Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 000-56151

ONE WORLD PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

Nevada		61-1744826
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6605 Grand Montecito Pkwy, Suite 100, Las Vegas, Nevada 89149		89149
(Address of principal executive offices)		(zip code)

(800) 605-3210

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

The number of shares of registrant’s common stock outstanding as of June 10, 2024 was 104,329,919.

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION		1
ITEM 1.	FINANCIAL STATEMENTS (Unaudited)	1
	Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (Unaudited)	2
	Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2024 and 2023 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited)	5
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	6
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	21
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	24
ITEM 4.	CONTROLS AND PROCEDURES	25
PART II - OTHER INFORMATION		26
ITEM 1.	Legal Proceedings	26
ITEM 1A.	RISK FACTORS	26
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	26
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	27
ITEM 4.	MINE SAFETY DISCLOSURES	27
ITEM 5.	OTHER INFORMATION	27
ITEM 6.	EXHIBITS	28
	SIGNATURES	29

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2024			2023
		(Unaudited)

Assets
Current assets:
Cash	$	40,648		$	726
Accounts receivable		282			-
Inventory		26,257			-
Prepaid expenses		31,654			13,156
Total current assets		98,841			13,882

Security deposits		85,000			85,000

Total Assets	$	183,841		$	98,882

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:
Accounts payable	$	618,956		$	528,645
Accrued expenses		871,836			939,368
Dividends payable		211,650			196,734
Convertible note payable, related party, current maturities		-			750,000
Notes payable, related parties, current maturities		-			1,146,500
Notes payable, net of $126,670 and $24,136 of debt discounts at March 31, 2024 and December 31, 2023, respectively		268,330			310,864
Notes payable		268,330			310,864
Total current liabilities		1,970,772			3,872,111

Notes payable, related parties, long-term portion, net of $9,729 of debt discounts at March 31, 2024		2,441,252			-

Total Liabilities		4,412,024			3,872,111

Series A convertible preferred stock, $0.001 par value, 500,000 shares authorized; 99,733 and 70,233 shares issued and outstanding at December 31, 2023 and 2022, respectively		997,330			997,330
Series B convertible preferred stock, $0.001 par value, 600,000 shares authorized; 238,501 and 272,168 shares issued and outstanding at December 31, 2023 and 2022, respectively		3,577,515			3,577,515
Convertible preferred stock value		3,577,515			3,577,515

Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		-			-
Common stock, $0.001 par value, 300,000,000 shares authorized; 111,092,849 and 79,827,618 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		111,093			79,828
Additional paid-in capital		19,646,892			18,414,456
Subscriptions payable		69,695			45,000
Accumulated other comprehensive income		-			42,328
Accumulated (deficit)		(28,630,708	)		(26,929,686	)
Total Stockholders’ Equity (Deficit)		(8,803,028	)		(8,348,074	)

Total Liabilities and Stockholders’ Equity (Deficit)	$	183,841		$	98,882

See accompanying notes to condensed consolidated financial statements.

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

	2024			2023
	For the Three Months Ended
	March 31,
	2024			2023

Revenues	$	282		$	2,101
Cost of goods sold		49			967
Gross loss		233			1,134

Operating expenses:
General and administrative		198,847			347,297
Professional fees		578,671			103,848
Depreciation expense		-			7,857
Total operating expenses		777,518			459,002

Operating loss		(777,285	)		(457,868	)

Other income (expense):
Loss on early extinguishment of debt		(724,086	)		-
Loss on deconsolidation of foreign subsidiaries		(97,672	)		-
Interest expense		(101,979	)		(58,070	)
Total other expense		(923,737	)		(58,070	)

Net loss	$	(1,701,022	)	$	(515,938	)

Other comprehensive loss:
Gain (loss) on foreign currency translation	$	(42,328	)	$	184,969

Net other comprehensive loss	$	(1,743,350	)	$	(330,969	)
Series A convertible preferred stock declared ($0.60 per share)		(14,916	)		(12,773	)
Net loss attributable to common shareholders	$	(1,758,266	)	$	(343,742	)

Weighted average number of common shares outstanding - basic and diluted		86,930,048			68,702,907

Net loss per share - basic and diluted	$	(0.02	)	$	(0.01	)

Dividends declared per share of common stock	$	0.00		$	0.00

See accompanying notes to condensed consolidated financial statements.

ONE WORLD PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Payable		(Loss)			Deficit			(Deficit)
	For the Three Months Ended March 31, 2024
	Series A Convertible				Series B Convertible								Additional					Accumulated Other Comprehensive						Total Stockholders’
	Preferred Stock				Preferred Stock				Common Stock				Paid-In			Subscriptions		Income			Accumulated			Equity
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Payable		(Loss)			Deficit			(Deficit)

Balance, December 31, 2023		99,733	$	997,330		238,501	$	3,577,515		79,827,618	$	79,828	$	18,414,456		$	45,000	$	42,328		$	(26,929,686	)	$	(8,348,074	)

Common Stock issued for services		-		-		-		-		7,149,621		7,150		460,236			24,695		-			-			492,081

Common Stock issued for debt commitment fees		-		-		-		-		2,750,000		2,750		80,543			-		-			-			83,293

Common stock issued to debt holder in escrow, to be cancelled		-		-		-		-		10,394,610		10,394		(10,394	)		-		-			-			-

