Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-56151 | |
Entity Registrant Name | ONE WORLD PRODUCTS, INC. | |
Entity Central Index Key | 0001622244 | |
Entity Tax Identification Number | 61-1744826 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 6605 Grand Montecito Pkwy | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89149 | |
City Area Code | (800) | |
Local Phone Number | 605-3210 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,202,907 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 68,621 | $ 119,678 |
Accounts receivable | 31,096 | 19,880 |
Inventory | 319,220 | 198,595 |
Other current assets | 49,258 | 158,836 |
Total current assets | 468,195 | 496,989 |
Other assets | 180,521 | 147,194 |
Right-of-use assets | 32,357 | |
Security deposits | 1,450,008 | 1,255,988 |
Fixed assets, net | 996,283 | 1,003,013 |
Total Assets | 3,127,364 | 2,903,184 |
Current liabilities: | ||
Accounts payable | 739,195 | 480,146 |
Accrued expenses | 813,314 | 457,762 |
Deferred revenues | 35,340 | 30,164 |
Dividends payable | 127,891 | 98,920 |
Current portion of lease liabilities | 17,106 | |
Convertible notes payable, net of $412,673 of debt discounts at December 31, 2021 | 750,000 | 337,327 |
Notes payable, current maturities | 154,455 | 119,274 |
Notes payable, related parties, current maturities | 99,500 | |
Total current liabilities | 2,736,801 | 1,523,593 |
Long-term lease liability | 15,703 | |
Notes payable, long-term portion | 700,000 | |
Notes payable, related parties, long-term portion | 200,000 | 200,000 |
Total Liabilities | 3,652,504 | 1,723,593 |
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 67,202,907 and 65,599,565 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 67,203 | 65,600 |
Additional paid-in capital | 17,092,375 | 16,843,656 |
Subscriptions payable, consisting of 262,066 shares at December 31, 2021 | 21,725 | |
Accumulated other comprehensive loss | (57,541) | (64,347) |
Accumulated (deficit) | (22,212,027) | (19,916,888) |
Total Stockholders’ Equity (Deficit) | (5,109,990) | (3,050,254) |
Total Liabilities and Stockholders’ Equity (Deficit) | 3,127,364 | 2,903,184 |
Series A Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock value | 652,330 | 652,330 |
Series B Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock value | $ 3,932,520 | $ 3,577,515 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Convertible notes payable, debt discounts | $ 412,673 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 9,200,000 | 9,200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 67,202,907 | 65,599,565 |
Common stock, shares outstanding | 67,202,907 | 65,599,565 |
Subscriptions payable, shares | 262,066 | |
Series A Convertible Preferred Stock [Member] | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 500,000 | 500,000 |
Temporary equity, shares issued | 65,233 | 65,233 |
Temporary equity, shares outstanding | 65,233 | 65,233 |
Preferred stock, shares authorized | 10,000,000 | |
Series B Convertible Preferred Stock [Member] | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 600,000 | 600,000 |
Temporary equity, shares issued | 262,168 | 238,501 |
Temporary equity, shares outstanding | 262,168 | 238,501 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 33,373 | $ 7,845 | $ 76,384 | $ 73,450 |
Cost of goods sold | 23,969 | 7,058 | 54,765 | 14,810 |
Gross profit | 9,404 | 787 | 21,619 | 58,640 |
Operating expenses: | ||||
General and administrative | 378,910 | 358,382 | 1,148,100 | 1,466,954 |
Professional fees | 95,946 | 153,484 | 380,801 | 679,141 |
Depreciation expense | 9,883 | 6,939 | 34,540 | 29,937 |
Total operating expenses | 484,739 | 518,805 | 1,563,441 | 2,176,032 |
Operating loss | (475,335) | (518,018) | (1,541,822) | (2,117,392) |
Other income (expense): | ||||
Sublease income | 5,000 | 1,000 | 19,500 | |
Loss on sale of fixed assets | (9,041) | (17,563) | (9,041) | (17,563) |
Gain on early extinguishment of lease | 20,148 | 20,148 | ||
Gain on early extinguishment of debt | 121,372 | |||
Interest income | 765 | 41 | 2,323 | |
Interest expense | (529,915) | (137,863) | (886,837) | (347,958) |
Total other expense | (518,808) | (149,661) | (753,317) | (343,698) |
Net loss | (994,143) | (667,679) | (2,295,139) | (2,461,090) |
Other comprehensive loss: | ||||
Gain (loss) on foreign currency translation | 2,334 | (5,500) | 6,806 | (10,919) |
Net other comprehensive loss | (991,809) | (673,179) | (2,288,333) | (2,472,009) |
Series A convertible preferred stock dividends declared ($0.60 per share) | (9,866) | (14,403) | (28,971) | (49,246) |
Net loss attributable to common shareholders | $ (1,001,675) | $ (687,582) | $ (2,317,304) | $ (2,521,255) |
Weighted average number of common shares outstanding - basic and diluted | 66,080,317 | 61,662,287 | 65,850,852 | 59,712,489 |
Net loss per share - basic and diluted | $ (0.02) | $ (0.01) | $ (0.03) | $ (0.04) |
Dividends declared per share of common stock | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Series A Convertible Preferred Stock [Member] | ||||
Share issued price per share | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscriptions Payable [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | Series B Convertible Preferred Stock [Member] |
Beginning balance, value at Dec. 31, 2020 | $ 1,502,330 | $ 53,085 | $ 14,103,672 | $ 75,000 | $ (52,870) | $ (16,132,326) | $ (1,953,439) | ||
Beginning balance, shares at Dec. 31, 2020 | 150,233 | 53,085,305 | |||||||
Series B convertible preferred stock sold for cash to our CEO | $ 3,050,010 | ||||||||
Series B convertible preferred stock sold for cash to our CEO, shares | 203,334 | ||||||||
Commitment shares issued pursuant to promissory note | $ 2,000 | 266,250 | 150,062 | 418,312 | |||||
Commitment shares issued pursuant to promissory note, shares | 2,000,000 | ||||||||
Exercise of cashless options | $ 60 | (60) | |||||||
Exercise of cashless options, shares | 60,000 | ||||||||
Warrants issued as a debt discount | 358,017 | 358,017 | |||||||
Amortization of common stock options issued for services | 837,955 | 837,955 | |||||||
Series A convertible preferred stock dividends declared ($0.60 per share) | (49,246) | (49,246) | |||||||
Gain on foreign currency translation | (10,919) | (10,919) | |||||||
Net loss | (2,461,090) | (2,461,090) | |||||||
Series B convertible preferred stock sold for cash | $ 527,520 | (25) | (25) | ||||||
Series B convertible preferred stock sold for cash, shares | 35,168 | ||||||||
Common stock issued for services | $ 281 | 56,515 | 56,796 | ||||||
Common stock issued for services, shares | 280,678 | ||||||||
Common stock sold for cash | $ 750 | 74,250 | (75,000) | ||||||
Common stock sold for cash, shares | 750,000 | ||||||||
Conversion of series A convertible preferred stock | $ (550,000) | $ 5,500 | 544,500 | 550,000 | |||||
Conversion of series A convertible preferred stock, shares | (55,000) | 5,500,000 | |||||||
Ending balance, value at Sep. 30, 2021 | $ 952,330 | $ 3,577,530 | $ 61,676 | 16,191,828 | 150,062 | (63,789) | (18,593,416) | (2,253,639) | |
Ending balance, shares at Sep. 30, 2021 | 95,233 | 238,502 | 61,675,983 | ||||||
Beginning balance, value at Jun. 30, 2021 | $ 952,330 | $ 3,077,535 | $ 61,916 | 15,715,598 | (58,289) | (17,925,737) | (2,206,512) | ||
Beginning balance, shares at Jun. 30, 2021 | 95,233 | 205,169 | 61,915,983 | ||||||
Series B convertible preferred stock sold for cash to our CEO | $ 499,995 | ||||||||
Series B convertible preferred stock sold for cash to our CEO, shares | 33,333 | ||||||||
Adjustment of common stock issued for services | $ (300) | (50,700) | (51,000) | ||||||
Adjustment of common stock issued for services, shares | (300,000) | ||||||||
Commitment shares issued pursuant to promissory note | 150,062 | 150,062 | |||||||
Commitment shares issued pursuant to promissory note, shares | |||||||||
Exercise of cashless options | $ 60 | (60) | |||||||
Exercise of cashless options, shares | 60,000 | ||||||||
Warrants issued as a debt discount | 358,017 | 358,017 | |||||||
Amortization of common stock options issued for services | 183,376 | 183,376 | |||||||
Series A convertible preferred stock dividends declared ($0.60 per share) | (14,403) | (14,403) | |||||||
Gain on foreign currency translation | (5,500) | (5,500) | |||||||
Net loss | (667,679) | (667,679) | |||||||
Ending balance, value at Sep. 30, 2021 | $ 952,330 | $ 3,577,530 | $ 61,676 | 16,191,828 | 150,062 | (63,789) | (18,593,416) | (2,253,639) | |
Ending balance, shares at Sep. 30, 2021 | 95,233 | 238,502 | 61,675,983 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 652,330 | $ 3,577,515 | $ 65,600 | 16,843,656 | 21,725 | (64,347) | (19,916,888) | (3,050,254) | |
Beginning balance, shares at Dec. 31, 2021 | 65,233 | 238,501 | 65,599,565 | ||||||
Amortization of common stock options issued for services | 123,440 | 123,440 | |||||||
Series A convertible preferred stock dividends declared ($0.60 per share) | (28,971) | (28,971) | |||||||
Gain on foreign currency translation | 6,806 | 6,806 | |||||||
Net loss | (2,295,139) | (2,295,139) | |||||||
Series B convertible preferred stock sold for cash | $ 150,000 | ||||||||
Series B convertible preferred stock sold for cash, shares | 10,000 | ||||||||
Series B convertible preferred stock issued as commitment fee on ELOC | $ 205,005 | ||||||||
Series B convertible preferred stock issued as commitment fee on ELOC, shares | 13,667 | ||||||||
Common stock issued for services | $ 1,603 | 154,250 | (21,725) | 134,128 | |||||
Common stock issued for services, shares | 1,603,342 | ||||||||
Ending balance, value at Sep. 30, 2022 | $ 652,330 | $ 3,932,520 | $ 67,203 | 17,092,375 | (57,541) | (22,212,027) | (5,109,990) | ||
Ending balance, shares at Sep. 30, 2022 | 65,233 | 262,168 | 67,202,907 | ||||||
Beginning balance, value at Jun. 30, 2022 | $ 652,330 | $ 3,577,515 | $ 65,862 | 16,928,274 | (59,875) | (21,217,884) | (4,283,623) | ||
Beginning balance, shares at Jun. 30, 2022 | 65,233 | 238,501 | 65,861,631 | ||||||
Amortization of common stock options issued for services | 41,180 | 41,180 | |||||||
Series A convertible preferred stock dividends declared ($0.60 per share) | (9,866) | (9,866) | |||||||
Gain on foreign currency translation | 2,334 | 2,334 | |||||||
