NOTE 11 - STOCKHOLDER'S EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes | |
| NOTE 11 - STOCKHOLDER'S EQUITY | NOTE 11 – STOCKHOLDERS’ DEFICIT
The Company is authorized to issue 295,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of undesignated preferred stock, $0.0001 par value per share. The Board of Directors has the authority to establish one or more series of preferred stock and to determine the designations, preferences, rights, and restrictions of each series. No shares of preferred stock were issued or outstanding as of June 30, 2026 or December 31, 2025.
Common Stock Activity
Common stock transactions during the six months ended June 30, 2026 were as follows:
·On January 16, 2026, the Company issued 50,000 restricted shares of common stock for legal services rendered in connection with the Company’s S-1 registration statement. The stock was valued at $3,500 based on the closing market price of the Company’s common stock on the date of issuance.
·In March 2026, the Company granted Restricted Stock Awards (“RSA’s”) totaling 130,000 shares of common stock. See Note 12.
As a result of these transactions, the Company had 19,105,950 shares of common stock outstanding as of June 30, 2026.
There were no common stock transactions during the six months ended June 30, 2025.
Treasury Stock
On May 12, 2026, the Company’s Board of Directors approved a share repurchase framework authorizing the Company, through its wholly owned subsidiary Farmhouse Treasury LLC (“Treasury LLC”), to purchase up to $250,000 of the Company’s common stock from time to time in open market or privately negotiated transactions. The Board authorized management to determine the timing, pricing, quantity and method of such repurchases based on market conditions, available liquidity and other capital allocation considerations. The Board also ratified and approved purchases of the Company’s common stock made through Treasury LLC prior to the date of the authorization.
During the six months ended June 30, 2026, Treasury LLC acquired 17,380 shares of the Company’s common stock at an aggregate cost of $4,789, or an average purchase price of approximately $0.28 per share. The shares were acquired through the Company’s E*TRADE brokerage account pursuant to the Company’s share repurchase initiative.
Shares acquired under the share repurchase program are intended to be held for treasury purposes pending retirement, cancellation or other disposition as determined appropriate by management and approved by the Board where required. As of June 30, 2026, the shares acquired under the program had not been retired or cancelled and remained held by Treasury LLC. Accordingly, the aggregate cost of $4,789 is presented as treasury stock, a reduction of stockholders’ equity, on the accompanying condensed consolidated balance sheet. |