Common stock issued pursuant to debt modifications		-		-		-		-		10,971,000		10,971		713,115			-		-			-			724,086

Amortization of common stock options issued for services		-		-		-		-		-		-		3,852			-		-			-			3,852

Series A convertible preferred stock dividend declared ($0.60 per share)		-		-		-		-		-		-		(14,916	)		-		-			-			(14,916	)

Loss on foreign currency translation		-		-		-		-		-		-		-			-		(42,328	)		-			(42,328	)

Net loss		-		-		-		-		-		-		-			-		-			(1,701,022	)		(1,701,022	)

Balance, March 31, 2024		99,733	$	997,330		238,501	$	3,577,515		111,092,849	$	111,093	$	19,646,892		$	69,695	$	-		$	(28,630,708	)	$	(8,803,028	)

	For the Three Months Ended March 31, 2023
	Series A Convertible				Series B Convertible								Additional					Accumulated Other						Total Stockholders’
	Preferred Stock				Preferred Stock				Common Stock				Paid-In			Subscriptions		Comprehensive			Accumulated			Equity
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Payable		Income (Loss)			Deficit			(Deficit)

Balance, December 31, 2022		70,233	$	702,330		272,168	$	4,082,520		67,202,907	$	67,203	$	17,123,603		$	-	$	(50,699	)	$	(22,976,365	)	$	(5,836,258	)
Balance		70,233	$	702,330		272,168	$	4,082,520		67,202,907	$	67,203	$	17,123,603		$	-	$	(50,699	)	$	(22,976,365	)	$	(5,836,258	)

Series A Convertible Preferred Stock sold for cash		15,000		150,000		-		-		-		-		-			-		-			-			-

Series A Convertible Preferred Stock issued for services		4,500		45,000		-		-		-		-		-			-		-			-			-

Common stock sold for cash		-		-		-		-		3,000,000		3,000		297,000			-		-			-			300,000

Amortization of common stock options issued for services		-		-		-		-		-		-		38,130			-		-			-			38,130

Series A convertible preferred stock dividend declared ($0.60 per share)		-		-		-		-		-		-		(12,773	)		-		-			-			(12,773	)
Series A convertible preferred stock dividend declared		-		-		-		-		-		-		(12,773	)		-		-			-			(12,773	)

Gain on foreign currency translation		-		-		-		-		-		-		-			-		184,969			-			184,969

Net loss		-		-		-		-		-		-		-			-		-			(515,938	)		(515,938	)

Balance, March 31, 2023		89,733	$	897,330		272,168	$	4,082,520		70,202,907	$	70,203	$	17,445,960		$	-	$	134,270		$	(23,492,303	)	$	(5,841,870	)
Balance		89,733	$	897,330		272,168	$	4,082,520		70,202,907	$	70,203	$	17,445,960		$	-	$	134,270		$	(23,492,303	)	$	(5,841,870	)

See accompanying notes to condensed consolidated financial statements.

ONE WORLD PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2024			2023
	For the Three Months Ended
	March 31,
	2024			2023
Cash flows from operating activities
Net loss	$	(1,701,022	)	$	(515,938	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		-			7,857
Loss on early extinguishment of debt		724,086			-
Amortization of debt discounts		46,030			-
Series A preferred stock issued for services		-			45,000
Common stock issued for services		492,081			-
Stock options issued for services		3,852			38,130
Decrease (increase) in assets:
Accounts receivable		(282	)		1,673
Inventory		(26,257	)		(225,037	)
Other current assets		(18,498	)		(27,353	)
Other assets		-			(7,023	)
Right-of-use assets		-			22,242
Security deposits		-			(16	)
Increase (decrease) in liabilities:
Accounts payable		90,311			(50,344	)
Accrued expenses		139,949			171,267
Deferred revenues		-			(1,694	)
Lease liability		-			(20,747	)
Net cash used in operating activities		(249,750	)		(561,983	)

Cash flows from investing activities
Purchase of fixed assets		-			(5,046	)
Net cash used in investing activities		-			(5,046	)

Cash flows from financing activities
Proceeds from notes payable, related parties		347,000			-
Proceeds from notes payable		285,000			-
Repayments of notes payable		(300,000	)		-
Proceeds from sale of preferred and common stock		-			450,000
Net cash provided by financing activities		332,000			450,000

Effect of exchange rate changes on cash		(42,328	)		190,722

Net increase (decrease) in cash		39,922			73,693
Cash - beginning		726			11,016
Cash - ending	$	40,648		$	84,709

Supplemental disclosures:
Interest paid	$	10,500		$	22,192
Income taxes paid	$	-		$	-

Non-cash investing and financing transactions:
Dividends payable	$	14,916		$	12,773
Value of debt discounts attributable to commitment shares to related parties	$	9,839		$	-
Value of debt discounts attributable to commitment shares	$	73,454		$	-

