Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
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 | 78,308,357 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 10,152 | $ 11,016 |
Accounts receivable | 12,488 | 12,355 |
Inventory | 312,736 | 54,153 |
Other current assets | 25,724 | 45,943 |
Total current assets | 361,100 | 123,467 |
Other assets | 213,593 | 179,927 |
Right-of-use assets | 425,969 | |
Security deposits | 85,000 | 1,449,808 |
Fixed assets, net | 2,367,417 | 988,536 |
Total Assets | 3,027,110 | 3,167,707 |
Current liabilities: | ||
Accounts payable | 815,841 | 798,067 |
Accrued expenses | 1,238,479 | 948,458 |
Deferred revenues | 11,545 | 11,808 |
Dividends payable | 181,651 | 137,843 |
Current portion of lease liabilities | 86,235 | |
Total current liabilities | 4,513,253 | 2,227,435 |
Long-term lease liability | 341,680 | |
Total Liabilities | 4,513,253 | 4,219,115 |
Stockholders’ Equity (Deficit): | ||
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 76,736,274 and 67,202,907 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 76,736 | 67,203 |
Additional paid-in capital | 18,062,344 | 17,123,603 |
Subscriptions payable | 45,000 | |
Accumulated other comprehensive income (loss) | 94,671 | (50,699) |
Accumulated (deficit) | (24,489,739) | (22,976,365) |
Total Stockholders’ Equity (Deficit) | (6,210,988) | (5,836,258) |
Total Liabilities and Stockholders’ Equity (Deficit) | 3,027,110 | 3,167,707 |
Series A Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock value | 997,330 | 702,330 |
Series B Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock value | 3,727,515 | 4,082,520 |
Related Party [Member] | ||
Current liabilities: | ||
Convertible note payable, related party, current maturities | 750,000 | |
Notes payable | 1,061,500 | 99,500 |
Convertible note payable, related party | 750,000 | |
Notes payable, related parties, long-term portion | 900,000 | |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Notes payable | 454,237 | 145,524 |
Notes payable, related parties, long-term portion |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Notes payable, debt discounts | $ 53,442 | |
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 | 76,736,274 | 67,202,907 |
Common stock, shares outstanding | 76,736,274 | 67,202,907 |
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 | 99,733 | 70,233 |
Temporary equity, shares outstanding | 99,733 | 70,233 |
Preferred stock, par value | $ 10 | |
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 | 300,000 | 300,000 |
Temporary equity, shares issued | 248,501 | 272,168 |
Temporary equity, shares outstanding | 248,501 | 272,168 |
Preferred stock, par value | $ 15 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,906 | $ 33,373 | $ 8,082 | $ 76,384 |
Cost of goods sold | 767 | 23,969 | 1,866 | 54,765 |
Gross profit (loss) | 5,139 | 9,404 | 6,216 | 21,619 |
Operating expenses: | ||||
General and administrative | 142,464 | 378,910 | 907,595 | 1,148,100 |
Professional fees | 236,139 | 95,946 | 413,651 | 380,801 |
Depreciation expense | 9,274 | 9,883 | 25,578 | 34,540 |
Total operating expenses | 387,877 | 484,739 | 1,346,824 | 1,563,441 |
Operating loss | (382,738) | (475,335) | (1,340,608) | (1,541,822) |
Other income (expense): | ||||
Sublease income | 1,000 | |||
Loss on sale of fixed assets | (9,041) | (9,041) | ||
Gain on early extinguishment of lease | 20,148 | 4,397 | 20,148 | |
Gain on early extinguishment of debt | 121,372 | |||
Interest income | 3 | 6 | 41 | |
Interest expense | (67,571) | (529,915) | (177,169) | (886,837) |
Total other expense | (67,568) | (518,808) | (172,766) | (753,317) |
Net loss | (450,306) | (994,143) | (1,513,374) | (2,295,139) |
Other comprehensive loss: | ||||
Gain (loss) on foreign currency translation | (32,831) | 2,334 | 145,370 | 6,806 |
Net other comprehensive loss | (483,137) | (991,809) | (1,368,004) | (2,288,333) |
Series A convertible preferred stock declared ($0.60 per share) | (15,083) | (9,866) | (43,808) | (28,971) |
Net loss attributable to common shareholders | $ (498,220) | $ (1,001,675) | $ (1,411,812) | $ (2,317,304) |
Weighted average number of common shares | ||||
outstanding - basic | 74,958,373 | 66,080,317 | 71,436,129 | 65,850,852 |
outstanding - diluted | 74,958,373 | 66,080,317 | 71,436,129 | 65,850,852 |
Net loss per share - basic | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.04) |
Net loss per share - diluted | (0.01) | (0.02) | (0.02) | (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 | Sep. 30, 2023 | Sep. 30, 2022 |
Series A Convertible Preferred Stock [Member] | ||
Purchase price per share | $ 0.60 | $ 0.60 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] Series A Convertible Preferred Stock [Member] | 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 |
Balance at Dec. 31, 2021 | $ 652,330 | $ 3,577,515 | $ 65,600 | $ 16,843,656 | $ 21,725 | $ (64,347) | $ (19,916,888) | $ (3,050,254) |
Balance, shares at Dec. 31, 2021 | 65,233 | 238,501 | 65,599,565 | |||||
Common stock issued for services | $ 1,603 | 154,250 | (21,725) | 134,128 | ||||
Common stock issued for services, shares | 1,603,342 | |||||||
Amortization of common stock options issued for services | 123,440 | 123,440 | ||||||
Series A convertible preferred stock dividend 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 a commitment fee on ELOC | $ 205,005 | |||||||
Series B convertible preferred stock issued as commitment fee on ELOC, shares | 13,667 | |||||||
Balance at Sep. 30, 2022 | $ 652,330 | $ 3,932,520 | $ 67,203 | 17,092,375 | (57,541) | (22,212,027) | (5,109,990) | |
Balance, shares at Sep. 30, 2022 | 65,233 | 262,168 | 67,202,907 | |||||
Balance at Jun. 30, 2022 | $ 652,330 | $ 3,577,515 | $ 65,862 | 16,928,274 | (59,875) | (21,217,884) | (4,283,623) | |
Balance, shares at Jun. 30, 2022 | 65,233 | 238,501 | 65,861,631 | |||||
Common stock issued for services | $ 1,341 | 132,787 | 134,128 | |||||
Common stock issued for services, shares | 1,341,276 | |||||||
Amortization of common stock options issued for services | 41,180 | 41,180 | ||||||
Series A convertible preferred stock dividend 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 a commitment fee on ELOC | $ 205,005 | |||||||
Series B convertible preferred stock issued as commitment fee on ELOC, shares | 13,667 | |||||||
Balance at Sep. 30, 2022 | $ 652,330 | $ 3,932,520 | $ 67,203 | 17,092,375 | (57,541) | (22,212,027) | (5,109,990) | |
Balance, shares at Sep. 30, 2022 | 65,233 | 262,168 | 67,202,907 | |||||
Balance at Dec. 31, 2022 | $ 702,330 | $ 4,082,520 | $ 67,203 | 17,123,603 | (50,699) | (22,976,365) | (5,836,258) | |
Balance, shares at Dec. 31, 2022 | 70,233 | 272,168 | 67,202,907 | |||||
Series B preferred stock conversions | $ (355,005) | $ 2,366 | 352,639 | 355,005 | ||||
Series B preferred stock conversions, shares | (23,667) | 2,366,700 | ||||||
Common stock issued for services | $ 2,500 | 171,350 | 173,850 | |||||
Common stock issued for services, shares | 2,500,000 | |||||||
Amortization of common stock options issued for services | 121,052 | 121,052 | ||||||
Series A convertible preferred stock dividend declared ($0.60 per share) | (43,808) | (43,808) | ||||||
Gain on foreign currency translation | 145,370 | 145,370 | ||||||
Net loss | (1,513,374) | (1,513,374) | ||||||
Series A Convertible Preferred Stock sold for cash | $ 250,000 | |||||||
Series A convertible preferred stock sold for cash, shares | 25,000 | |||||||
Series A Convertible Preferred Stock issued for services | $ 45,000 | 45,000 | 45,000 | |||||
Series A Convertible Preferred Stock issued for services, shares | 4,500 | |||||||
Commitment shares issued pursuant to promissory note | $ 1,667 | 40,508 | 42,175 | |||||
Commitment shares issued pursuant to promissory note, shares | 1,666,667 | |||||||
Common stock sold for cash | $ 3,000 | 297,000 | 300,000 | |||||
Common stock sold for cash, shares | 3,000,000 | |||||||
Balance at Sep. 30, 2023 | $ 997,330 | $ 3,727,515 | $ 76,736 | 18,062,344 | 45,000 | 94,671 | (24,489,739) | (6,210,988) |
Balance, shares at Sep. 30, 2023 | 99,733 | 248,501 | 76,736,274 | |||||
Balance at Jun. 30, 2023 | $ 997,330 | $ 4,082,520 | $ 73,370 | 17,594,074 | 127,502 | (24,039,433) | (6,244,487) | |