Net loss | (994,143) | (994,143) | |||||||
Series B convertible preferred stock sold for cash | $ 150,000 | ||||||||
Series B convertible preferred stock sold for cash, shares | 10,000 | ||||||||
Series B convertible preferred stock issued as commitment fee on ELOC | $ 205,005 | ||||||||
Series B convertible preferred stock issued as commitment fee on ELOC, shares | 13,667 | ||||||||
Common stock issued for services | $ 1,341 | 132,787 | 134,128 | ||||||
Common stock issued for services, shares | 1,341,276 | ||||||||
Ending balance, value at Sep. 30, 2022 | $ 652,330 | $ 3,932,520 | $ 67,203 | $ 17,092,375 | $ (57,541) | $ (22,212,027) | $ (5,109,990) | ||
Ending balance, shares at Sep. 30, 2022 | 65,233 | 262,168 | 67,202,907 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Series A Convertible Preferred Stock [Member] | ||||
Share issued price per share | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities | |||||
Net loss | $ (994,143) | $ (667,679) | $ (2,295,139) | $ (2,461,090) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Bad debts expense | 25,556 | ||||
Depreciation and amortization expense | 34,540 | 29,937 | |||
Loss on disposal of fixed assets | 9,041 | 17,563 | 9,041 | 17,563 | |
Gain on early extinguishment of lease | (20,148) | (20,148) | |||
Gain on early extinguishment of debt | (121,372) | ||||
Amortization of debt discounts | 412,673 | 310,633 | $ 869,329 | ||
Stock-based compensation | 339,133 | 56,796 | |||
Amortization of options issued for services | 123,440 | 837,955 | |||
Decrease (increase) in assets: | |||||
Accounts receivable | (11,216) | (48,843) | |||
Inventory | (120,625) | (259,528) | |||
Other current assets | 109,578 | (69,479) | |||
Other assets | (33,327) | (32,330) | |||
Right-of-use assets | 84,667 | 34,237 | |||
Security deposits | (194,020) | (1,159,447) | |||
Increase (decrease) in liabilities: | |||||
Accounts payable | 259,049 | (271,176) | |||
Accrued expenses | 357,650 | (97,380) | |||
Deferred revenues | 5,176 | ||||
Lease liability | (64,067) | (33,453) | |||
Net cash used in operating activities | (1,124,967) | (3,120,049) | |||
Cash flows from investing activities | |||||
Proceeds received on sale of fixed assets | 6,350 | 5,125 | |||
Purchase of fixed assets | (43,201) | (273,348) | |||
Net cash used in investing activities | (36,851) | (268,223) | |||
Cash flows from financing activities | |||||
Proceeds received on convertible note payable | 750,000 | ||||
Repayment of convertible note payable | (750,000) | ||||
Proceeds from notes payable | 868,081 | 947,000 | |||
Repayment of notes payable | (455,567) | ||||
Proceeds from notes payable, related parties | 99,500 | ||||
Proceeds from sale of preferred and common stock | 150,000 | 3,577,505 | |||
Net cash provided by financing activities | 1,117,581 | 4,068,938 | |||
Effect of exchange rate changes on cash | (6,820) | (10,919) | |||
Net increase (decrease) in cash | (51,057) | 669,747 | |||
Cash - beginning | 119,678 | 28,920 | 28,920 | ||
Cash - ending | $ 68,621 | $ 698,667 | 68,621 | 698,667 | $ 119,678 |
Supplemental disclosures: | |||||
Interest paid | 79,269 | 33,564 | |||
Income taxes paid | |||||
Non-cash investing and financing transactions: | |||||
Fair value of common shares issued for conversion of debt | 1,537,750 | ||||
Value of commitment shares issued as a debt discount | 418,312 | ||||
Value of warrants issued as a debt discount | 358,017 | ||||
Dividends payable | 28,971 | 49,246 | |||
Initial recognition of right-of-use assets and lease liabilities | $ 1,535,706 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Note 1 – Nature of Business and Significant Accounting Policies Nature of Business One World Products, Inc., formerly known as One World Pharma, Inc. (the “Company,” “we,” “our” or “us”) was incorporated in Nevada on September 2, 2014. On February 21, 2019, we entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., our wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian company (“OWP Colombia”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP Colombia) by the merger of OWP Merger Subsidiary with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”). As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 825,000 0.50 825,000 0.50 300,000 0.424 875,000 n November 23, 2021, the Company changed its name to One World Products, Inc. through the merger of One World Products, Inc., a recently formed Nevada corporation wholly-owned by the Company, with and into the Company (the “Name Change Merger”) pursuant to the applicable provisions of the Nevada Revised Statutes (“NRS”). As permitted by the NRS, the articles of merger filed with the Secretary of State of the state of Nevada to effect the Name Change Merger amended Article I of the Company’s Articles of Incorporation to change the Company’s name to “One World Products, Inc.” The Name Change Merger was effected solely to effect the change of the Company’s name, and had no effect on the Company’s officers, directors, operations, assets or liabilities. OWP Ventures is a holding company formed in Delaware on March 27, 2018 to enter and support the cannabis industry, and on May 30, 2018, it acquired OWP Colombia. OWP Colombia is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients for both medical and industrial uses across the globe. We have received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the few companies in Colombia to receive all four licenses, including seed use, cultivation and export of non-psychoactive cannabis, cultivation and export of psychoactive cannabis, and manufacturing allowing for extraction and export of oil. Currently, we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have entered into agreements with local farming co-operatives that include small farmers and indigenous tribe members, under which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis. We began harvesting cannabis in the first quarter of 2019 for the purpose of further research and development activities, quality control testing and extraction. We have been generating revenue from the sale of our seeds since the second quarter of 2020. In August 2021, we paid total deposits of $ 1,155,000 1,400,000 Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions have been eliminated. The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2022: Schedule of Common Control and Ownership Interest State of Name of Entity Incorporation Relationship One World Products, Inc (1) Nevada Parent OWP Ventures, Inc (2) Delaware Subsidiary One World Pharma S.A.S (3) Colombia Subsidiary Colombian Hope, S.A.S (4) Colombia Subsidiary Agrobase, S.A.S (5) Colombia Subsidiary (1) Holding company in the form of a corporation. (2) Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. (3) Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. (4) Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. (5) Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. The consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters are located in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia. Reclassifications Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings. Foreign Currency Translation The functional currency of the Company is Columbian Peso (COP). The Company has maintained its financial statements using the functional currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. Comprehensive Income The Company has adopted the Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Segment Reporting ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations. Fair Value of Financial Instruments The Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures (ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Cash in Excess of FDIC Insured Limits The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 not Revenue Recognition The Company recognizes revenue in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company’s sales to date have primarily consisted of the sale of seeds. These sales include multi-element arrangements whereby the Company collects 50% of the sale upon delivery of the sales, and the remaining 50% upon the completion of the harvest, whether the seeds result in a successful crop, or not. In addition, the Company has a right of first refusal to purchase products resulting from the harvest. At September 30, 2022, the Company had $ 35,340 22,830 Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts. Stock-Based Compensation The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance. Basic and Diluted Loss Per Share The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, The adoption of ASU 2021-08 is not expected to have a material impact on the Company’s financial statements or related disclosures. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share Debt – Modifications and Extinguishments Compensation and Derivatives and Hedging – Contracts in Entity’s Own Equity Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform In August 2020, the FASB issued ASU No. 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if converted method. The new guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2020-06 is not expected to have a material impact on the Company’s financial statements or related disclosures. No other new accounting pronouncements, issued or effective during the period ended September 30, 2022, have had or are expected to have a significant impact on the Company’s financial statements. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 – Going Concern As shown in the accompanying condensed consolidated financial statements as of September 30, 2022, our balance of cash on hand was $ 68,621 2,268,606 22,212,027 In the event sales do not materialize at the expected rates, management would seek additional financing and would attempt to conserve cash by further reducing expenses. There can be no assurance that we will be successful in achieving these objectives; therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The condensed consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Our ability to scale production and distribution capabilities and further increase the value of our brands, is largely dependent on our success in raising additional capital. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | Note 3 – Fair Value of Financial Instruments Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of September 30, 2022 and December 31, 2021, respectively: Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis Level 1 Level 2 Level 3 Fair Value Measurements at September 30, 2022 Level 1 Level 2 Level 3 Assets Cash $ 68,621 $ - $ - Right-of-use asset - - 32,357 Total assets 68,621 - 32,357 Liabilities Lease liabilities - - 32,809 Convertible notes payable, net of $412,673 of debt discounts - 337,327 - Convertible notes payable - 750,000 - Notes payable - 854,455 - Notes payable, related parties - 299,500 - Total liabilities - (1,903,955 ) (32,809 ) Total assets and liabilities $ 68,621 $ (1,903,955 ) $ (452 ) Level 1 Level 2 Level 3 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Assets Cash $ 119,678 $ - $ - Total assets 119,678 - - Liabilities Convertible notes payable, net of $ 412,673 - 337,327 - Convertible notes payable - 319,274 - Total liabilities - (656,601 ) - Total assets and liabilities $ 119,678 $ (656,601 ) $ - There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the nine months ended September 30, 2022 or the year ended December 31, 2021. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 4 – Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts. Inventory consisted of the following at September 30, 2022 and December 31, 2021, respectively. Schedule of Inventory September 30, December 31, 2022 2021 Raw materials $ 22,236 $ 31,233 Work in progress 115,061 81,182 Finished goods 201,307 108,246 Inventory gross 338,604 220,661 Less obsolescence (19,384 ) (22,066 ) Total inventory $ 319,220 $ 198,595 |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 5 – Other Current Assets Other current assets included the following as of September 30, 2022 and December 31, 2021, respectively: Schedule of Other Current Assets September 30, December 31, 2022 2021 Prepaid expenses $ 26,428 $ 29,366 Deferred cost of goods sold 22,830 19,470 Other receivables - 110,000 Total $ 49,258 $ 158,836 |
Note 6 _ Other Assets
Note 6 – Other Assets | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Note 6 – Other Assets | Note 6 – Other Assets Other assets consist entirely of a $ 180,521 147,194 |
Security Deposits
Security Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Security Deposits | |
Security Deposits | Note 7 – Security Deposits Security deposits included the following as of September 30, 2022 and December 31, 2021, respectively: Schedule of Security Deposits September 30, December 31, 2022 2021 Utility deposits $ - $ 1,090 Refundable deposit on equipment purchase 50,000 50,000 Down payment on distillation equipment 1,399,412 1,155,000 Security deposits on leases held in Colombia 596 35,869 Security deposit on office lease - 14,029 Security deposits $ 1,450,008 $ 1,255,988 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Note 8 – Fixed Assets Fixed assets consist of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Fixed Assets September 30, December 31, 2022 2021 Land $ 138,248 $ 138,248 Buildings 473,971 473,971 Office equipment 30,902 56,502 Furniture and fixtures 6,494 34,409 Equipment and machinery 423,548 383,829 Fixed assets, gross 1,073,163 1,086,959 Less: accumulated depreciation (76,880 ) (83,946 ) Total $ 996,283 $ 1,003,013 On August 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., sold its office furniture and equipment with a net book value of $ 15,391 6,350 9,041 Depreciation and amortization expense totaled $ 34,540 29,937 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 9 – Accrued Expenses Accrued expenses consisted of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Accrued Expenses September 30, December 31, 2022 2021 Accrued payroll $ 514,133 $ 261,044 Accrued withholding taxes and employee benefits 28,505 9,162 Accrued ICA fees and contributions 172,629 129,856 Accrued interest 98,047 57,700 Accrued expenses $ 813,314 $ 457,762 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases | |
Leases | Note 10 – Leases The Company leased its 12,400 square foot extraction facility under a non-cancelable real property lease agreement that commenced on January 1, 2022 and was to expire on December 31, 2027, at a monthly lease rate of 57,339,000 COP, or approximately $ 15,290 The Company terminated the lease on September 30, 2022, resulting in lease termination fees of approximately $ 7,700 The Company also leases a residential premise under a non-cancelable real property lease agreement that commenced on September 1, 2021 and expires on August 31, 2024, at a monthly lease term of 3,800,000 1,013 3 The Company leases another residential premise under a non-cancelable real property lease agreement that commenced on June 1, 2022 and expires on May 30, 2024, at a monthly lease term of 1,900,000 507 8 In addition, the Company leases its corporate offices and operational facility in Colombia under short-term non-cancelable real property lease agreements that expire within a year. The Company doesn’t have any other office or equipment leases that would require capitalization. The office lease contains provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. In the locations in which it is economically feasible to continue to operate, management expects to enter into a new lease upon expiration. The extraction facility lease contained provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. As the Company’s leases do not provide implicit discount rates, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The components of lease expense were as follows: Schedule of Components of Lease Expense For the Nine Months Ended September 30, 2022 Operating lease costs: Amortization of assets $ 93,011 Interest on lease liabilities 76,251 Lease payments on short term leases 31,999 Total lease cost $ 201,261 Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases September 30, 2022 Operating leases: Operating lease assets $ 32,357 Current portion of operating lease liabilities $ 17,106 Noncurrent operating lease liabilities 15,703 Total operating lease liabilities $ 32,809 Weighted average remaining lease term: Operating leases 1.75 Weighted average discount rate: Operating leases 6.75 % ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Supplemental cash flow and other information related to leases was as follows: Schedule of Supplemental Cash Flow Related to Leases For the Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 64,067 Early extinguishment of lease: Lease liability terminated 1,438,830 Right-of use asset terminated (1,418,682 ) Gain on early extinguishment of lease 20,148 Leased assets obtained in exchange for lease liabilities: Total operating lease liabilities $ 1,535,706 Future minimum annual lease commitments under non-cancelable operating leases are as follows at September 30, 2022: Schedule of Operating Lease Liability Maturity Operating Leases 2022 (for the three months remaining) $ 4,653 2023 19,016 2024 11,335 Total minimum lease payments 35,004 Less interest 2,195 Present value of lease liabilities 32,809 Less current portion 17,106 Long-term lease liabilities $ 15,703 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | Note 11 – Convertible Notes Payable Convertible notes payable consists of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Convertible Note Payable September 30, December 31, 2022 2021 On September 27, 2022, $ 750,000 $ - On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $ 750,000 8 15 $ 750,000 $ - On September 24, 2021, the Company completed the sale of a (i) Promissory Note in the principal amount of $ 750,000 three 1,500,000 0.25 three 2,000,000 0.50 705,000 197 0.1053 0.1001 358,017 678,750 45,000 15,000 11,250 The Note matured on September 24, 2022 8 20 Pursuant to the Purchase Agreement, the Company paid a commitment fee to AJB Capital in the amount of $ 250,000 1,250,000 150,062 - 750,000 Total convertible notes payable 750,000 750,000 Less: unamortized debt discounts - 412,673 Convertible note payable, net of discounts $ 750,000 $ 337,327 The Company recognized aggregate debt discounts on the convertible notes and notes payable to AJB Capital for the nine months ended September 30, 2022 and the year ended December 31, 2021, as follows: Schedule of Convertible Debt Discounts September 30, December 31, 2022 2021 Fair value of 3,250,000 $ 418,312 $ 418,312 Fair value of warrants to purchase 3,500,000 358,017 358,017 Original issue discounts 53,700 53,700 Legal and brokerage fees 39,300 39,300 Total debt discounts 869,329 869,329 Amortization of debt discounts 869,329 456,656 Unamortized debt discounts $ - $ 412,673 The aggregate debt discounts of $ 869,329 412,673 310,633 The Company recorded interest expense pursuant to the stated interest rates on the convertible note in the amount of $ 43,899 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Notes Payable | |
Notes Payable | Note 12 – Notes Payable Notes payable consists of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Notes Payable September 30, December 31, 2022 2021 On September 15, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 55,488,000 12,243 70,000,000 15,445 4 3,202 $ 15,445 $ - On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 100,000 January 1, 2024 8 100,000 - On June 17, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 230,400,000 55,821 240,000,000 58,147 4 2,326 5,191 52,956 - On May 31, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 314,640,000 76,231 360,000,000 87,220 2.1 10,990 7,786 79,434 - On May 30, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 20,000,000 4,846 433 4,413 - On April 29, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 10,000,000 2,423 216 2,207 - On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 400,000 January 1, 2024 8 400,000 - On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 200,000 January 1, 2024 8 200,000 - On May 4, 2020, the Company, through its wholly-owned subsidiary OWP Ventures, Inc., borrowed $ 119,274 1.00 May 4, 2022 Under the Payroll Protection Program, the Company was eligible for loan forgiveness up to the full amount of the PPP Note and any accrued interest. The forgiveness amount was equal to the amount that the Company spent during the 24-week period beginning May 4, 2020 on payroll costs, payment of rent on any leases in force prior to February 15, 2020 and payment on any utility for which service began before February 15, 2020. The maximum amount of loan forgiveness for non-payroll expenses was 40 121,372 119,274 2,098 February 11, 2022 - 119,274 Total notes payable 854,455 119,274 Less: current maturities 154,455 119,274 Notes payable, long-term portion $ 700,000 $ - The Company recorded interest expense pursuant to the stated interest rates on the notes payable in the amount of $ 51,345 8,434 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Notes Payable, Related Party