See accompanying notes to condensed consolidated financial statements.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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, the Company entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., a wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian Simplified Shares Company (“OWP SAS”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP SAS) 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 shares of our common stock; (b) options to purchase 825,000 shares of common stock of OWP Ventures at an exercise price of $0.50 automatically converted into options to purchase 825,000 shares of our common stock at an exercise price of $0.50; (c) the outstanding principal and interest under a $300,000 convertible note issued by OWP Ventures became convertible, at the option of the holder, into shares of the Company’s common stock at a conversion price equal to the lesser of $0.424 per share or 80% of the price the Company sold its common stock in a future “Qualified Offering”; (d) 875,000 shares of our common stock owned by OWP Ventures prior to the Merger were cancelled; and (e) OWP Ventures’ chief operating officer became our chief operating officer and two of OWP Ventures’ directors became members of our board of directors. The Company’s headquarters are located in Las Vegas, Nevada, and its customers will predominantly be located outside of the United States. On January 10, 2019, the Company changed its name from Punto Group, Corp. to One World Pharma, Inc., and on November 23, 2021, the Company changed its name to One World Products, Inc. through the merger of One World Products, Inc., a recently formed Nevada corporation wholly-owned by the Company, with and into the Company (the “Name Change Merger”) pursuant to the applicable provisions of the Nevada Revised Statutes (“NRS”). As permitted by the NRS, the articles of merger filed with the Secretary of State of the state of Nevada to effect the Name Change Merger amended Article I of the Company’s Articles of Incorporation to change the Company’s name to “One World Products, Inc.” The Name Change Merger was effected solely to effect the change of the Company’s name, and had no effect on the Company’s officers, directors, operations, assets or liabilities.

OWP Ventures is a holding company formed in Delaware on March 27, 2018 to enter and support the cannabis industry, and on May 30, 2018, it acquired OWP SAS. OWP SAS is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). The Company plans to be a producer of and/or source raw and processed cannabis and hemp plant ingredients for both medical and industrial uses across the globe. The Company has received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, the Company is 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, the Company has 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. The Company began harvesting cannabis in the first quarter of 2019 for the purpose of further research and development activities, quality control testing and extraction. OWP SAS has generated revenue since the second quarter of 2020. During the first quarter of 2022, the Company made payments of approximately $1,400,000 for a state-of-the-art distillation machine that cleared customs and is currently located in a warehouse near Bogotá.

On December 22, 2023, OWP SAS, filed for protection under Colombian Law 1116 of 2006, which is the primary legislation governing business insolvency proceedings (restructuring and liquidation) (“Reorganization Proceedings”) in Colombia. The Reorganization Proceeds are similar to Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States, whereby the Company intends to restructure its debts and continue to operate.

In connection with the Reorganization Proceedings, we paused production and sales of our cannabis operations in Colombia until the court overseeing the Reorganization Proceedings (the “Court”) provides the Company with a plan of reorganization, at which time the Company intends to resume operations and satisfy its obligations in Colombia in accordance with the Court’s plan. Furthermore, we continued our aggressive cost-cutting actions that included significant personnel reductions. As a result of these actions, OWP SAS has no revenue-producing operations. The Company’s primary operations during the fourth quarter of 2023, and to date in 2024, have consisted of activities associated with completing the Reorganization Proceedings, resolving substantial litigation, claims reconciliation, and preparing for emergence from Reorganization Proceedings as contemplated in the yet to be determined, Proposed Plan.

Upon the date that the Proposed Plan, which is yet to be determined and remains subject to Court approval, becomes effective (the “Effective Date”), and subject to the effectiveness of the Proposed Plan, it is contemplated that the near term operations of the Company (also referred to as the “Post-Effective Date Debtors”) will consist of (a) claims administration under the Proposed Plan, (b) addressing the litigation, (c) prosecuting, pursuing, compromising, settling, or otherwise disposing of other retained causes of action, (d) defending the Company against any counterclaims, (e) attempting to realize value, if any, from our assets and (f) satisfying other regulatory requirements.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

In the future, the Post-Effective Date Debtors expect to explore potential business opportunities, including strategic partnerships, including those designed to maximize the Debtor’s assets, including restoration of the Company’s cannabis operations. No assurance can be made that the Proposed Plan will become effective or that we will be successful in prosecuting any claim or cause of action or that any strategic alternative will be identified and/or would result in profitable operations.

In accordance with ASC 810-10-15, the Company has deconsolidated its foreign subsidiaries until it emerges from the Reorganization Proceedings to include the petitioning entity, OWP SAS, as well as the Company’s non-operating shell entities, Agrobase, S.A.S. and Hope Colombia, S.A.S., given the lack of independently identifiable operations. The deconsolidation resulted in a loss on deconsolidation of foreign subsidiaries in the amount of $97,672 and $1,564,823 for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively.

During March of 2024, the Company, through OWP Ventures, began to sell a CBD-based therapeutic product in the United States in limited quantities.

Financial Reporting Under Reorganization

The Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q have been prepared to reflect the application of Financial Accounting Standards Board, or “FASB” Accounting Standards Codification, or “ASC” 852, Reorganizations, which is a critical accounting policy. During the pendency of the bankruptcy protection under Colombian Law 1116 of 2006, the foreign subsidiaries have been deconsolidated, as disclosed in Note 3, below.

Effective as of the Petition Date, the Company ceased recognizing interest income on intercompany loans made to the foreign subsidiaries. Subsequent loans advanced to, or payments made on behalf of these foreign subsidiaries, have been recognized as a loss on deconsolidation of foreign subsidiaries.