Balance, shares at Jun. 30, 2023 | 99,733 | 272,168 | 73,369,574 | |||||
Series A preferred stock to be issued for services | 45,000 | 45,000 | ||||||
Series B preferred stock conversions | $ (355,005) | $ 2,366 | 352,639 | 355,005 | ||||
Series B preferred stock conversions, shares | (23,667) | 2,366,700 | ||||||
Common stock issued for services | $ 1,000 | 83,000 | 84,000 | |||||
Common stock issued for services, shares | 1,000,000 | |||||||
Amortization of common stock options issued for services | 47,714 | 47,714 | ||||||
Series A convertible preferred stock dividend declared ($0.60 per share) | (15,083) | (15,083) | ||||||
Gain on foreign currency translation | (32,831) | (32,831) | ||||||
Net loss | (450,306) | (450,306) | ||||||
Balance at Sep. 30, 2023 | $ 997,330 | $ 3,727,515 | $ 76,736 | $ 18,062,344 | $ 45,000 | $ 94,671 | $ (24,489,739) | $ (6,210,988) |
Balance, shares at Sep. 30, 2023 | 99,733 | 248,501 | 76,736,274 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (1,513,374) | $ (2,295,139) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 25,578 | 34,540 |
Loss on disposal of fixed assets | 9,041 | |
Gain on early extinguishment of lease | (4,397) | (20,148) |
Gain on early extinguishment of debt | (121,372) | |
Amortization of debt discounts | 26,233 | 412,673 |
Series A preferred stock issued for services | 90,000 | |
Common stock issued for services | 173,850 | 339,133 |
Stock options issued for services | 121,052 | 123,440 |
Decrease (increase) in assets: | ||
Accounts receivable | (133) | (11,216) |
Inventory | (258,583) | (120,625) |
Other current assets | 20,219 | 109,578 |
Other assets | (33,666) | (33,327) |
Right-of-use assets | 34,391 | 84,667 |
Security deposits | (194,020) | |
Increase (decrease) in liabilities: | ||
Accounts payable | 17,774 | 259,049 |
Accrued expenses | 290,021 | 357,650 |
Deferred revenues | (263) | 5,176 |
Lease liability | (31,940) | (64,067) |
Net cash used in operating activities | (1,043,238) | (1,124,967) |
Cash flows from investing activities | ||
Proceeds received on sale of fixed assets | 6,350 | |
Purchase of fixed assets | (5,046) | (43,201) |
Net cash used in investing activities | (5,046) | (36,851) |
Cash flows from financing activities | ||
Proceeds received on convertible note payable | 750,000 | |
Repayment of convertible note payable | (750,000) | |
Proceeds from notes payable, related parties | 62,000 | 99,500 |
Proceeds from notes payable | 262,500 | 868,081 |
Proceeds from sale of preferred and common stock | 550,000 | 150,000 |
Net cash provided by financing activities | 874,500 | 1,117,581 |
Effect of exchange rate changes on cash | 172,920 | (6,820) |
Net increase (decrease) in cash | (864) | (51,057) |
Cash - beginning | 11,016 | 119,678 |
Cash - ending | 10,152 | 68,621 |
Supplemental disclosures: | ||
Interest paid | 40,693 | 79,269 |
Income taxes paid | ||
Non-cash investing and financing transactions: | ||
Dividends payable | 43,808 | 28,971 |
Initial recognition of right-of-use assets and lease liabilities | 1,535,706 | |
Deposit on equipment settled with note payable | 35,000 | |
Value of debt discounts attributable to commitment shares | $ 42,175 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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. (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 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 of non-psychoactive cannabis, cultivation of psychoactive cannabis, and manufacturing allowing for extraction and export. 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 cooperatives 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. During the first quarter of 2022, we made payments of approximately $ 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, 2022. 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, 2023: 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 commenced operations during 2023. 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 Colombian 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. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 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. 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 no 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, 2023, the Company had $ 11,545 6,760 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 July 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “ Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, 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 has not had 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, 2023, 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, 2023 | |
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, 2023, our balance of cash on hand was $ 10,152 4,152,153 24,489,739 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. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3 – Related Party Transactions Common Stock Issued for Services, Related Party On June 15, 2023, the Company issued 1,500,000 89,850 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | Note 4 – 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. 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, 2023 and December 31, 2022, 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, 2023 Level 1 Level 2 Level 3 Assets Cash $ 10,152 $ - $ - Total assets 10,152 - - Liabilities Convertible note payable, related party - 750,000 - Notes payable, related parties - 1,061,500 - Notes payable , net of $ 53,442 - 454,237 - Total liabilities - (2,265,737 ) - Total assets and liabilities $ 10,152 $ (2,265,737 ) $ - Level 1 Level 2 Level 3 Fair Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Assets Cash $ 11,016 $ - $ - Right-of-use asset - - 425,969 Total assets 11,016 - 425,969 Liabilities Lease liabilities - 427,915 Convertible notes payable - 750,000 - Notes payable - 145,524 - Notes payable, related parties - 999,500 - Total liabilities - (1,895,024 ) (427,915 ) Total assets and liabilities $ 11,016 $ (1,895,024 ) $ (1,946 ) 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, 2023 or the year ended December 31, 2022. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5 – 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, 2023 and December 31, 2022, respectively. Schedule of Inventory September 30, December 31, 2023 2022 Raw materials $ 21,934 $ 18,580 Work in progress 30,174 1,464 Finished goods 316,100 80,858 Inventory gross 368,208 100,902 Less obsolescence (55,472 ) (46,749 ) Total inventory $ 312,736 $ 54,153 |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 6 – Other Current Assets Other current assets included the following as of September 30, 2023 and December 31, 2022, respectively: Schedule of Other Current Assets September 30, December 31, 2023 2022 Prepaid expenses $ 18,964 $ 39,288 Deferred cost of goods sold 6,760 6,655 Total $ 25,724 $ 45,943 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 7 – Other Assets Other assets consist entirely of VAT receivables in the amounts of $ 213,593 179,927 |
Security Deposits
Security Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Security Deposits | |
Security Deposits | Note 8 – Security Deposits Security deposits included the following as of September 30, 2023 and December 31, 2022, respectively: Schedule of Security Deposits September 30, December 31, 2023 2022 Refundable deposit on equipment purchase $ 85,000 $ 50,000 Down payment on distillation equipment - 1,399,413 Security deposits on leases held in Colombia - 395 Security deposits $ 85,000 $ 1,449,808 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Note 9 – Fixed Assets Fixed assets consist of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Fixed Assets September 30, December 31, 2023 2022 Land $ 138,248 $ 138,248 Buildings 473,971 473,971 Office equipment 30,902 30,902 Furniture and fixtures 6,495 6,495 Equipment and machinery 1,828,006 423,547 Fixed assets, gross 2,477,622 1,073,163 Less: accumulated depreciation (110,205 ) (84,627 ) Total $ 2,367,417 $ 988,536 Depreciation and amortization expense totaled $ 25,578 34,540 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 10 – Accrued Expenses Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Accrued Expenses September 30, December 31, 2023 2022 Accrued payroll $ 771,199 $ 613,569 Accrued withholding taxes and employee benefits 42,764 31,632 Accrued ICA fees and contributions 178,053 167,037 Accrued interest 246,463 136,220 Accrued expenses $ 1,238,479 $ 948,458 |