Notes Payable, Related Party | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Notes Payable, Related Party | Note 13 – Notes Payable, Related Party Notes payable, related party, consists of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Notes Payable Related Party September 30, December 31, 2022 2021 On August 5, 2022, the Company received an advance of $ 50,000 6 $ 50,000 $ - On August 2, 2022, the Company received an advance of $ 4,500 6 4,500 - On July 7, 2022, the Company received an advance of $ 5,000 6 5,000 - On June 3, 2022, the Company received an advance of $ 10,000 6 10,000 - On May 5, 2022, the Company received an advance of $ 10,000 6 10,000 - On May 5, 2022, the Company received an advance of $ 20,000 6 20,000 - On December 29, 2021, the Company received an advance of $ 200,000 January 1, 2024 8 200,000 200,000 Total notes payable. related party 299,500 200,000 Less: current maturities 99,500 - Notes payable, related party, long-term portion $ 200,000 $ 200,000 The Company recorded interest expense pursuant to the stated interest rates on the notes payable, related party, in the amount of $ 13,538 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) The Company recognized interest expense for the nine months ended September 30, 2022 and 2021, as follows: Schedule of Interest Expenses September 30, September 30, 2022 2021 Interest on convertible notes $ 43,899 $ 21,120 Interest on notes payable 51,345 8,434 Interest on notes payable, related parties 13,538 - Finance cost on equity line of credit 15,000 - Amortization of debt discounts 50,753 24,288 Amortization of debt discounts, common stock 106,894 273,594 Amortization of debt discounts, warrants 255,026 12,751 Series B preferred stock issued as a commitment on an ELOC 205,005 - Common stock issued as a commitment on the 2 nd 134,128 - Interest on accounts payable 11,249 7,771 Total interest expense $ 886,837 $ 347,958 |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Convertible Preferred Stock | |
Convertible Preferred Stock | Note 14 – Convertible Preferred Stock Preferred Stock The Company has 10,000,000 0.001 500,000 600,000 The shares of Series A Preferred Stock and Series B Preferred Stock are each currently convertible into one hundred (100) shares of the Company’s common stock. The Series A Preferred Stock accrues dividends at the rate of 6 65,233 262,168 10 15 The Series A and B Preferred Stock have been classified outside of permanent equity and liabilities. the Series A Preferred Stock embodies conditional obligations that the Company may settle by issuing a variable number of equity shares, and in both the Series A and B Preferred Stock, monetary value of the obligation is based on a fixed monetary amount known at inception. Series A Preferred Stock Issuances No Preferred Stock Dividends The Series A Preferred Stock accrues dividends at the rate of 6 28,971 34,843 127,891 Series B Preferred Stock Issuances On September 1, 2022, the Company and Tysadco Partners, LLC (“Tysadco”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) under which Tysadco agreed to purchase from the Company, 20,000 shares of the Company’s Series B Preferred Stock for a purchase price of $ 15 per share of Series B Preferred Stock, and an aggregate purchase price of $ 300,000 . On September 12, 2022, Tysadco purchased the first 10,000 shares of Series B Preferred Stock under the Purchase Agreement for $ 150,000 . The Company paid $ 15,000 out of the proceeds of the investment to Garden State Securities, Inc. as financing costs. In addition, pursuant to the ELOC Purchase Agreement, the Company issued Tysadco 13,667 fair value of the shares was $ 205,005 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 – Commitments and Contingencies Equity Line of Credit On September 1, 2022, the Company entered into a Purchase Agreement (the “ELOC Purchase Agreement”) with Tysadco Partners, LLC (“Tysadco”). Pursuant to the ELOC Purchase Agreement, Tysadco has agreed to purchase from the Company, from time to time upon delivery by the Company to Tysadco of “Request Notices,” and subject to the other terms and conditions set forth in the ELOC Purchase Agreement, up to an aggregate of $ 10,000,000 The purchase price of the shares of common stock to be purchased under the Purchase Agreement will be equal to 88% of the lowest daily “VWAP” during the period of 10 trading days beginning five trading days preceding the applicable Request. Each purchase under the Purchase Agreement will be in a minimum amount of $25,000 and a maximum amount equal to the lesser of (i) $1,000,000 and (ii) 500% of the average daily trading value of the common stock over the seven trading days preceding the delivery of the applicable Request Notice. In connection with the ELOC Purchase Agreement, the Company entered into a Registration Rights Agreement with Tysadco under which the Company agreed to file a registration statement with the Securities and Exchange Commission covering the shares of common stock issuable under the ELOC Purchase Agreement and conversion of the Commitment Fee Shares (the “Registration Rights Agreement”). |
Changes in Stockholders_ Equity
Changes in Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Changes in Stockholders’ Equity | Note 16 – Changes in Stockholders’ Equity Common Stock The Company is authorized to issue an aggregate of 300,000,000 0.001 67,202,907 Common Stock Issued on Subscriptions Payable On March 29, 2022, the Company issued 262,066 Common Stock Issued as a Promissory Note Commitment As disclosed in Note 11 above, the Company paid a commitment fee to AJB Capital of $ 250,000 1,250,000 1,341,276 fair value of the shares was $ 134,128 Amortization of Stock-Based Compensation A total of $ 123,440 |
Common Stock Options
Common Stock Options | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Common Stock Options | Note 17 – Common Stock Options Stock Incentive Plan On February 12, 2020, the Company’s stockholders approved our 2019 Stock Incentive Plan (the “2019 Plan”), which had been adopted by the Company’s Board of Directors (the “Board”) as of December 10, 2019. The 2019 Plan provides for the issuance of up to 10,000,000 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) The Company recognized a total of $ 123,440 70,077 179,241 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18 – Income Taxes The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. For the nine months ended September 30, 2022, and the year ended December 31, 2021, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At September 30, 2022, the Company had approximately $ 9,480,000 The net operating loss carry forwards, if not utilized, will begin to expire in 2025. Based on the available objective evidence, including the Company’s history of its loss, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at September 30, 2022 and December 31, 2021, respectively. In accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19 – Subsequent Events The Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued. Sale of Series B Preferred Stock On October 12, 2022, the Company sold the second tranche of 10,000 150,000 15,000 Commitment for the Sale of Series B Preferred Stock On October 3, 2022, the Company and ISIAH International, LLC (“ISIAH International”), an entity in which the Company’s CEO, Isiah L. Thomas, III, is the sole member, entered into a securities purchase agreement under which ISIAH International has agreed to purchase from the Company an aggregate of 33,333 3,333,300 499,995 Extraction Facility Lease On October 1, 2022, the Company entered into a five-year non-cancelable property lease, with an automatic five-year extension, for a new extraction facility with combined office space, at a monthly lease term of 29,000,000 6,300 |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business One World Products, Inc., formerly known as One World Pharma, Inc. (the “Company,” “we,” “our” or “us”) was incorporated in Nevada on September 2, 2014. On February 21, 2019, we entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., our wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian company (“OWP Colombia”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP Colombia) by the merger of OWP Merger Subsidiary with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”). As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 825,000 0.50 825,000 0.50 300,000 0.424 875,000 n November 23, 2021, the Company changed its name to One World Products, Inc. through the merger of One World Products, Inc., a recently formed Nevada corporation wholly-owned by the Company, with and into the Company (the “Name Change Merger”) pursuant to the applicable provisions of the Nevada Revised Statutes (“NRS”). As permitted by the NRS, the articles of merger filed with the Secretary of State of the state of Nevada to effect the Name Change Merger amended Article I of the Company’s Articles of Incorporation to change the Company’s name to “One World Products, Inc.” The Name Change Merger was effected solely to effect the change of the Company’s name, and had no effect on the Company’s officers, directors, operations, assets or liabilities. OWP Ventures is a holding company formed in Delaware on March 27, 2018 to enter and support the cannabis industry, and on May 30, 2018, it acquired OWP Colombia. OWP Colombia is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients for both medical and industrial uses across the globe. We have