In connection with the Company’s emergence from the bankruptcy protection under Colombian Law 1116 of 2006 on the Effective Date, the Company expects to adopt fresh-start accounting, which will result in the foreign subsidiaries becoming new entities for financial reporting purposes. Upon adoption of fresh-start accounting, the Company’s assets and liabilities will be recorded at their fair value as of the fresh-start reporting date or Effective Date. The fair values of the Company’s assets and liabilities as of that date may differ materially from the recorded values of its assets and liabilities as reflected in its historical consolidated financial statements. In addition, the Company’s adoption of fresh-start accounting may materially affect its results of operations following the fresh-start reporting dates, as the Company will have a new basis in its assets and liabilities. Consequently, the Company’s financial statements on or after the Effective Date will not be comparable with the financial statements prior to that date and the historical financial statements will not be reliable indicators of its financial condition and results of operations for any period after it adopts fresh-start accounting. The Company is in the process of evaluating the potential impact of the fresh-start accounting on its consolidated financial statements.

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, 2023. 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.

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 March 31, 2024:

	State of
Name of Entity	Incorporation	Relationship
One World Products, Inc.⁽¹⁾	Nevada	Parent
OWP Ventures, Inc.⁽²⁾	Delaware	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.

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.

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.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Comprehensive Income

The Company has adopted the Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Segment Reporting

ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

Fair Value of Financial Instruments

The Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures (ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.

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, under current regulations. The Company did not have any cash in excess of FDIC insured limits at March 31, 2024, and has not experienced any losses in such accounts.

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 revenues in the current period consisted of the sale of our CBD rub, and in the prior period revenues consisted entirely of the sale of seeds. The sale of seeds included multi-element arrangements whereby the Company collected 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 had a right of first refusal to purchase products resulting from the harvest.

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.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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 December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for the Company’s fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this standard to have any material impact on its financial statements.

There are no other recently issued accounting pronouncements that the Company has yet to adopt that are expected to have a material effect on its financial position, results of operations, or cash flows.

Note 2 –Going Concern

As shown in the accompanying condensed consolidated financial statements as of March 31, 2024, our balance of cash on hand was $40,648, and we had negative working capital of $1,871,931 and an accumulated deficit of $28,630,708. We are too early in our development stage to project future revenue levels, and may not be able to generate sufficient funds to sustain our operations for the next twelve months. Accordingly, we may need to raise additional cash to fund our operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

In the event sales do not materialize at the expected rates, management would seek additional financing and would attempt to conserve cash by further reducing expenses. There can be no assurance that we will be successful in achieving these objectives; therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The condensed consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Our ability to scale production and distribution capabilities and further increase the value of our brands, is largely dependent on our success in raising additional capital.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 3 – Deconsolidation of Foreign Subsidiaries

On December 22, 2023, our wholly-owned subsidiary, One World Products, S.A.S., a Colombian Simplified Shares Company, filed for protection under Colombian Law 1116 of 2006, which is the primary legislation governing business insolvency proceedings (restructuring and liquidation) (“Reorganization Proceedings”) in Colombia. The Reorganization Proceeds are similar to Chapter 11 of the Bankruptcy Code in the United States, whereby the Company intends to restructure its debts and continue to operate. The plan of reorganization and assessment of valid claims has not yet been determined, or approved by the Court and creditors, as necessary. OWP SAS has currently identified approximately 23 creditors, consisting of approximately $1.2 million of financial obligations, collectively. In accordance with ASC 810-10-15, the Company has deconsolidated its foreign subsidiaries until it emerges from the Reorganization Proceedings to include the petitioning entity, OWP SAS. Given the lack of independently identifiable operations, the Company has also deconsolidated its non-operating shell entities, Agrobase, S.A.S. and Hope Colombia, S.A.S (collectively, the “Foreign Subsidiaries”). The deconsolidation resulted in a loss on deconsolidation of foreign subsidiaries in the amount of $97,672 and $1,564,823 for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. A summary of the deconsolidated condensed combined balance sheets and statement of operations and comprehensive loss of the Foreign Subsidiaries is as follows:

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2024			2023

Assets

Current assets:
Cash	$	3,804		$	1,660
Inventory		45,616			45,791
Other current assets		48,231			2,687
Total current assets		97,651			50,138

Other assets		225,348			226,542
Fixed assets, net		2,333,021			2,346,281

Total Assets	$	2,656,020		$	2,622,961

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:
Accounts payable	$	396,773		$	392,403
Accrued expenses		472,606			482,587
Notes payable		182,183			183,148
Intercompany liabilities owed to OWP Ventures, Inc.		7,528,031			7,348,034
Total current liabilities		8,579,593			8,406,172

Stockholders’ Equity (Deficit):
Accumulated other comprehensive income		5,463			-
Accumulated (deficit)		(5,929,036	)		(5,783,211	)
Total Stockholders’ Equity (Deficit)		(5,923,573	)		(5,783,211	)

Total Liabilities and Stockholders’ Equity (Deficit)	$	2,656,020		$	2,622,961

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

	For the Three
	Months Ended
	March 31,
	2024

Operating expenses:
General and administrative	$	77,866
Professional fees		14,966
Depreciation expense		13,260
Total operating expenses		106,092

Operating loss		(106,092	)

Other income (expense):
Interest expense		(39,733	)
Total other expense		(39,733	)