Deferred Revenues
Deferred Revenues | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Revenues | |
Deferred Revenues | Note 11 – Deferred Revenues Arrangements with customers include multiple deliverables, consisting of an initial delivery of seeds and a contingent portion of the purchase price that is payable on the customer’s future harvest of the plants grown from such seeds. Deferred revenues associated with these multiple-element arrangements were $ 11,545 11,808 6,760 6,655 4,785 5,153 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | Note 12 – Leases On April 28, 2023, the Company leased commercial property for its extraction facility under a commercial lease contract at a monthly lease rate of 3,000,000 645 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. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Terminated Leases The Company leased its 12,400 57,339,000 15,290 7,700 20,148 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 2 3,825 The Company also leased a residential premise under a non-cancelable real property lease agreement that commenced on September 1, 2021 that was to expire on August 31, 2024, at a monthly lease term of 3,800,000 1,013 3 372 The Company leased 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 8 200 The components of lease expense were as follows: Schedule of Components of Lease Expense 2023 2022 For the Nine Months Ended September 30, 2023 2022 Operating lease cost: Amortization of right-of-use assets $ 34,391 $ 33,431 Interest on lease liabilities 11,379 26,463 Lease payments on short term leases 1,290 12,590 Total operating lease cost $ 47,060 $ 72,484 Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases September 30, December 31, 2023 2022 Operating lease: Operating lease assets $ - $ 425,969 Current portion of operating lease liabilities $ - 86,235 Noncurrent operating lease liabilities - 341,680 Total operating lease liability $ - $ 427,915 Weighted average remaining lease term: Operating leases None 4.25 Weighted average discount rate: Operating lease 6.75 % 6.75 % Supplemental cash flow and other information related to operating leases was as follows: Schedule of Supplemental Cash Flow Related to Operating Leases 2023 2022 For the Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 31,940 $ 38,725 Leased assets obtained in exchange for lease liabilities: Total operating lease liabilities $ - $ 1,535,706 Gain on early extinguishment of debt: $ 4,397 $ - ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Convertible Note Payable, Relat
Convertible Note Payable, Related Party | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Note Payable, Related Party | Note 13 – Convertible Note Payable, Related Party Convertible note payable, related party consists of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Convertible Note Payable Related Party September 30, December 31, 2023 2022 On September 27, 2022 750,000 750,000 On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $ 750,000 September 16, 2024 8 15 $ 750,000 $ 750,000 Total convertible note payable, related party 750,000 750,000 Less: current maturities - - Convertible note payable, related party, long-term portion $ 750,000 $ 750,000 The Company recorded interest expense pursuant to the stated interest rates on the convertible note, related party in the amount of $ 44,877 43,899 |
Notes Payable, Related Parties
Notes Payable, Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Notes Payable Related Parties | |
Notes Payable, Related Parties | Note 14 – Notes Payable, Related Parties Notes payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Notes Payable Related Party September 30, December 31, 2023 2022 On September 11, 2023, the Company received an advance of $ 52,000 10 $ 52,000 $ - On August 31, 2023, the Company received an advance of $ 4,000 6 4,000 - On August 14, 2023, the Company received an advance of $ 6,000 6 6,000 - On August 5, 2022, the Company received an advance of $ 50,000 6 50,000 50,000 On August 2, 2022, the Company received an advance of $ 4,500 6 4,500 4,500 On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 100,000 January 1, 2024 8 100,000 100,000 On July 7, 2022, the Company received an advance of $ 5,000 6 5,000 5,000 On June 3, 2022, the Company received an advance of $ 10,000 6 10,000 10,000 On May 5, 2022, the Company received an advance of $ 10,000 6 10,000 10,000 On May 5, 2022, the Company received an advance of $ 20,000 6 20,000 20,000 On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 400,000 January 1, 2024 8 400,000 400,000 On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 200,000 January 1, 2024 8 200,000 200,000 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 1,061,500 999,500 Less: current maturities 1,061,500 99,500 Notes payable, related party, long-term portion $ - $ 900,000 The Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $ 58,804 43,763 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2023 | |
Notes Payable | |
Notes Payable | Note 15 – Notes Payable Schedule of Notes Payable September 30, December 31, 2023 2022 On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $ 35,000 10 15 $ 35,000 $ - On June 23, 2023, the Company completed the sale of a Promissory Note in the principal amount of $ 300,000 276,000 262,500 24,000 7,500 6,000 March 23, 2024 12 10 100,000 1,666,667 42,175 300,000 - 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 1,823 17,268 14,552 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 3,383 59,204 49,894 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 1,586 88,806 74,841 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 88 4,934 4,158 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 44 2,467 2,079 Total notes payable 507,679 145,524 Less: unamortized debt discounts 53,442 - Notes payable, net of discounts 454,237 145,524 Less: current maturities 454,237 145,524 Notes payable, long-term portion $ - $ - The Company recognized aggregate debt discounts on the notes payable to AJB Capital for the nine months ended September 30, 2023, as follows: ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Schedule of Notes Payable Debt Discounts September 30, 2023 Fair value of 1,666,667 $ 42,175 Original issue discounts 24,000 Legal and brokerage fees 13,500 Total debt discounts 79,675 Amortization of debt discounts 26,233 Unamortized debt discounts $ 53,442 The aggregate debt discounts of $ 79,675 26,233 0 The convertible note limits the maximum number of shares that can be owned by the note holder as a result of the conversions to common stock to 4.99 The Company recorded interest expense pursuant to the stated interest rates on the notes payable in the amount of $ 47,255 21,120 The Company recognized interest expense for the nine months ended September 30, 2023 and 2022, as follows: Schedule of Interest Expenses September 30, September 30, 2023 2022 Finance cost on equity line of credit $ - $ 15,000 Interest on convertible notes, related party 44,877 43,899 Interest on notes payable, related parties 58,804 43,763 Interest on notes payable 47,255 21,120 Amortization of debt discounts 13,549 50,753 Amortization of debt discounts, common stock 12,684 106,894 Amortization of debt discounts, warrants - 255,026 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 Total interest expense $ 177,169 $ 886,837 |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2023 | |
Convertible Preferred Stock | |