received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the few companies in Colombia to receive all four licenses, including seed use, cultivation and export of non-psychoactive cannabis, cultivation and export of psychoactive cannabis, and manufacturing allowing for extraction and export of oil. Currently, we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have entered into agreements with local farming co-operatives that include small farmers and indigenous tribe members, under which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis. We began harvesting cannabis in the first quarter of 2019 for the purpose of further research and development activities, quality control testing and extraction. We have been generating revenue from the sale of our seeds since the second quarter of 2020. In August 2021, we paid total deposits of $ 1,155,000 1,400,000 |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions have been eliminated. The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2022: Schedule of Common Control and Ownership Interest State of Name of Entity Incorporation Relationship One World Products, Inc (1) Nevada Parent OWP Ventures, Inc (2) Delaware Subsidiary One World Pharma S.A.S (3) Colombia Subsidiary Colombian Hope, S.A.S (4) Colombia Subsidiary Agrobase, S.A.S (5) Colombia Subsidiary (1) Holding company in the form of a corporation. (2) Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. (3) Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. (4) Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. (5) Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. The consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters are located in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company is Columbian Peso (COP). The Company has maintained its financial statements using the functional currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. |
Comprehensive Income | Comprehensive Income The Company has adopted the Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Segment Reporting | Segment Reporting ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures (ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Cash in Excess of FDIC Insured Limits | Cash in Excess of FDIC Insured Limits The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 not |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company’s sales to date have primarily consisted of the sale of seeds. These sales include multi-element arrangements whereby the Company collects 50% of the sale upon delivery of the sales, and the remaining 50% upon the completion of the harvest, whether the seeds result in a successful crop, or not. In addition, the Company has a right of first refusal to purchase products resulting from the harvest. At September 30, 2022, the Company had $ 35,340 22,830 |
Inventory | Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, The adoption of ASU 2021-08 is not expected to have a material impact on the Company’s financial statements or related disclosures. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share Debt – Modifications and Extinguishments Compensation and Derivatives and Hedging – Contracts in Entity’s Own Equity Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform In August 2020, the FASB issued ASU No. 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if converted method. The new guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2020-06 is not expected to have a material impact on the Company’s financial statements or related disclosures. No other new accounting pronouncements, issued or effective during the period ended September 30, 2022, have had or are expected to have a significant impact on the Company’s financial statements. |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Common Control and Ownership Interest | The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2022: Schedule of Common Control and Ownership Interest State of Name of Entity Incorporation Relationship One World Products, Inc (1) Nevada Parent OWP Ventures, Inc (2) Delaware Subsidiary One World Pharma S.A.S (3) Colombia Subsidiary Colombian Hope, S.A.S (4) Colombia Subsidiary Agrobase, S.A.S (5) Colombia Subsidiary (1) Holding company in the form of a corporation. (2) Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. (3) Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. (4) Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. (5) Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis | The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of September 30, 2022 and December 31, 2021, respectively: Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis Level 1 Level 2 Level 3 Fair Value Measurements at September 30, 2022 Level 1 Level 2 Level 3 Assets Cash $ 68,621 $ - $ - Right-of-use asset - - 32,357 Total assets 68,621 - 32,357 Liabilities Lease liabilities - - 32,809 Convertible notes payable, net of $412,673 of debt discounts - 337,327 - Convertible notes payable - 750,000 - Notes payable - 854,455 - Notes payable, related parties - 299,500 - Total liabilities - (1,903,955 ) (32,809 ) Total assets and liabilities $ 68,621 $ (1,903,955 ) $ (452 ) Level 1 Level 2 Level 3 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Assets Cash $ 119,678 $ - $ - Total assets 119,678 - - Liabilities Convertible notes payable, net of $ 412,673 - 337,327 - Convertible notes payable - 319,274 - Total liabilities - (656,601 ) - Total assets and liabilities $ 119,678 $ (656,601 ) $ - |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Schedule of Inventory September 30, December 31, 2022 2021 Raw materials $ 22,236 $ 31,233 Work in progress 115,061 81,182 Finished goods 201,307 108,246 Inventory gross 338,604 220,661 Less obsolescence (19,384 ) (22,066 ) Total inventory $ 319,220 $ 198,595 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets included the following as of September 30, 2022 and December 31, 2021, respectively: Schedule of Other Current Assets September 30, December 31, 2022 2021 Prepaid expenses $ 26,428 $ 29,366 Deferred cost of goods sold 22,830 19,470 Other receivables - 110,000 Total $ 49,258 $ 158,836 |
Security Deposits (Tables)
Security Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Security Deposits | |
Schedule of Security Deposits | Security deposits included the following as of September 30, 2022 and December 31, 2021, respectively: Schedule of Security Deposits September 30, December 31, 2022 2021 Utility deposits $ - $ 1,090 Refundable deposit on equipment purchase 50,000 50,000 Down payment on distillation equipment 1,399,412 1,155,000 Security deposits on leases held in Colombia 596 35,869 Security deposit on office lease - 14,029 Security deposits $ 1,450,008 $ 1,255,988 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consist of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Fixed Assets September 30, December 31, 2022 2021 Land $ 138,248 $ 138,248 Buildings 473,971 473,971 Office equipment 30,902 56,502 Furniture and fixtures 6,494 34,409 Equipment and machinery 423,548 383,829 Fixed assets, gross 1,073,163 1,086,959 Less: accumulated depreciation (76,880 ) (83,946 ) Total $ 996,283 $ 1,003,013 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Accrued Expenses September 30, December 31, 2022 2021 Accrued payroll $ 514,133 $ 261,044 Accrued withholding taxes and employee benefits 28,505 9,162 Accrued ICA fees and contributions 172,629 129,856 Accrued interest 98,047 57,700 Accrued expenses $ 813,314 $ 457,762 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Schedule of Components of Lease Expense For the Nine Months Ended September 30, 2022 Operating lease costs: Amortization of assets $ 93,011 Interest on lease liabilities 76,251 Lease payments on short term leases 31,999 Total lease cost $ 201,261 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases September 30, 2022 Operating leases: Operating lease assets $ 32,357 Current portion of operating lease liabilities $ 17,106 Noncurrent operating lease liabilities 15,703 Total operating lease liabilities $ 32,809 Weighted average remaining lease term: Operating leases 1.75 Weighted average discount rate: Operating leases 6.75 % |
Schedule of Supplemental Cash Flow Related to Leases | Supplemental cash flow and other information related to leases was as follows: Schedule of Supplemental Cash Flow Related to Leases For the Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 64,067 Early extinguishment of lease: Lease liability terminated 1,438,830 Right-of use asset terminated (1,418,682 ) Gain on early extinguishment of lease 20,148 Leased assets obtained in exchange for lease liabilities: Total operating lease liabilities $ 1,535,706 |
Schedule of Operating Lease Liability Maturity | Future minimum annual lease commitments under non-cancelable operating leases are as follows at September 30, 2022: Schedule of Operating Lease Liability Maturity Operating Leases 2022 (for the three months remaining) $ 4,653 2023 19,016 2024 11,335 Total minimum lease payments 35,004 Less interest 2,195 Present value of lease liabilities 32,809 Less current portion 17,106 Long-term lease liabilities $ 15,703 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Convertible Note Payable | Convertible notes payable consists of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Convertible Note Payable September 30, December 31, 2022 2021 On September 27, 2022, $ 750,000 $ - On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $ 750,000 8 15 $ 750,000 $ - On September 24, 2021, the Company completed the sale of a (i) Promissory Note in the principal amount of $ 750,000 three 1,500,000 0.25 three 2,000,000 0.50 705,000 197 0.1053 0.1001 358,017 678,750 45,000 15,000 11,250 The Note matured on September 24, 2022 8 20 Pursuant to the Purchase Agreement, the Company paid a commitment fee to AJB Capital in the amount of $ 250,000 1,250,000 150,062 - 750,000 Total convertible notes payable 750,000 750,000 Less: unamortized debt discounts - 412,673 Convertible note payable, net of discounts $ 750,000 $ 337,327 |
AJB Capital [Member] | |