Net loss	$	(145,825	)
Other comprehensive loss:
Gain on foreign currency translation	$	5,463

Net loss	$	(140,362	)

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	For the Three
	Months Ended
	March 31,
	2024
Cash flows from operating activities
Net loss	$	(145,825	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		13,260
Decrease (increase) in assets:
Inventory		175
Other current assets		(45,544	)
Other assets		1,194
Increase (decrease) in liabilities:
Accounts payable		4,370
Accrued expenses		(10,131	)
Accrued interest on interCompany loans		39,997
Net cash used in operating activities		(142,504	)

Cash flows from financing activities
Proceeds received from interCompany loan		140,000
Net cash provided by financing activities		140,000

Effect of exchange rate changes on cash		4,648

Net increase (decrease) in cash		2,144
Cash - beginning		1,660
Cash - ending	$	3,804

Supplemental disclosures:
Interest paid	$	-
Income taxes paid	$	-

Note 4 – Related Party Transactions

Common Stock Issued as Consideration for Related Party Debt Modifications

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., agreed to issue shares of common stock to officers and directors in consideration for extending the maturity dates and terms of previously received debt financing, as listed below. The aggregate fair value of the common stock was $724,086, based on the closing price of the Company’s common stock on the date of grant, which was recognized as a loss on early extinguishment of debt. The previously issued promissory notes were cancelled in exchange for promissory notes with a maturity date of March 1, 2027, bearing interest at 10% per annum, with the exception of the promissory note issued to Dr. John McCabe, which carries an interest rate of 7% per annum.

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Common Stock Issued for Services, Related Parties

On June 15, 2023, the Company issued 1,500,000 shares of common stock to the Company’s President, Joerg Sommer, for services provided. The aggregate fair value of the common stock was $89,850, based on the closing price of the Company’s common stock on the date of grant. The shares were expensed upon issuance.

On March 15, 2024, the Company issued shares of common stock to officers and directors for services provided, as listed below. The aggregate fair value of the common stock was $429,000, based on the closing price of the Company’s common stock on the date of grant. The shares were expensed upon issuance.

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

Note 5 – 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 March 31, 2024 and December 31, 2023, respectively:

	Level 1		Level 2			Level 3
	Fair Value Measurements at March 31, 2024
	Level 1		Level 2			Level 3
Assets
Cash	$	40,648	$	-		$	-
Total assets		40,648		-			-
Liabilities
Convertible notes payable, related party
Notes payable, related parties, net of $9,729 of debt discounts		-		2,441,252			-
Notes payable, net of $126,670 of debt discounts		-		268,330			-
Total liabilities		-		(2,709,582	)		-
Fair Value, Net Asset (Liability)	$	40,648	$	(2,709,582	)	$	-

	Level 1		Level 2			Level 3
	Fair Value Measurements at December 31, 2023
	Level 1		Level 2			Level 3
Assets
Cash	$	726	$	-		$	-
Total assets		726		-			-
Liabilities

Convertible notes payable, related party		-		750,000			-
Notes payable, related parties		-		1,146,500			-
Notes payable, net of $24,136 of debt discounts		-		310,864			-
Total liabilities		-		(2,207,364	)		-
Fair Value, Net Asset (Liability)	$	726	$	(2,207,364	)	$	-

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the three months ended March 31, 2024 or the year ended December 31, 2023.

Note 6 – 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 CBD products consist entirely of finished goods. Inventory was $26,257 at March 31, 2024.

Note 7 – Security Deposits

Security deposits consisted of refundable deposits on equipment purchases in the amount of $85,000 as of March 31, 2024 and December 31, 2023.

Note 8 – Accrued Expenses

Accrued expenses consisted of the following at March 31, 2024 and December 31, 2023, respectively:

Schedule of Accrued Expenses

	March 31,		December 31,
	2024		2023
Accrued compensation	$	759,917	$	665,417
Accrued interest		111,919		273,951
Accrued expenses	$	871,836	$	939,368

Note 9 – Convertible Note Payable, Related Party

Convertible note payable, related party consists of the following at March 31, 2024 and December 31, 2023, respectively:

	March 31,		December 31,
	2024		2023
On September 27, 2022		-		750,000
On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matured on September 16, 2024 (the “Maturity Date”), carried interest at a rate of 8% per annum, and the principal and interest were convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share. On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., exchanged the $750,000 of principal, and $90,740 of accrued interest, along with other debts and interest, for a promissory note with a maturity date of March 1, 2027, bearing interest at 7% per annum. As consideration for condensing these loans and extending the maturity dates, the Company awarded Mr. McCabe 9,017,000 shares of common stock. The aggregate fair value of the common stock was $595,122, based on the closing price of the Company’s common stock on the date of grant.	$	-	$	750,000

Total convertible note payable, related party		-		750,000
Less: current maturities		-		-
Convertible note payable, related party, long-term portion	$	-	$	750,000

The Company recorded interest expense pursuant to the stated interest rates on the convertible note, related party in the amount of $15,124 and $14,795 for the three months ended March 31, 2024 and 2023, respectively.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 10 – Notes Payable, Related Parties

Notes payable, related parties, consists of the following at March 31, 2024 and December 31, 2023, respectively:

Schedule of Notes Payable Related Party

	March 31,		December 31,
	2024		2023

On March 19, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Joerg Sommer, our President, pursuant to an unsecured promissory note, maturing on March 1, 2027, that carries a 10% interest rate.	$	50,000	$	-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $26,116 to Joerg Sommer, our President, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $25,000 of principal and $1,116 of accrued interest.		26,116		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $1,803,398 to Dr. John McCabe, an affiliate investor, maturing on March 1, 2027, that carries a 7% interest rate. The note was issued in exchange for the cancellation of a $840,740 convertible note, consisting of $750,000 of principal and $90,740 of accrued interest., and other promissory notes in the aggregate amount of $962,658, consisting of a total of $850,000 of principal and $112,658 of accrued interest.		1,803,398		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $337,000 to Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of promissory notes in the aggregate amount of $337,000, consisting entirely of principal.		337,000		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $27,467 to Isiah L. Thomas, III, our Chairman of the Board and CEO, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $24,500 of principal and $2,967 of accrued interest.		27,467		-

On March 12, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		100,000		-

On March 1, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on March 1, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		-

On February 26, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $27,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		27,000		-

On January 29, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 29, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		-

On January 11, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		10,000		-

On January 8, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		10,000		-

On November 28, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $60,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		60,000		60,000

On October 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $25,000 from the Company’s President, Joerg Sommer, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		25,000

On September 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $52,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		52,000

On August 31, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		4,000

On August 14, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $6,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		6,000

On August 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		50,000

On August 2, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,500 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		4,500

On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		100,000

On July 7, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $5,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		5,000

On June 3, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $20,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		20,000

On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $400,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		400,000

On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

On December 29, 2021, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

Total notes payable, related parties		2,450,981		1,146,500
Less: unamortized debt discounts		9,729		-
Notes payable, related parties, net of discounts		2,441,252		1,146,500
Less: current maturities		-		1,146,500
Notes payable, related parties, long-term portion	$	2,441,252	$	-

The Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $29,686 and $5,467 for the three months ended March 31, 2024 and 2023, respectively, including $110 on the amortization of debt discounts for the three months ended March 31, 2024.

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., agreed to issue shares of common stock to officers and directors in consideration for extending the maturity dates and terms of previously received debt financing, as listed below. The aggregate fair value of the common stock was $724,086, based on the closing price of the Company’s common stock on the date of grant, which was recognized as a loss on early extinguishment of debt. As noted above, the previously issued promissory notes were cancelled in exchange for promissory notes with a maturity date of March 1, 2027, bearing interest at 10% per annum, with the exception of the promissory note issued to Dr. John McCabe, which carries an interest rate of 7% per annum.

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 11 – Notes Payable

Schedule of Notes Payable

	March 31,		December 31,
	2024		2023
On March 4, 2024, the Company completed the sale of a promissory note to the Sanguine Group, LLC (“Sanguine”) in the principal amount of $360,000 for a net purchase price of $300,000 after deduction of a $60,000 Original Issue Discount that is being amortized over the life of the loan, pursuant to a securities purchase agreement between the Company and Sanguine. The Note matures on September 4, 2024, and bears interest at a rate of 15% per annum, calculated based on a 360-day year. The Company also paid $15,000 of legal fees and a commitment fee in the form of 2,500,000 shares of common stock, as noted, below. The proceeds were used to repay the Third AJB Note in the principal amount of $300,000. The promissory note was repaid on April 22, 2024 out of proceeds received from debt financing received by SDT Equities LLC. Pursuant to the Purchase Agreement, the Company paid a commitment fee to Sanguine in the form of 2,500,000 shares of the Company’s common stock (the “Commitment Fee Shares”). The Commitment Fee Shares resulted in a debt discount of $73,454 that is being amortized over the life of the loan.	$	360,000	$	-

On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 to LDL8 Consulting, LLC for the purchase of equipment from another vendor. The promissory note bears interest at 10% per annum and is due on demand. In the event of default, the interest rate increases to 15% until repayment.		35,000		35,000

On June 23, 2023, the Company completed the sale of a Promissory Note in the principal amount of $300,000 (the “Third AJB Note”) to AJB Capital Investments LLC (“AJB Capital”) for an aggregate purchase price of $276,000, pursuant to a Securities Purchase Agreement between the Company and AJB Capital (the “Purchase Agreement”). The Company received net proceeds of $262,500 after deduction of an original issue discount of $24,000, $7,500 of legal fees and a $6,000 of broker fee, which were amortized as a debt discount over the life of the loan. The Third AJB Note matured on March 23, 2024 (the “Maturity Date”), carried interest at a rate of 12% per annum, and, following an event of default only, was convertible into shares of the Company’s common stock at a conversion price equal to the lesser of the Volume Weighted Average Price (“VWAP”) during (i) the 10-trading day period preceding the issuance date of the note, or (ii) the 10-trading day period preceding date of conversion of the Note. The Note was also subject to covenants, events of defaults, penalties, default interest and other terms and conditions customary in transactions of this nature. Pursuant to the Purchase Agreement, the Company paid a commitment fee to AJB Capital in the amount of $100,000 (the “Commitment Fee”) in the form of 1,666,667 shares of the Company’s common stock (the “Commitment Fee Shares”). During the period commencing on the six-month anniversary of the closing date and ending on the five-year anniversary of the closing date, AJB Capital is entitled to be issued additional shares of common stock or receive a cash payment to the extent AJB Capital’s sale of the Commitment Fee Shares has resulted in net proceeds in an amount less than the Commitment Fee. The Commitment Fee Shares resulted in a debt discount of $42,175 that was amortized over the life of the loan. In connection with the issuance of the Third AJB Note and Commitment Fee Shares, the Company entered into a Registration Rights Agreement with AJB Capital in which the Company agreed to file a registration statement with the SEC within 180 days of June 23, 2023, registering the shares of common stock issuable under the Third AJB Note and Purchase Agreement. The note was repaid on March 14, 2024 out of the proceeds received from the Sanguine Group Note.		-		300,000