Convertible Preferred Stock | Note 16 – 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 99,733 248,501 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. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Series A Preferred Stock Sales On various dates between January 4, 2023 and April 3, 2023, the Company received total proceeds from four accredited investors of $ 250,000 25,000 25,000 five 2,500,000 0.25 Series A Preferred Stock Payable, Consultants On July 1, 2023, the Company was obligated to issue 4,500 45,000 Series A Preferred Stock Issued for Services, Consultants On January 1, 2023, the Company issued 4,500 45,000 Preferred Stock Dividends The Series A Preferred Stock accrues dividends at the rate of 6 43,808 28,971 181,651 Series B Preferred Stock Issuances On September 12, 2023, a shareholder converted 10,000 1,000,000 On July 7, 2023, a shareholder converted 13,667 1,366,700 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17 – 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”). There have not been any advances on this arrangement to date. Contingent Compensation On August 22, 2023, the Company entered into an advisor agreement with an individual to provide consulting and business advisory services to the Company. Pursuant to the agreement, the Company has agreed to compensate the consultant a fee of $ 5,000 5,000,000 200,000 On May 23, 2023, the Company appointed Joerg Sommer to be the Company’s President. In connection with his appointment, the Company entered into an offer letter with Mr. Sommer (the “Offer Letter”) under which he will initially be paid an annual base salary of $ 60,000 240,000 5,000,000 1,500,000 1,500,000 Mr. Sommer will also be entitled to a bonus of up $ 380,000 $ 200,000 2 $ 80,000 1 $ 60,000 1 $ 40,000 1 |
Changes in Stockholders_ Equity
Changes in Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in Stockholders’ Equity | Note 18 – Changes in Stockholders’ Equity Common Stock The Company is authorized to issue an aggregate of 300,000,000 0.001 76,736,274 Common Stock Sales On February 14, 2023, the Company sold 3,000,000 0.10 300,000 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Common Stock Issued as a Commitment Fee On June 23, 2023, the Company paid a commitment fee to AJB Capital in the form of 1,666,667 42,175 Common Stock Issued for Services, Related Party On June 15, 2023, the Company issued 1,500,000 89,850 Common Stock Issued for Services On September 18, 2023, the Company issued 1,000,000 84,000 Amortization of Stock-Based Compensation A total of $ 121,052 123,440 |
Common Stock Options
Common Stock Options | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Common Stock Options | Note 19 – 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 Outstanding Options Options to purchase an aggregate total of 10,392,000 0.14 7.37 Options Granted On August 22, 2023, the Company awarded options to purchase 250,000 0.10 ten year 145 0.0735 18,367 18,367 The Company recognized a total of $ 121,052 123,440 29,342 |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Warrants | |
Warrants | Note 20 – Warrants Outstanding Warrants Warrants to purchase an aggregate total of 14,011,650 0.29 2.16 Warrants Granted On April 3, 2023, the Company received proceeds of $ 100,000 10,000 10,000 five 1,000,000 0.25 146 0.0635 63,508 ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) On January 27, 2023, the Company received proceeds of $ 100,000 10,000 10,000 five 1,000,000 0.25 148 0.0672 67,180 On January 9, 2023, the Company received proceeds of $ 25,000 2,500 2,500 five 250,000 0.25 152 0.0550 13,757 On January 4, 2023, the Company received proceeds of $ 25,000 2,500 2,500 five 250,000 0.25 156 0.0559 13,970 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 21 – 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, 2023, and the year ended December 31, 2022, 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, 2023, the Company had approximately $ 9,746,000 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, 2023 and December 31, 2022, 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22 – Subsequent Events The Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued. Related Party Debt Financing On October 11, 2023, the Company received an advance of $ 25,000 10 Common Stock Sales On October 2, 2023, the Company sold 1,000,000 0.10 100,000 Common Stock Issued for Services On October 4, 2023, the Company issued 572,083 51,487 |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business One World Products, 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 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 of non-psychoactive cannabis, cultivation of psychoactive cannabis, and manufacturing allowing for extraction and export. 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 cooperatives 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. During the first quarter of 2022, we made payments of approximately $ 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, 2022. 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, 2023: 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 commenced operations during 2023. 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 Colombian 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. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) |
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. |
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 no |
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, 2023, the Company had $ 11,545 6,760 |
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 July 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “ Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, 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 has not had 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, 2023, 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, 2023 | |
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, 2023: 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 commenced operations during 2023. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022, 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, 2023 Level 1 Level 2 Level 3 Assets Cash $ 10,152 $ - $ - Total assets 10,152 - - Liabilities Convertible note payable, related party - 750,000 - Notes payable, related parties - 1,061,500 - Notes payable , net of $ 53,442 - 454,237 - Total liabilities - (2,265,737 ) - Total assets and liabilities $ 10,152 $ (2,265,737 ) $ - Level 1 Level 2 Level 3 Fair Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Assets Cash $ 11,016 $ - $ - Right-of-use asset - - 425,969 Total assets 11,016 - 425,969 Liabilities Lease liabilities - 427,915 Convertible notes payable - 750,000 - Notes payable - 145,524 - Notes payable, related parties - 999,500 - Total liabilities - (1,895,024 ) (427,915 ) Total assets and liabilities $ 11,016 $ (1,895,024 ) $ (1,946 ) |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Schedule of Inventory September 30, December 31, 2023 2022 Raw materials $ 21,934 $ 18,580 Work in progress 30,174 1,464 Finished goods 316,100 80,858 Inventory gross 368,208 100,902 Less obsolescence (55,472 ) (46,749 ) Total inventory $ 312,736 $ 54,153 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets included the following as of September 30, 2023 and December 31, 2022, respectively: Schedule of Other Current Assets September 30, December 31, 2023 2022 Prepaid expenses $ 18,964 $ 39,288 Deferred cost of goods sold 6,760 6,655 Total $ 25,724 $ 45,943 |
Security Deposits (Tables)
Security Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Security Deposits | |
Schedule of Security Deposits | Security deposits included the following as of September 30, 2023 and December 31, 2022, respectively: Schedule of Security Deposits September 30, December 31, 2023 2022 Refundable deposit on equipment purchase $ 85,000 $ 50,000 Down payment on distillation equipment - 1,399,413 Security deposits on leases held in Colombia - 395 Security deposits $ 85,000 $ 1,449,808 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consist of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Fixed Assets September 30, December 31, 2023 2022 Land $ 138,248 $ 138,248 Buildings 473,971 473,971 Office equipment 30,902 30,902 Furniture and fixtures 6,495 6,495 Equipment and machinery 1,828,006 423,547 Fixed assets, gross 2,477,622 1,073,163 Less: accumulated depreciation (110,205 ) (84,627 ) Total $ 2,367,417 $ 988,536 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Accrued Expenses September 30, December 31, 2023 2022 Accrued payroll $ 771,199 $ 613,569 Accrued withholding taxes and employee benefits 42,764 31,632 Accrued ICA fees and contributions 178,053 167,037 Accrued interest 246,463 136,220 Accrued expenses $ 1,238,479 $ 948,458 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Schedule of Components of Lease Expense 2023 2022 For the Nine Months Ended September 30, 2023 2022 Operating lease cost: Amortization of right-of-use assets $ 34,391 $ 33,431 Interest on lease liabilities 11,379 26,463 Lease payments on short term leases 1,290 12,590 Total operating lease cost $ 47,060 $ 72,484 |