Schedule of Convertible Debt Discounts | The Company recognized aggregate debt discounts on the convertible notes and notes payable to AJB Capital for the nine months ended September 30, 2022 and the year ended December 31, 2021, as follows: Schedule of Convertible Debt Discounts September 30, December 31, 2022 2021 Fair value of 3,250,000 $ 418,312 $ 418,312 Fair value of warrants to purchase 3,500,000 358,017 358,017 Original issue discounts 53,700 53,700 Legal and brokerage fees 39,300 39,300 Total debt discounts 869,329 869,329 Amortization of debt discounts 869,329 456,656 Unamortized debt discounts $ - $ 412,673 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Payable | |
Schedule of Notes Payable | Notes payable consists of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Notes Payable September 30, December 31, 2022 2021 On September 15, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 55,488,000 12,243 70,000,000 15,445 4 3,202 $ 15,445 $ - On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 100,000 January 1, 2024 8 100,000 - On June 17, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 230,400,000 55,821 240,000,000 58,147 4 2,326 5,191 52,956 - On May 31, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 314,640,000 76,231 360,000,000 87,220 2.1 10,990 7,786 79,434 - On May 30, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 20,000,000 4,846 433 4,413 - On April 29, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 10,000,000 2,423 216 2,207 - On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 400,000 January 1, 2024 8 400,000 - On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 200,000 January 1, 2024 8 200,000 - On May 4, 2020, the Company, through its wholly-owned subsidiary OWP Ventures, Inc., borrowed $ 119,274 1.00 May 4, 2022 Under the Payroll Protection Program, the Company was eligible for loan forgiveness up to the full amount of the PPP Note and any accrued interest. The forgiveness amount was equal to the amount that the Company spent during the 24-week period beginning May 4, 2020 on payroll costs, payment of rent on any leases in force prior to February 15, 2020 and payment on any utility for which service began before February 15, 2020. The maximum amount of loan forgiveness for non-payroll expenses was 40 121,372 119,274 2,098 February 11, 2022 - 119,274 Total notes payable 854,455 119,274 Less: current maturities 154,455 119,274 Notes payable, long-term portion $ 700,000 $ - |
Notes Payable, Related Party (T
Notes Payable, Related Party (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Notes Payable Related Party | Notes payable, related party, consists of the following at September 30, 2022 and December 31, 2021, respectively: Schedule of Notes Payable Related Party September 30, December 31, 2022 2021 On August 5, 2022, the Company received an advance of $ 50,000 6 $ 50,000 $ - On August 2, 2022, the Company received an advance of $ 4,500 6 4,500 - On July 7, 2022, the Company received an advance of $ 5,000 6 5,000 - On June 3, 2022, the Company received an advance of $ 10,000 6 10,000 - On May 5, 2022, the Company received an advance of $ 10,000 6 10,000 - On May 5, 2022, the Company received an advance of $ 20,000 6 20,000 - On December 29, 2021, the Company received an advance of $ 200,000 January 1, 2024 8 200,000 200,000 Total notes payable. related party 299,500 200,000 Less: current maturities 99,500 - Notes payable, related party, long-term portion $ 200,000 $ 200,000 |
Schedule of Interest Expenses | The Company recognized interest expense for the nine months ended September 30, 2022 and 2021, as follows: Schedule of Interest Expenses September 30, September 30, 2022 2021 Interest on convertible notes $ 43,899 $ 21,120 Interest on notes payable 51,345 8,434 Interest on notes payable, related parties 13,538 - Finance cost on equity line of credit 15,000 - Amortization of debt discounts 50,753 24,288 Amortization of debt discounts, common stock 106,894 273,594 Amortization of debt discounts, warrants 255,026 12,751 Series B preferred stock issued as a commitment on an ELOC 205,005 - Common stock issued as a commitment on the 2 nd 134,128 - Interest on accounts payable 11,249 7,771 Total interest expense $ 886,837 $ 347,958 |
Schedule of Common Control and
Schedule of Common Control and Ownership Interest (Details) | 9 Months Ended | |
Sep. 30, 2022 | ||
Name of entity | ONE WORLD PRODUCTS, INC. | |
State of incorporation | NV | |
One World Products, Inc. [Member] | ||
Name of entity | One World Products, Inc | [1] |
State of incorporation | NV | |
Relationship | Parent | |
OWP Ventures, Inc. [Member] | ||
Name of entity | OWP Ventures, Inc | [2] |
State of incorporation | DE | |
Relationship | Subsidiary | |
One World Pharma S.A.S. [Member] | ||
Name of entity | One World Pharma S.A.S | [3] |
State of incorporation | F8 | |
Relationship | Subsidiary | |
Colombian Hope, S.A.S. [Member] | ||
Name of entity | Colombian Hope, S.A.S | [4] |
State of incorporation | F8 | |
Relationship | Subsidiary | |
Agrobase, S.A.S. [Member] | ||
Name of entity | Agrobase, S.A.S | [5] |
State of incorporation | F8 | |
Relationship | Subsidiary | |
[1]Holding company in the form of a corporation.[2]Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc.[3]Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá.[4]Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses.[5]Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. |
Nature of Business and Signif_4
Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Feb. 21, 2019 | Aug. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 24, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Common stock exercise price | $ 0.1001 | |||||
Proceeds from issuance convertible note | $ 750,000 | |||||
FDIC insured amount | 250,000 | |||||
Cash uninsured amount | ||||||
Deferred revenue | 35,340 | $ 30,164 | ||||
Deferred revenue cost of goods sold | $ 22,830 | |||||
Merger Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Options to purchase common stock | 825,000 | |||||
Common stock exercise price | $ 0.50 | |||||
Merger Agreement [Member] | OWP Ventures, Inc. [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of stock issued | 39,475,398 | |||||
Options to purchase common stock | 825,000 | |||||
Common stock exercise price | $ 0.50 | |||||
Proceeds from issuance convertible note | $ 300,000 | |||||
Conversion price | $ 0.424 | |||||
Number of shares cancelled | 875,000 | |||||
Deposits | $ 1,155,000 | |||||
Construction cost | $ 1,400,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash on hand | $ 68,621 | |
Working capital | 2,268,606 | |
Accumulated deficit | $ 22,212,027 | $ 19,916,888 |
Schedule of Valuation of Financ
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Right-of-use asset | $ 32,357 | |
Liabilities | ||
Lease liabilities | 32,809 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash | 68,621 | 119,678 |
Right-of-use asset | ||
Total assets | 68,621 | 119,678 |
Liabilities | ||
Lease liabilities | ||
Convertible notes payable, net of $412,673 of debt discounts | ||
Convertible notes payable | ||
Notes payable | ||
Notes payable, related parties | ||
Total liabilities | ||
Total assets and liabilities | 68,621 | 119,678 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash | ||
Right-of-use asset | ||
Total assets | ||
Liabilities | ||
Lease liabilities | ||
Convertible notes payable, net of $412,673 of debt discounts | 337,327 | 337,327 |
Convertible notes payable | 750,000 | 319,274 |
Notes payable | 854,455 | |
Notes payable, related parties | 299,500 | |
Total liabilities | (1,903,955) | (656,601) |
Total assets and liabilities | (1,903,955) | (656,601) |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Cash | ||
Right-of-use asset | 32,357 | |
Total assets | 32,357 | |
Liabilities | ||
Lease liabilities | 32,809 | |
Convertible notes payable, net of $412,673 of debt discounts | ||
Convertible notes payable | ||
Notes payable | ||
Notes payable, related parties | ||
Total liabilities | (32,809) | |
Total assets and liabilities | $ (452) |
Schedule of Valuation of Fina_2
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) (Parenthetical) | Dec. 31, 2021 USD ($) |
Investments, All Other Investments [Abstract] | |
Convertible notes payable, debt discounts | $ 412,673 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 22,236 | $ 31,233 |
Work in progress | 115,061 | 81,182 |
Finished goods | 201,307 | 108,246 |
Inventory gross | 338,604 | 220,661 |
Less obsolescence | (19,384) | (22,066) |
Total inventory | $ 319,220 | $ 198,595 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 26,428 | $ 29,366 |
Deferred cost of goods sold | 22,830 | 19,470 |
Other receivables | 110,000 | |
Total | $ 49,258 | $ 158,836 |
Note 6 _ Other Assets (Details
Note 6 – Other Assets (Details Narrative) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets | $ 180,521 | $ 147,194 |
Schedule of Security Deposits (
Schedule of Security Deposits (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | $ 1,450,008 | $ 1,255,988 |
Utilities Deposits [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | 1,090 | |
Refundable Deposit on Equipment Purchase [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | 50,000 | 50,000 |
Down Payment on Distillation Equipment [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | 1,399,412 | 1,155,000 |
Security Deposits on Leases Held in Colombia [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | 596 | 35,869 |
Security Deposit on Office Lease [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | $ 14,029 |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,073,163 | $ 1,086,959 |
Less: accumulated depreciation | (76,880) | (83,946) |
Total | 996,283 | 1,003,013 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 138,248 | 138,248 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 473,971 | 473,971 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 30,902 | 56,502 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 6,494 | 34,409 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 423,548 | $ 383,829 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 15, 2022 | Dec. 31, 2021 | |
Impairment Effects on Earnings Per Share [Line Items] | ||||||
Office furniture and equipment | $ 996,283 | $ 996,283 | $ 1,003,013 | |||
Proceeds from property and equipment | 6,350 | $ 5,125 | ||||