Total notes payable		395,000		335,000
Less: unamortized debt discounts		126,670		24,136
Notes payable, net of discounts		268,330		310,864
Less: current maturities		268,330		310,864
Notes payable, long-term portion	$	-	$	-

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company recognized aggregate debt discounts on the notes payable to for the three months ended March 31, 2024, as follows:

	March 31,		December 31,
	2024		2023

Fair value of commitment shares of common stock	$	73,454	$	42,175
Original issue discounts		60,000		24,000
Legal and brokerage fees		15,000		13,500
Total debt discounts		148,454		79,675
Amortization of debt discounts		21,784		26,233
Unamortized debt discounts	$	126,670	$	53,442

The aggregate debt discounts of $148,454 and $79,675, from the Sanguine and AJB Notes, respectively, are being amortized over the life of the loans using the straight-line method, which approximates the effective interest method. The Company recorded finance expense in the amount of $45,920 and $-0- on the amortization of these discounts for the three months ended March 31, 2024 and 2023, respectively.

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% of the Company’s issued and outstanding shares.

The Company recorded interest expense pursuant to the stated interest rates on the notes payable in the amount of $11,250 and $37,808 for the three months ended March 31, 2024 and 2023, respectively.

The Company recognized interest expense for the three months ended March 31, 2024 and 2023, as follows:

Schedule of Interest Expenses

	March 31,		March 31,
	2024		2023

Interest on convertible notes, related party	$	15,123	$	14,795
Interest on notes payable, related parties		29,576		5,467
Interest on notes payable		11,250		37,808
Amortization of debt discounts, related parties		110		-
Amortization of debt discounts, common stock		23,555		-
Amortization of debt discounts		22,365		-
Total interest expense	$	101,979	$	58,070

Note 12 – Convertible Preferred Stock

Preferred Stock

The Company has 10,000,000 authorized shares of $0.001 par value “blank check” preferred stock, of which 500,000 shares have been designated Series A Preferred Stock and 600,000 shares have been designated Series B Preferred Stock, as amended on August 2, 2022. 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. The shares of Series B Preferred Stock are not entitled to dividends, other than the right to participate in dividends payable to holders of common stock on an as-converted basis. As of March 31, 2024, there were 99,733 and 238,501 shares of Series A Preferred Stock and Series B Preferred Stock, respectively, issued and outstanding. The Series A and B Preferred Stock are presented as mezzanine equity on the balance sheet due because they carry a stated value of $10 and $15 per share, respectively, and a deemed liquidation clause, which entitles the holders thereof to receive proceeds thereof in an amount equal to the stated value per share, plus any accrued and unpaid dividends, before any payment may be made to holders of common stock. Each share of Preferred Stock carries a number of votes equal to the number of shares of common stock into which such Preferred Stock may then be converted. The Preferred Stock generally will vote together with the common stock and not as a separate class.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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.

Preferred Stock Dividends

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. The Company recognized $14,916 and $12,773 for the three months ended March 31, 2024 and 2023, respectively. A total of $211,650 of dividends had accrued as of March 31, 2024.

Note 13 – 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 of the Company’s common stock. 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 per month, which is to be deferred until the Company completes the of sale of its equity securities in a transaction, or related series of transactions, resulting in aggregate gross proceeds to the Company of at least $5,000,000, while the Advisor is providing Services (the “Qualified Offering”). Within 60 days of the closing of a Qualified Offering, the Company shall pay to Advisor a cash bonus of up to $200,000. The advisor shall have no participation in any manner or form with any Qualified Offering.

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, which will increase to $240,000 upon the closing of an offering of the Company’s equity securities that results in gross proceeds to the Company of at least $5,000,000. Mr. Sommer received 1,500,000 shares of the Company’s common stock upon his appointment as President; and is entitled to be issued an additional 1,500,000 shares of the Company’s common stock within 60 days of the closing of a Qualified Offering. Mr. Sommer will also be entitled to a bonus of up $380,000 upon the sale of the Company’s equity securities during the term of his employment, as set forth below;

$200,000 upon the Company raising $2 million

$80,000 upon the Company raising an additional $1 million

$60,000 upon the Company raising an additional $1 million

$40,000 upon the Company raising an additional $1 million

To date, the Company has not received gross proceeds pursuant to the Qualified Offering terms.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 14 – Changes in Stockholders’ Equity

Common Stock

The Company is authorized to issue an aggregate of 300,000,000 shares of common stock with a par value of $0.001. As of March 31, 2024, there were 111,092,849 shares of common stock issued and outstanding.