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, December 31, 2023 2022 Operating lease: Operating lease assets $ - $ 425,969 Current portion of operating lease liabilities $ - 86,235 Noncurrent operating lease liabilities - 341,680 Total operating lease liability $ - $ 427,915 Weighted average remaining lease term: Operating leases None 4.25 Weighted average discount rate: Operating lease 6.75 % 6.75 % |
Schedule of Supplemental Cash Flow Related to Operating Leases | Supplemental cash flow and other information related to operating leases was as follows: Schedule of Supplemental Cash Flow Related to Operating Leases 2023 2022 For the Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 31,940 $ 38,725 Leased assets obtained in exchange for lease liabilities: Total operating lease liabilities $ - $ 1,535,706 Gain on early extinguishment of debt: $ 4,397 $ - |
Convertible Note Payable, Rel_2
Convertible Note Payable, Related Party (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Note Payable Related Party | Convertible note payable, related party consists of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Convertible Note Payable Related Party September 30, December 31, 2023 2022 On September 27, 2022 750,000 750,000 On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $ 750,000 September 16, 2024 8 15 $ 750,000 $ 750,000 Total convertible note payable, related party 750,000 750,000 Less: current maturities - - Convertible note payable, related party, long-term portion $ 750,000 $ 750,000 |
Notes Payable, Related Parties
Notes Payable, Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Payable Related Parties | |
Schedule of Notes Payable Related Party | Notes payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Notes Payable Related Party September 30, December 31, 2023 2022 On September 11, 2023, the Company received an advance of $ 52,000 10 $ 52,000 $ - On August 31, 2023, the Company received an advance of $ 4,000 6 4,000 - On August 14, 2023, the Company received an advance of $ 6,000 6 6,000 - On August 5, 2022, the Company received an advance of $ 50,000 6 50,000 50,000 On August 2, 2022, the Company received an advance of $ 4,500 6 4,500 4,500 On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 100,000 January 1, 2024 8 100,000 100,000 On July 7, 2022, the Company received an advance of $ 5,000 6 5,000 5,000 On June 3, 2022, the Company received an advance of $ 10,000 6 10,000 10,000 On May 5, 2022, the Company received an advance of $ 10,000 6 10,000 10,000 On May 5, 2022, the Company received an advance of $ 20,000 6 20,000 20,000 On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 400,000 January 1, 2024 8 400,000 400,000 On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $ 200,000 January 1, 2024 8 200,000 200,000 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 1,061,500 999,500 Less: current maturities 1,061,500 99,500 Notes payable, related party, long-term portion $ - $ 900,000 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Notes Payable | Schedule of Notes Payable September 30, December 31, 2023 2022 On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $ 35,000 10 15 $ 35,000 $ - On June 23, 2023, the Company completed the sale of a Promissory Note in the principal amount of $ 300,000 276,000 262,500 24,000 7,500 6,000 March 23, 2024 12 10 100,000 1,666,667 42,175 300,000 - 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 1,823 17,268 14,552 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 3,383 59,204 49,894 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 1,586 88,806 74,841 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 88 4,934 4,158 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 44 2,467 2,079 Total notes payable 507,679 145,524 Less: unamortized debt discounts 53,442 - Notes payable, net of discounts 454,237 145,524 Less: current maturities 454,237 145,524 Notes payable, long-term portion $ - $ - |
Schedule of Interest Expenses | The Company recognized interest expense for the nine months ended September 30, 2023 and 2022, as follows: Schedule of Interest Expenses September 30, September 30, 2023 2022 Finance cost on equity line of credit $ - $ 15,000 Interest on convertible notes, related party 44,877 43,899 Interest on notes payable, related parties 58,804 43,763 Interest on notes payable 47,255 21,120 Amortization of debt discounts 13,549 50,753 Amortization of debt discounts, common stock 12,684 106,894 Amortization of debt discounts, warrants - 255,026 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 Total interest expense $ 177,169 $ 886,837 |
AJB Capital [Member] | |
Schedule of Notes Payable Debt Discounts | The Company recognized aggregate debt discounts on the notes payable to AJB Capital for the nine months ended September 30, 2023, as follows: ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) Schedule of Notes Payable Debt Discounts September 30, 2023 Fair value of 1,666,667 $ 42,175 Original issue discounts 24,000 Legal and brokerage fees 13,500 Total debt discounts 79,675 Amortization of debt discounts 26,233 Unamortized debt discounts $ 53,442 |
Schedule of Common Control and
Schedule of Common Control and Ownership Interest (Details) | 9 Months Ended | |
Sep. 30, 2023 | ||
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 commenced operations during 2023. |
Nature of Business and Signif_4
Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | |||
Feb. 21, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds from issuance convertible note | $ 750,000 | |||
FDIC insured amount | 250,000 | |||
Cash uninsured amount | ||||
Deferred revenue | 11,545 | $ 11,808 | ||
Deferred revenue cost of goods sold | 6,760 | $ 6,655 | ||
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 | |||
Payment for machinery | $ 1,400,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash on hand | $ 10,152 | $ 11,016 |
Working capital | 4,152,153 | |
Accumulated deficit | $ 24,489,739 | $ 22,976,365 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 15, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | |||||
Common stock issued for services | $ 84,000 | $ 134,128 | $ 173,850 | $ 134,128 | |
President [Member] | Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares, issued for services | 1,500,000 | ||||
Common stock issued for services | $ 89,850 |
Schedule of Valuation of Financ
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 10,152 | $ 11,016 |
Liabilities | ||
Right-of-use asset | 425,969 | |
Lease liabilities | 427,915 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash | 10,152 | 11,016 |
Total assets | 10,152 | 11,016 |
Liabilities | ||
Convertible notes payable | ||
Notes payable, related parties | ||
Notes payable | ||
Total liabilities | ||
Total assets and liabilities | 10,152 | 11,016 |
Right-of-use asset | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash | ||
Total assets | ||
Liabilities | ||
Convertible notes payable | 750,000 | 750,000 |
Notes payable, related parties | 1,061,500 | 999,500 |
Notes payable | 454,237 | 145,524 |
Total liabilities | (2,265,737) | (1,895,024) |
Total assets and liabilities | (2,265,737) | (1,895,024) |
Right-of-use asset | ||
Lease liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Cash | ||
Total assets | 425,969 | |
Liabilities | ||
Convertible notes payable | ||
Notes payable, related parties | ||
Notes payable | ||
Total liabilities | (427,915) | |
Total assets and liabilities | (1,946) | |
Right-of-use asset | 425,969 | |
Lease liabilities | $ 427,915 |
Schedule of Valuation of Fina_2
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) (Parenthetical) | Sep. 30, 2023 USD ($) |