Gain Loss on disposition of property plant equipment | $ 9,041 | $ 17,563 | 9,041 | 17,563 | ||
Depreciation and amortization expense | $ 34,540 | $ 29,937 | ||||
Office Furniture and Equipment [Member] | ||||||
Impairment Effects on Earnings Per Share [Line Items] | ||||||
Office furniture and equipment | $ 15,391 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 514,133 | $ 261,044 |
Accrued withholding taxes and employee benefits | 28,505 | 9,162 |
Accrued ICA fees and contributions | 172,629 | 129,856 |
Accrued interest | 98,047 | 57,700 |
Accrued expenses | $ 813,314 | $ 457,762 |
Schedule of Components of Lease
Schedule of Components of Lease Expense (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Operating lease costs: | |
Amortization of assets | $ 93,011 |
Interest on lease liabilities | 76,251 |
Lease payments on short term leases | 31,999 |
Total lease cost | $ 201,261 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease assets | $ 32,357 | |
Current portion of operating lease liabilities | 17,106 | |
Noncurrent operating lease liabilities | 15,703 | |
Total operating lease liabilities | $ 32,809 | |
Weighted average remaining lease term | 1 year 9 months | |
Weighted average discount rate: operating leases | 6.75% |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Related to Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases | ||||
Operating cash flows used for operating leases | $ 64,067 | |||
Early extinguishment of lease: | ||||
Lease liability terminated | 1,438,830 | |||
Right-of use asset terminated | (1,418,682) | |||
Gain on early extinguishment of lease | $ 20,148 | 20,148 | ||
Total operating lease liabilities | $ 1,535,706 |
Schedule of Operating Lease Lia
Schedule of Operating Lease Liability Maturity (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Leases | ||
2022 (for the nine months remaining) | $ 4,653 | |
2023 | 19,016 | |
2024 | 11,335 | |
Total minimum lease payments | 35,004 | |
Less interest | 2,195 | |
Present value of lease liabilities | 32,809 | |
Less current portion | 17,106 | |
Long-term lease liabilities | $ 15,703 |
Leases (Details Narrative)
Leases (Details Narrative) | 9 Months Ended | ||||||
Jan. 02, 2022 USD ($) ft² | Jan. 02, 2022 COP ($) ft² | Sep. 01, 2021 USD ($) | Sep. 01, 2021 COP ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 COP ($) | Jun. 01, 2022 | |
Leases | |||||||
Area of Land | ft² | 12,400 | 12,400 | |||||
Monthly lease payment | $ 15,290 | $ 57,339,000 | $ 1,013 | $ 3,800,000 | $ 507 | $ 1,900,000 | |
Lease termination fees | $ | $ 7,700 | ||||||
Annual escalation of lease payment, percentage | 3% | 3% | 8% |
Schedule of Convertible Note Pa
Schedule of Convertible Note Payable (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Notes payable, net of discounts | $ 750,000 | $ 337,327 |
Convertible Debt [Member] | ||
Short-Term Debt [Line Items] | ||
Total convertible notes payable | 750,000 | 750,000 |
Debt instrument, unamortized discount | 412,673 | |
Notes payable, net of discounts | 750,000 | 337,327 |
Convertible Debt [Member] | Promissory Note [Member] | ||
Short-Term Debt [Line Items] | ||
Total convertible notes payable | 750,000 | |
Convertible Debt [Member] | Dr John Mccabe Note [Member] | ||
Short-Term Debt [Line Items] | ||
Total convertible notes payable | $ 750,000 |
Schedule of Convertible Note _2
Schedule of Convertible Note Payable (Details) (Parenthetical) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 27, 2022 USD ($) $ / shares | Sep. 24, 2021 USD ($) Integer $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Short-Term Debt [Line Items] | ||||||
Common stock exercise price | $ / shares | $ 0.1001 | |||||
Stock option, call option value | $ 358,017 | |||||
Debt discount | $ 412,673 | $ 310,633 | $ 869,329 | |||
Number of stock issued for commitment fee, shares | $ 134,128 | 134,128 | $ 56,796 | |||
Call Option [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Common stock exercise price | $ / shares | $ 0.1053 | |||||
Warrant [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Volatility rate | 197% | |||||
AJB Capital Investments LLC [Member] | Purchase Agreement [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Number of stock issued for commitment fee, shares | $ 1,250,000 | |||||
Promissory Note [Member] | Dr John Mccabe Note [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Debt instrument, face value | $ 750,000 | |||||
Interest rate | 8% | |||||
Warrants exercise price | $ / shares | $ 15 | |||||
Promissory Note [Member] | AJB Capital Investments LLC [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Debt instrument, face value | $ 750,000 | |||||
Warrants exercise price | $ / shares | $ 0.25 | |||||
Warrants term | 3 years | |||||
Warrants purchase | shares | 1,500,000 | |||||
Debt discount | $ 150,062 | |||||
Debt instrument maturity date | Sep. 24, 2022 | |||||
Debt interest rate | 8% | |||||
Trading days | Integer | 20 | |||||
Number of stock issued for commitment fee, shares | $ 250,000 | |||||
Number of stock issued for commitment fee | shares | 1,250,000 | |||||
Promissory Note [Member] | AJB Capital Investments LLC [Member] | Purchase Agreement [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Debt instrument, face value | $ 705,000 | |||||
Warrants exercise price | $ / shares | $ 0.50 | |||||
Warrants term | 3 years | |||||
Warrants purchase | shares | 2,000,000 | |||||
Debt discount | $ 678,750 | |||||
Original issue discount | 45,000 | |||||
Legal fees | 15,000 | |||||
Brokerage fees | $ 11,250 |
Schedule of Convertible Debt Di
Schedule of Convertible Debt Discounts (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Fair value of 3,250,000 commitment shares of common stock | $ 418,312 | $ 418,312 |
Fair value of warrants to purchase 3,500,000 shares of common stock | 358,017 | 358,017 |
Original issue discounts | 53,700 | 53,700 |
Legal and brokerage fees | 39,300 | 39,300 |
Total debt discounts | 869,329 | 869,329 |
Amortization of debt discounts | 869,329 | 456,656 |
Unamortized debt discounts | $ 412,673 |
Schedule of Convertible Debt _2
Schedule of Convertible Debt Discounts (Details) (Parenthetical) | Dec. 31, 2021 shares |
Debt Disclosure [Abstract] | |
Fair value commitment | 3,250,000 |
Fair value warrants purchase shares | 3,500,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Amortization of debt discount | $ 412,673 | $ 310,633 | $ 869,329 |
Finance expense | 412,673 | 310,633 | |
Interest expense | $ 43,899 | $ 21,120 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total notes payable | $ 854,455 | $ 119,274 |
Less: current maturities | 154,455 | 119,274 |
Notes payable, long-term portion | 700,000 | |
Unsecured Promissory Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 15,445 | |
Unsecured Promissory Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 100,000 | |
Unsecured Promissory Note Three [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 52,956 | |
Unsecured Promissory Note Four [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 79,434 | |
Unsecured Promissory Note Five [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 4,413 | |
Unsecured Promissory Note Six [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 2,207 | |
Unsecured Promissory Note Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 400,000 | |
Unsecured Promissory Note Eight [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 200,000 | |
Unsecured Promissory Note Nine [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | $ 119,274 |
Schedule of Notes Payable (De_2
Schedule of Notes Payable (Details) (Parenthetical) | 9 Months Ended | ||||||||||||||||||
Sep. 15, 2022 USD ($) | Sep. 15, 2022 COP ($) | Jun. 17, 2022 USD ($) | Jun. 17, 2022 COP ($) | Jun. 13, 2022 USD ($) | May 31, 2022 USD ($) | May 31, 2022 COP ($) | May 30, 2022 USD ($) | Apr. 29, 2022 USD ($) | Mar. 01, 2022 USD ($) | Feb. 15, 2022 USD ($) | May 04, 2020 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 15, 2022 COP ($) | Jun. 17, 2022 COP ($) | May 31, 2022 COP ($) | May 30, 2022 COP ($) | Apr. 29, 2022 COP ($) | |
Short-Term Debt [Line Items] | |||||||||||||||||||
Proceeds from subsidiary | $ 99,500 | ||||||||||||||||||
Unsecured Promissory Note One [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Proceeds from subsidiary | $ 12,243 | $ 55,488,000 | |||||||||||||||||
Face value | $ 15,445 | $ 70,000,000 | |||||||||||||||||
Debt interest rate | 4% | 4% | |||||||||||||||||
Debt discount | $ 3,202 | ||||||||||||||||||
Unsecured Promissory Note Two [Member] | OWP Ventures, Inc. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Face value | $ 100,000 | ||||||||||||||||||
Debt interest rate | 8% | ||||||||||||||||||
Debt instrument, maturity date | Jan. 01, 2024 | ||||||||||||||||||
Unsecured Promissory Note Three [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Proceeds from subsidiary | $ 55,821 | $ 230,400,000 | |||||||||||||||||
Face value | $ 58,147 | $ 240,000,000 | |||||||||||||||||
Debt interest rate | 4% | 4% | |||||||||||||||||
Debt discount | $ 2,326 | ||||||||||||||||||
Foreign currency translation adjustment | $ 5,191 | ||||||||||||||||||
Unsecured Promissory Note Four [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Proceeds from subsidiary | $ 76,231 | $ 314,640,000 | |||||||||||||||||
Face value | $ 87,220 | $ 360,000,000 | |||||||||||||||||
Debt interest rate | 2.10% | 2.10% | |||||||||||||||||
Debt discount | $ 10,990 | ||||||||||||||||||
Foreign currency translation adjustment | $ 7,786 | ||||||||||||||||||
Unsecured Promissory Note Five [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Face value | $ 4,846 | $ 20,000,000 | |||||||||||||||||
Foreign currency translation adjustment | $ 433 | ||||||||||||||||||
Unsecured Promissory Note Six [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Face value | $ 2,423 | $ 10,000,000 | |||||||||||||||||
Foreign currency translation adjustment | $ 216 | ||||||||||||||||||
Unsecured Promissory Note Seven [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Face value | $ 400,000 | ||||||||||||||||||
Debt interest rate | 8% | ||||||||||||||||||
Debt instrument, maturity date | Jan. 01, 2024 | ||||||||||||||||||
