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