Investments, All Other Investments [Abstract] | |
Notes payable, debt discounts | $ 53,442 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 21,934 | $ 18,580 |
Work in progress | 30,174 | 1,464 |
Finished goods | 316,100 | 80,858 |
Inventory gross | 368,208 | 100,902 |
Less obsolescence | (55,472) | (46,749) |
Total inventory | $ 312,736 | $ 54,153 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 18,964 | $ 39,288 |
Deferred cost of goods sold | 6,760 | 6,655 |
Total | $ 25,724 | $ 45,943 |
Other Assets (Details Narrative
Other Assets (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets | $ 213,593 | $ 179,927 |
Schedule of Security Deposits (
Schedule of Security Deposits (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | $ 85,000 | $ 1,449,808 |
Refundable Deposit on Equipment Purchase [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | 85,000 | 50,000 |
Down Payment on Distillation Equipment [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | 1,399,413 | |
Security Deposits on Leases Held in Colombia[Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Security deposits | $ 395 |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 2,477,622 | $ 1,073,163 |
Less: accumulated depreciation | (110,205) | (84,627) |
Total | 2,367,417 | 988,536 |
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 | 30,902 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 6,495 | 6,495 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,828,006 | $ 423,547 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 25,578 | $ 34,540 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 771,199 | $ 613,569 |
Accrued withholding taxes and employee benefits | 42,764 | 31,632 |
Accrued ICA fees and contributions | 178,053 | 167,037 |
Accrued interest | 246,463 | 136,220 |
Accrued expenses | $ 1,238,479 | $ 948,458 |
Deferred Revenues (Details Narr
Deferred Revenues (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Revenues | ||
Deferred revenues | $ 11,545 | $ 11,808 |
Deferred revenue cost of goods sold | 6,760 | 6,655 |
Deferred revenue gross | $ 4,785 | $ 5,153 |
Schedule of Components of Lease
Schedule of Components of Lease Expense (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease cost: | ||
Amortization of right-of-use assets | $ 34,391 | $ 33,431 |
Interest on lease liabilities | 11,379 | 26,463 |
Lease payments on short term leases | 1,290 | 12,590 |
Total operating lease cost | $ 47,060 | $ 72,484 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease assets | $ 425,969 | |
Current portion of operating lease liabilities | 86,235 | |
Noncurrent operating lease liabilities | 341,680 | |
Total operating lease liabilities | $ 427,915 | |
Weighted average remaining lease term | 4 years 3 months | |
Weighted average discount rate: operating leases | 6.75% | 6.75% |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Related to Operating Leases (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases | ||
Operating cash flows used for operating leases | $ 31,940 | $ 38,725 |
Total operating lease liabilities | 1,535,706 | |
Gain on early extinguishment of debt: | $ 4,397 |
Leases (Details Narrative)
Leases (Details Narrative) | 9 Months Ended | 12 Months Ended | ||||||||||
Apr. 28, 2023 USD ($) | Apr. 28, 2023 COP ($) | Oct. 01, 2022 USD ($) | Oct. 01, 2022 COP ($) | Jun. 01, 2022 USD ($) | Jun. 01, 2022 COP ($) | Jan. 02, 2022 USD ($) ft² | Jan. 02, 2022 COP ($) ft² | Sep. 01, 2021 USD ($) | Sep. 01, 2021 COP ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Monthly lease payment | $ 645 | $ 3,000,000 | $ 6,300 | $ 15,290 | $ 57,339,000 | |||||||
Square foot leased | ft² | 12,400 | 12,400 | ||||||||||
Lease termination fees | $ 7,700 | |||||||||||
Gain on extinguishment | 3,825 | $ 20,148 | ||||||||||
VAT and administration fees | $ 29,000,000 | |||||||||||
Annual escalation of lease payment, percentage | 2% | 2% | ||||||||||
Real Property Lease Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Monthly lease payment | $ 1,013 | $ 3,800,000 | ||||||||||
Gain on extinguishment | 372 | |||||||||||
Annual escalation of lease payment, percentage | 3% | 3% | ||||||||||
Real Property Lease Agreement One [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Monthly lease payment | $ 507 | $ 1,900,000 | ||||||||||
Gain on extinguishment | $ 200 | |||||||||||
Annual escalation of lease payment, percentage | 8% | 8% |
Schedule of Convertible Note Pa
Schedule of Convertible Note Payable Related Party (Details) - Related Party [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||
Convertible note payable | $ 750,000 | |
Convertible Debt [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible note payable, related party | 750,000 | 750,000 |
Less: current maturities | ||
Convertible note payable | 750,000 | 750,000 |
Convertible Debt [Member] | Promissory Note [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible note payable, related party | $ 750,000 | $ 750,000 |
Schedule of Convertible Note _2
Schedule of Convertible Note Payable Related Party (Details) (Parenthetical) - Promissory Note [Member] - John McCabe Investments LLC [Member] | Sep. 27, 2022 USD ($) $ / shares |
Short-Term Debt [Line Items] | |
Debt instrument, face value | $ | $ 750,000 |
Maturity date | Sep. 16, 2024 |
Debt interest rate | 8% |
Series B Common Stock [Member] | |
Short-Term Debt [Line Items] | |
Convertible conversion price | $ / shares | $ 15 |
Convertible Note Payable, Rel_3
Convertible Note Payable, Related Party (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Short-Term Debt [Line Items] | ||
Interest expense | $ 44,877 | $ 43,899 |
Convertible Debt [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Interest expense | $ 44,877 | $ 43,899 |
Schedule of Notes Payable Relat
Schedule of Notes Payable Related Party (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||
Total notes payable, related party | $ 507,679 | $ 145,524 |
Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Less: current maturities | 1,061,500 | 99,500 |
Notes payable, related party, long-term portion | 900,000 | |
Unsecured Promissory Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 35,000 | |
Unsecured Promissory Note One [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 52,000 | |
Unsecured Promissory Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 300,000 | |
Unsecured Promissory Note Two [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 4,000 | |
Unsecured Promissory Note Three [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 17,268 | 14,552 |
Unsecured Promissory Note Three [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 6,000 | |
Unsecured Promissory Note Four [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 59,204 | 49,894 |
Unsecured Promissory Note Four [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 50,000 | 50,000 |
Unsecured Promissory Note Five [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 88,806 | 74,841 |
Unsecured Promissory Note Five [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 4,500 | 4,500 |
Unsecured Promissory Note Six [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 4,934 | 4,158 |
Unsecured Promissory Note Six [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 100,000 | 100,000 |
Unsecured Promissory Note Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 2,467 | 2,079 |
Unsecured Promissory Note Seven [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 5,000 | 5,000 |
Unsecured Promissory Note Eight [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 10,000 | 10,000 |
Unsecured Promissory Note Nine [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 10,000 | 10,000 |
Unsecured Promissory Note Ten [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 20,000 | 20,000 |
Unsecured Promissory Note Eleven [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 400,000 | 400,000 |
Unsecured Promissory Note Twelve [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 200,000 | 200,000 |
Unsecured Promissory Note Thirteen [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | 200,000 | 200,000 |