Unsecured Promissory Note Eight [Member] | One World Pharma S.A.S. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Face value | $ 200,000 | ||||||||||||||||||
Debt interest rate | 8% | ||||||||||||||||||
Debt instrument, maturity date | Jan. 01, 2024 | ||||||||||||||||||
Unsecured Promissory Note Nine [Member] | OWP Ventures, Inc. [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Debt instrument, maturity date | May 04, 2022 | ||||||||||||||||||
Loan forgiveness, percentage | 40% | ||||||||||||||||||
Debt | $ 121,372 | ||||||||||||||||||
Principal payment | 119,274 | ||||||||||||||||||
Interest rate | $ 2,098 | ||||||||||||||||||
Debt instrument, maturity date | Feb. 11, 2022 | ||||||||||||||||||
Unsecured Promissory Note Nine [Member] | OWP Ventures, Inc. [Member] | Lenders [Member] | |||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||
Debt interest rate | 1% | ||||||||||||||||||
Advance from affiliates | $ 119,274 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Notes Payable | ||
Interest expense | $ 51,345 | $ 8,434 |
Schedule of Notes Payable Relat
Schedule of Notes Payable Related Party (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Less: current maturities | $ 99,500 | |
Notes payable, related party, long-term portion | 200,000 | 200,000 |
Unsecured Promissory Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 50,000 | |
Unsecured Promissory Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 4,500 | |
Unsecured Promissory Note Three [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 5,000 | |
Unsecured Promissory Note Four [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 10,000 | |
Unsecured Promissory Note Five [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 10,000 | |
Unsecured Promissory Note Six [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 20,000 | |
Unsecured Promissory Note Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | 200,000 | 200,000 |
Unsecured Promissory Notes [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable. related party | $ 299,500 | $ 200,000 |
Schedule of Notes Payable Rel_2
Schedule of Notes Payable Related Party (Details) (Parenthetical) - Unsecured Promissory Note [Member] - USD ($) | Dec. 29, 2021 | Aug. 05, 2022 | Aug. 02, 2022 | Jul. 07, 2022 | Jun. 03, 2022 | May 05, 2022 |
Dr.Kenneth Perego II [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Debt instrument, face value | $ 200,000 | $ 50,000 | $ 5,000 | $ 20,000 | ||
Debt interest rate, percentage | 8% | 6% | 6% | 6% | ||
Debt Instrument, Maturity Date | Jan. 01, 2024 | |||||
Isiah Thomas III [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Debt instrument, face value | $ 4,500 | $ 10,000 | $ 10,000 | |||
Debt interest rate, percentage | 6% | 6% | 6% |
Schedule of Interest Expenses (
Schedule of Interest Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||||
Interest on convertible notes | $ 43,899 | $ 21,120 | ||
Interest on notes payable | 51,345 | 8,434 | ||
Interest on notes payable, related parties | 13,538 | |||
Finance cost on equity line of credit | 15,000 | |||
Amortization of debt discounts | 50,753 | 24,288 | ||
Amortization of debt discounts, common stock | 106,894 | 273,594 | ||
Amortization of debt discounts, warrants | 255,026 | 12,751 | ||
Series B preferred stock issued as a commitment on an ELOC | 205,005 | |||
Common stock issued as a commitment on the 2nd AJB Note | 134,128 | |||
Interest on accounts payable | 11,249 | 7,771 | ||
Total interest expense | $ 529,915 | $ 137,863 | $ 886,837 | $ 347,958 |
Notes Payable, Related Party (D
Notes Payable, Related Party (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Related Party Transactions [Abstract] | |
Interest expense | $ 13,538 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details Narrative) - USD ($) | 9 Months Ended | ||||
Sep. 12, 2022 | Sep. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Preferred stock, shares authorized | 9,200,000 | 9,200,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock dividend recognized | $ 28,971 | $ 34,843 | |||
Stock Issued During Period, Value, New Issues | $ 15,000 | ||||
ELOC Purchase Agreement [Member] | Tysadco Partners, LLC [Member] | |||||
Stock Issued During Period, Value, New Issues | $ 10,000,000 | ||||
Commitment fees shares | 13,667 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Preferred stock, shares authorized | 10,000,000 | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock shares designated | 500,000 | ||||
Conversion of preferred stock into common stock, description | The shares of Series A Preferred Stock and Series B Preferred Stock are each currently convertible into one hundred (100) shares of the Company’s common stock. The Series A Preferred Stock accrues dividends at the rate of 6% per annum, payable in cash as and when declared by the Board or upon a liquidation. | ||||
Dividend rate percentage | 600% | ||||
Series A convertible preferred stock, outstanding | 65,233 | 65,233 | |||
Series B Convertible Preferred Stock [Member] | |||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock shares designated | 600,000 | ||||
Series A convertible preferred stock, outstanding | 262,168 | 238,501 | |||
Series A Preferred Stock [Member] | |||||
Dividend rate percentage | 6% | ||||
Preferred stock, par value | $ 10 | ||||
Sale of stock, shares | 0 | ||||
Dividends, preferred stock, cash | $ 127,891 | ||||
Series B Preferred Stock [Member] | |||||
Preferred stock, par value | $ 15 | ||||
Stock Issued During Period, Shares, New Issues | 10,000 | ||||
Stock Issued During Period, Value, New Issues | $ 150,000 | ||||
Series B Preferred Stock [Member] | Share Purchase Agreement [Member] | Tysadco Partners, LLC [Member] | |||||
Preferred stock, par value | $ 15 | ||||
Stock Issued During Period, Shares, New Issues | 20,000 | ||||
Stock Issued During Period, Value, New Issues | $ 300,000 | ||||
Series B Preferred Stock [Member] | ELOC Purchase Agreement [Member] | Tysadco Partners, LLC [Member] | |||||
Fair value of sale of stock | $ 205,005 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 12, 2022 | Sep. 01, 2022 | Sep. 30, 2021 | |
Debt instrument, face value | $ 15,000 | ||
Common Stock [Member] | |||
Debt instrument, face value | $ 750 | ||
ELOC Purchase Agreement [Member] | Tysadco Partners, LLC [Member] | |||
Debt instrument, face value | $ 10,000,000 | ||
ELOC Purchase Agreement [Member] | Tysadco Partners, LLC [Member] | Common Stock [Member] | |||
Common stock, conversion basis | The purchase price of the shares of common stock to be purchased under the Purchase Agreement will be equal to 88% of the lowest daily “VWAP” during the period of 10 trading days beginning five trading days preceding the applicable Request. Each purchase under the Purchase Agreement will be in a minimum amount of $25,000 and a maximum amount equal to the lesser of (i) $1,000,000 and (ii) 500% of the average daily trading value of the common stock over the seven trading days preceding the delivery of the applicable Request Notice. |
Changes in Stockholders_ Equi_2
Changes in Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2022 | Mar. 29, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares issued | 67,202,907 | 67,202,907 | 65,599,565 | |||
Common stock, shares outstanding | 67,202,907 | 67,202,907 | 65,599,565 | |||
Common stock issued for services | $ 134,128 | $ 134,128 | $ 56,796 | |||
Share-based payment arrangement, expense | 123,440 | |||||
Purchase Agreement [Member] | AJB Capital Investments LLC [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Debt instrument, fee amount | 250,000 | 250,000 | ||||
Common stock issued for services | 1,250,000 | |||||
Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock issued for services | $ 1,341 | $ 1,603 | $ 281 | |||
Common stock issued for services, shares | 1,341,276 | 1,341,276 | 1,603,342 | 280,678 | ||
Common Stock [Member] | Subscription Payable [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of stock sold, shares | 262,066 |
Common Stock Options (Details N
Common Stock Options (Details Narrative) - USD ($) | 9 Months Ended | ||
Feb. 12, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation | $ 339,133 | $ 56,796 | |
Board of Directors [Member] | 2019 Stock Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common stock sold for cash, shares | 10,000,000 | ||
Officers Directors and Employees [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation | 123,440 | $ 70,077 | |
Unamortized debt issuance expense | $ 179,241 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Income Tax Disclosure [Abstract] | |
Federal net operating losses | $ 9,480,000 |
Net operating loss carry forwards expiration | The net operating loss carry forwards, if not utilized, will begin to expire in 2025. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 3 Months Ended | 9 Months Ended | |||||||||||
Oct. 12, 2022 USD ($) shares | Oct. 03, 2022 USD ($) shares | Oct. 01, 2022 USD ($) | Oct. 01, 2022 COP ($) | Sep. 12, 2022 USD ($) shares | Jan. 02, 2022 USD ($) | Jan. 02, 2022 COP ($) | Sep. 01, 2021 USD ($) | Sep. 01, 2021 COP ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 COP ($) | Sep. 30, 2021 USD ($) | |
Subsequent Event [Line Items] | |||||||||||||
Common stock issued for services | $ 134,128 | $ 134,128 | $ 56,796 | ||||||||||
Common stock sold for cash | $ 15,000 | ||||||||||||
Lease payments | $ 15,290 | $ 57,339,000 | $ 1,013 | $ 3,800,000 | $ 507 | $ 1,900,000 | |||||||
Series B Preferred Stock [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock sold for cash | $ 150,000 | ||||||||||||
Common stock sold for cash, shares | shares | 10,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
VAT and administration fees | $ 29,000,000 | ||||||||||||
Lease payments | $ 6,300 | ||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock issued for services, shares | shares | 10,000 | ||||||||||||
Common stock issued for services | $ 150,000 | ||||||||||||
Common stock sold for cash | $ 15,000 | $ 499,995 | |||||||||||
Common stock sold for cash, shares | shares | 3,333,300 | ||||||||||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | Isiah L Thomas III [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock sold for cash, shares | shares | 33,333 |