Unsecured Promissory Notes [Member] | Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable, related party | $ 1,061,500 | $ 999,500 |
Schedule of Notes Payable Rel_2
Schedule of Notes Payable Related Party (Details) (Parenthetical) - Unsecured Promissory Note [Member] - USD ($) | Jun. 13, 2022 | Mar. 01, 2022 | Feb. 15, 2022 | Dec. 29, 2021 | Sep. 11, 2023 | Aug. 31, 2023 | Aug. 14, 2023 | 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 | $ 52,000 | $ 4,000 | $ 6,000 | $ 50,000 | $ 5,000 | $ 20,000 | |||||
Debt interest rate, percentage | 8% | 10% | 6% | 6% | 6% | 6% | 6% | |||||
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% | |||||||||
Dr John McCabe [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt instrument, face value | $ 100,000 | $ 400,000 | $ 200,000 | |||||||||
Debt interest rate, percentage | 8% | 8% | 8% | |||||||||
Maturity date | Jan. 01, 2024 | Jan. 01, 2024 | Jan. 01, 2024 |
Notes Payable, Related Partie_2
Notes Payable, Related Parties (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest expense | $ 67,571 | $ 529,915 | $ 177,169 | $ 886,837 |
Related Party [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest expense | $ 58,804 | $ 43,763 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||
Total notes payable | $ 507,679 | $ 145,524 |
Less: unamortized debt discounts | 53,442 | |
Nonrelated Party [Member] | ||
Short-Term Debt [Line Items] | ||
Notes payable, net of discounts | 454,237 | 145,524 |
Less: current maturities | 454,237 | 145,524 |
Notes payable, long-term portion | ||
Unsecured Promissory Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 35,000 | |
Unsecured Promissory Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 300,000 | |
Unsecured Promissory Note Three [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 17,268 | 14,552 |
Unsecured Promissory Note Four [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 59,204 | 49,894 |
Unsecured Promissory Note Five [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 88,806 | 74,841 |
Unsecured Promissory Note Six [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | 4,934 | 4,158 |
Unsecured Promissory Note Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Total notes payable | $ 2,467 | $ 2,079 |
Schedule of Notes Payable (De_2
Schedule of Notes Payable (Details) (Parenthetical) | 9 Months Ended | |||||||||||||||||
Jun. 23, 2023 USD ($) Integer shares | Sep. 15, 2022 USD ($) | Sep. 15, 2022 COP ($) | Jun. 17, 2022 USD ($) | Jun. 17, 2022 COP ($) | May 31, 2022 USD ($) | May 31, 2022 COP ($) | May 30, 2022 USD ($) | Apr. 29, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Aug. 18, 2023 USD ($) | Dec. 31, 2022 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 | $ 62,000 | $ 99,500 | ||||||||||||||||
Original issue discount | 53,442 | |||||||||||||||||
Debt discount amortized | $ 26,233 | $ 412,673 | ||||||||||||||||
Unsecured Promissory Note [Member] | LDL8 Consulting LLC [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 35,000 | |||||||||||||||||
Interest rate, percentage | 10% | |||||||||||||||||
Increase in interest rate | 15% | |||||||||||||||||
Unsecured Promissory Note Two [Member] | AJB Capital Investments LLC [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Interest rate, percentage | 12% | |||||||||||||||||
Debt instrument maturity date | Mar. 23, 2024 | |||||||||||||||||
Trading days | Integer | 10 | |||||||||||||||||
Debt instrument commitment fee paid | $ 100,000 | |||||||||||||||||
Number of stock issued for commitment fee | shares | 1,666,667 | |||||||||||||||||
Debt discount amortized | $ 42,175 | |||||||||||||||||
Unsecured Promissory Note Two [Member] | AJB Capital Investments LLC [Member] | Purchase Agreement [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | 300,000 | |||||||||||||||||
Proceeds from subsidiary | 276,000 | |||||||||||||||||
Net proceeds | 262,500 | |||||||||||||||||
Original issue discount | 24,000 | |||||||||||||||||
Legal fees | 7,500 | |||||||||||||||||
Brokerage fees | $ 6,000 | |||||||||||||||||
Unsecured Promissory Note Three [Member] | One World Pharma S.A.S. [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 15,445 | $ 70,000,000 | ||||||||||||||||
Interest rate, percentage | 4% | 4% | ||||||||||||||||
Proceeds from subsidiary | $ 12,243 | $ 55,488,000 | ||||||||||||||||
Debt discount | 3,202 | |||||||||||||||||
Foreign currency translation adjustment | $ 1,823 | |||||||||||||||||
Unsecured Promissory Note Four [Member] | One World Pharma S.A.S. [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 58,147 | $ 240,000,000 | ||||||||||||||||
Interest rate, percentage | 4% | 4% | ||||||||||||||||
Proceeds from subsidiary | $ 55,821 | $ 230,400,000 | ||||||||||||||||
Debt discount | 2,326 | |||||||||||||||||
Foreign currency translation adjustment | $ 3,383 | |||||||||||||||||
Unsecured Promissory Note Five [Member] | One World Pharma S.A.S. [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 87,220 | $ 360,000,000 | ||||||||||||||||
Interest rate, percentage | 2.10% | 2.10% | ||||||||||||||||
Proceeds from subsidiary | $ 76,231 | $ 314,640,000 | ||||||||||||||||
Debt discount | 10,990 | |||||||||||||||||
Foreign currency translation adjustment | $ 1,586 | |||||||||||||||||
Unsecured Promissory Note Six [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 20,000,000 | |||||||||||||||||
Unsecured Promissory Note Six [Member] | One World Pharma S.A.S. [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 4,846 | |||||||||||||||||
Foreign currency translation adjustment | $ 88 | |||||||||||||||||
Unsecured Promissory Note Seven [Member] | One World Pharma S.A.S. [Member] | ||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||
Face value | $ 2,423 | $ 10,000,000 | ||||||||||||||||
Foreign currency translation adjustment | $ 44 |
Schedule of Notes Payable Debt
Schedule of Notes Payable Debt Discounts (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Notes Payable | |||
Fair value of 1,666,667 commitment shares of common stock | $ 42,175 | ||
Original issue discounts | 24,000 | ||
Legal and brokerage fees | 13,500 | ||
Total debt discounts | 79,675 | ||
Amortization of debt discounts | 26,233 | $ 412,673 | |
Unamortized debt discounts | $ 53,442 |
Schedule of Convertible Debt Di
Schedule of Convertible Debt Discounts (Details) (Parenthetical) | Sep. 30, 2023 shares |
Notes Payable | |
Fair value commitment | 1,666,667 |
Schedule of Interest Expenses (
Schedule of Interest Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Notes Payable | ||||
Finance cost on equity line of credit | $ 15,000 | |||
Interest on convertible notes, related party | 44,877 | 43,899 | ||
Interest on notes payable, related parties | 58,804 | 43,763 | ||
Interest on notes payable | 47,255 | 21,120 | ||
Amortization of debt discounts | 13,549 | 50,753 | ||
Amortization of debt discounts, common stock | 12,684 | 106,894 | ||
Amortization of debt discounts, warrants | 255,026 | |||
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 | |||
Total interest expense | $ 67,571 | $ 529,915 | $ 177,169 | $ 886,837 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Short-Term Debt [Line Items] | ||
Amortization of debt discount | $ 79,675 | |
Finance expense | $ 26,233 | $ 0 |
Common stock percentage | 4.99% | |
Interest expense | $ 44,877 | 43,899 |
Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
Interest expense | $ 47,255 | $ 21,120 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
Jul. 01, 2023 | Apr. 03, 2023 | Feb. 14, 2023 | Jan. 04, 2023 | Jan. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 12, 2023 | Jul. 07, 2023 | Dec. 31, 2022 | |
Preferred stock, shares authorized | 9,200,000 | 9,200,000 | 9,200,000 | |||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Number of stock sold, shares | 3,000,000 | |||||||||||
Exercise price of warrants | $ 0.29 | $ 0.29 | ||||||||||
Series A preferred stock issued for services, consultants | $ 84,000 | $ 134,128 | $ 173,850 | $ 134,128 | ||||||||
Preferred stock dividend recognized | $ 15,083 | $ 9,866 | $ 43,808 | $ 28,971 | ||||||||
Common Stock [Member] | ||||||||||||
Common stock issued for services, shares | 1,000,000 | 1,341,276 | 2,500,000 | 1,603,342 | ||||||||
Series A preferred stock issued for services, consultants | $ 1,000 | $ 1,341 | $ 2,500 | $ 1,603 | ||||||||
Convertible preferred stock | 1,000,000 | 1,366,700 | ||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred stock shares designated | $ 500,000 | $ 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 | 6% | |||||||||||
Series A convertible preferred stock, outstanding | 99,733 | 99,733 | 70,233 | |||||||||
Preferred stock, par value | $ 10 | $ 10 | ||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||
Preferred stock, par value | 0.001 | 0.001 | $ 0.001 | |||||||||
Preferred stock shares designated | $ 600,000 | $ 600,000 | ||||||||||
Series A convertible preferred stock, outstanding | 248,501 | 248,501 | 272,168 | |||||||||
Preferred stock, par value | $ 15 | $ 15 | ||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Dividend rate percentage | 6% | |||||||||||
Number of stock sold, shares | 25,000 | 25,000 | ||||||||||
Common stock issued for services, shares | 4,500 | 4,500 | ||||||||||
Series A preferred stock issued for services, consultants | $ 45,000 | $ 45,000 | ||||||||||
Dividends, Preferred Stock, Cash | $ 181,651 | |||||||||||
Series A Preferred Stock [Member] | Preferred Stock Sales [Member] | ||||||||||||
Proceeds from sale of stock | $ 250,000 | $ 250,000 | ||||||||||
Number of stock sold, shares | 25,000 | 25,000 | ||||||||||
Warrant term | 5 years | 5 years | ||||||||||
Number of warrants to purchase common stock | 2,500,000 | 2,500,000 | ||||||||||
Exercise price of warrants | $ 0.25 | $ 0.25 | ||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Convertible preferred stock | 10,000 | 13,667 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 9 Months Ended | |||
Aug. 22, 2023 | May 23, 2023 | Sep. 01, 2022 | Sep. 30, 2023 | |
Common stock sold for cash | $ 300,000 | |||
Scenario One [Member] | ||||
Gross proceeds | $ 2,000,000 | |||
Sale of equity | 200,000 | |||
Scenario Two [Member] | ||||
Gross proceeds | 1,000,000 | |||
Sale of equity | 80,000 | |||
Scenario Three [Member] | ||||
Gross proceeds | 1,000,000 | |||
Sale of equity | 60,000 | |||
Scenario Four [Member] | ||||
Gross proceeds | 1,000,000 | |||
Sale of equity | 40,000 | |||
President [Member] | ||||
Base salary | $ 240,000 | $ 60,000 | ||
Common Stock [Member] | ||||
Common stock sold for cash | $ 3,000 | |||
Common Stock [Member] | President [Member] | ||||
Shares issued | 1,500,000 | |||
Shares issued | $ 380,000 | |||
Advisor Agreement [Member] | ||||
Consultation fee | 5,000 | |||
Gross proceeds | 5,000,000 | |||
Advisor bonus | $ 200,000 | |||
Tysadco Partners, LLC [Member] | ELOC Purchase Agreement [Member] | ||||
Common stock sold for cash | $ 10,000,000 | |||
Tysadco Partners, LLC [Member] | ELOC Purchase Agreement [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. 18, 2023 | Jun. 23, 2023 | Jun. 15, 2023 | Feb. 14, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
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 outstanding | 76,736,274 | 76,736,274 | 67,202,907 | ||||||
Common stock sales | 3,000,000 | ||||||||
Common stock sales, per share value | $ 0.10 | ||||||||
Cash proceeds of common stock sales | $ 300,000 | $ 550,000 | $ 150,000 | ||||||
Debt discount | 26,233 | 412,673 | |||||||
Common stock shares issued, value | 300,000 | ||||||||
Amortization of stock-based compensation | $ 47,714 | $ 41,180 | $ 121,052 | $ 123,440 | |||||
Common Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock issued for services, shares | 1,000,000 | 1,341,276 | 2,500,000 | 1,603,342 | |||||
Common stock shares issued | 3,000,000 | ||||||||
Common stock shares issued, value | $ 3,000 | ||||||||
Amortization of stock-based compensation | |||||||||
Mr Joerg Sommer [Member] | Common Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock shares issued | 1,500,000 | ||||||||
Common stock shares issued, value | $ 89,850 | ||||||||
Clear Think Capital Partners LLC [Member] | Common Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock shares issued | 1,000,000 | ||||||||
Common stock shares issued, value | $ 84,000 | ||||||||
Promissory Note [Member] | AJB Capital Investments LLC [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock issued for services, shares | 1,666,667 | ||||||||
Debt discount | $ 42,175 |
Common Stock Options (Details N
Common Stock Options (Details Narrative) - USD ($) | 9 Months Ended | |||||
Aug. 22, 2023 | Feb. 12, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 02, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Weighted average strike price | $ 0.14 | |||||
Options exercisable period | 7 years 4 months 13 days | |||||
Stock-based compensation | $ 121,052 | $ 123,440 | ||||
2019 Stock Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of options awarded during period, shares | 10,392,000 | |||||
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 | |||||
Consultants [Member] | 2019 Stock Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of options awarded during period, shares | 250,000 | |||||
Seven Consultants and Employees [Member] | 2019 Stock Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Options exercisable period | 10 years | |||||
Options exercise price, per share | $ 0.10 | |||||
Stock option, volatility rate | 145% | |||||
Stock option, call option, price per share | $ 0.0735 | |||||
Stock option, call option value | $ 18,367 | |||||
Stock based compensation | $ 18,367 | |||||
Officers Directors and Employees [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Unamortized debt issuance expense | $ 29,342 |
Warrants (Details Narrative)
Warrants (Details Narrative) | 9 Months Ended | |||||
Apr. 03, 2023 USD ($) $ / shares shares | Feb. 14, 2023 shares | Jan. 27, 2023 USD ($) $ / shares shares | Jan. 09, 2023 USD ($) $ / shares shares | Jan. 04, 2023 USD ($) $ / shares shares | Sep. 30, 2023 $ / shares shares | |
Class of Warrant or Right, Outstanding | 14,011,650 | |||||
Exercise price of warrants | $ / shares | $ 0.29 | |||||
Weighted average life | 2 years 1 month 28 days | |||||
Number of stock sold, shares | 3,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Number of stock sold, shares | 25,000 | 25,000 | ||||
Series A Preferred Stock [Member] | Warrant [Member] | ||||||
Exercise price of warrants | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | ||
Proceeds from sale of stock | $ | $ 100,000 | $ 100,000 | $ 25,000 | $ 25,000 | ||
Number of stock sold, shares | 10,000 | 10,000 | 2,500 | 2,500 | ||
Warrant term | 5 years | 5 years | 5 years | 5 years | ||
Number of warrants to purchase common stock | 1,000,000 | 1,000,000 | 250,000 | 250,000 | ||
Warrants outstanding value | $ | $ 63,508 | $ 67,180 | $ 13,757 | $ 13,970 | ||
Series A Preferred Stock [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member] | ||||||
Warrants outstanding measurement input | 146 | 148 | 152 | 156 | ||
Series A Preferred Stock [Member] | Warrant [Member] | Measurement Input, Share Price [Member] | ||||||
Warrants outstanding measurement input | $ / shares | 0.0635 | 0.0672 | 0.0550 | 0.0559 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Federal net operating losses | $ 9,746,000 |
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) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Oct. 04, 2023 | Oct. 02, 2023 | Feb. 14, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Oct. 11, 2023 | |
Subsequent Event [Line Items] | ||||||||
Sale of stock issued shares | 3,000,000 | |||||||
Sale of stock issued per share | $ 0.10 | |||||||
Total cash proceeds | $ 300,000 | $ 550,000 | $ 150,000 | |||||
shares issued during services value | $ 84,000 | $ 134,128 | $ 173,850 | $ 134,128 | ||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of stock issued shares | 1,000,000 | |||||||
Sale of stock issued per share | $ 0.10 | |||||||
Total cash proceeds | $ 100,000 | |||||||
Subsequent Event [Member] | Clear Think Capital Partners LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock issued for services, shares | 572,083 | |||||||
shares issued during services value | $ 51,487 | |||||||
Unsecured Promissory Note [Member] | Joerg Sommer [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument, face value | $ 25,000 | |||||||
Debt interest rate, percentage | 10% |