Common Stock Issued in Escrow Pursuant to Default Provisions of Debt Financing

On March 4, 2024, the Company issue 10,394,610 shares of common stock in escrow pursuant to default provisions on deft financing received from the Sanguine Group. The shares are being cancelled pursuant to the subsequent debt repayment on April 22, 2024.

Common Stock Issued as a Commitment Fee

On March 19, 2024, the Company paid a commitment fee to Joerg Sommer, the Company’s President, in the form of 250,000 shares of common stock in connection with the issuance of the Second Sommer Note (defined above). The relative fair value of the common stock was $9,839, based on the closing price of the Company’s common stock on the date of grant and the fair value of the debt received. The shares are being amortized as a debt discount over the life of the loan.

On March 4, 2024, the Company paid a commitment fee to The Sanguine Group, LLC in the form of 2,500,000 shares of common stock in connection with the issuance of the First Sanguine Note (defined above). The relative fair value of the common stock was $73,454, based on the closing price of the Company’s common stock on the date of grant and the fair value of the debt received. The shares are being amortized as a debt discount over the life of the loan.

Common Stock Issued as Consideration for Related Party Debt Modifications

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Common Stock Issued for Services, Related Parties

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Common Stock Issued for Services

On March 15, 2024, the Company issued an aggregate 500,000 shares of common stock to two consultants for services provided. The aggregate fair value of the common stock was $33,000, based on the closing price of the Company’s common stock on the date of grant. The shares were expensed upon issuance.

On February 9, 2024, the Company issued 149,621 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The fair value of the common stock was $5,386, based on the closing price of the Company’s common stock on the date of grant.

Common Stock Subscriptions Payable Issued for Services

On March 31, 2024, the Company awarded 381,680 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The fair value of the common stock was $24,695, based on the closing price of the Company’s common stock on the date of grant. The shares were subsequently issued on May 10, 2024.

Amortization of Stock-Based Compensation

A total of $3,852 and $38,130 of stock-based compensation expense was recognized from the amortization of options to purchase common stock over their vesting period during the three months ended March 31, 2024 and 2023, respectively.

Note 15 – 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 shares of common stock to the Company and its subsidiaries’ employees, officers, directors, consultants and advisors, stock options (non-statutory and incentive), restricted stock awards, stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and other performance stock awards. Options granted under the 2019 Plan may either be intended to qualify as incentive stock options under the Internal Revenue Code of 1986, or may be non-qualified options, and are exercisable over periods not exceeding ten years from date of grant. Unless sooner terminated in accordance with its terms, the Stock Plan will terminate on December 10, 2029.

Outstanding Options

Options to purchase an aggregate total of 10,892,000 shares of common stock at a weighted average strike price of $0.14, exercisable over a weighted average life of 6.99 years were outstanding as of March 31, 2024.

The Company recognized a total of $3,852, and $38,130 of compensation expense during the three months ended March 31, 2024 and 2023, respectively, related to common stock options issued in the prior year to officers, directors, and employees that are being amortized over the implied service term, or vesting period, of the options. The remaining unamortized balance of these options is $25,686 as of March 31, 2024.

Note 16 – Warrants

Outstanding Warrants

Warrants to purchase an aggregate total of 14,011,650 shares of common stock at a weighted average strike price of $0.29, exercisable over a weighted average life of 1.66 years were outstanding as of March 31, 2024.

Note 17 – 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.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

For the three months ended March 31, 2024, and the year ended December 31, 2023, 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 March 31, 2024, the Company had approximately $10,507,000 of federal net operating losses. 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 March 31, 2024 and December 31, 2023, respectively.

In accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.

Note 18 – Subsequent Events

The Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued.

SDT and AJB Debt Financings

On April 19, 2024, the “Company completed the sale of a 12% promissory note to each of (a) SDT Equities LLC, a Delaware limited liability company (“SDT”) in the principal amount of $1,300,000 and for a purchase price of $1,196,000, and (b) AJB Capital Investments LLC, a Delaware limited liability company (“AJB”, and together with SDT, the “Investors”) in the principal amount of $300,000 for a purchase price of $276,000 (collectively, the “Notes”) pursuant to Securities Purchase Agreements between the Company and the Investors, respectively (the “Purchase Agreements”).

The Notes mature on January 19, 2025 (the “Maturity Date”) and bear interest at a rate of 12% per annum. Subject to certain adjustments and following an event of default only, the Notes are convertible into shares of the Company’s common stock at a conversion price equal to the lowest closing price (i) during the previous ten Trading Day (as defined in the Notes) period ending on the date of issuance of the Note, or (ii) during the previous ten Trading Day period ending on the Conversion Date (as defined in the Notes), whichever is lower. The Notes are also subject to covenants, events of default, penalties, default interest, and other terms and conditions customary in transactions of this nature.

Pursuant to the Purchase Agreement with SDT, SDT received a pre-funded warrant to purchase 8,666,667 shares of the Company’s common stock (the “Warrant”). The Warrant includes a make-whole provision, whereby, if SDT is unable to sell the Warrant Shares (as defined in the Warrant) for net proceeds equal to at least $520,000 (the “Make-Whole Amount”) within a certain timeframe, then the Company shall either (i) pay SDT in cash the difference between the Make-Whole Amount and the net proceeds that SDT actually received from the sale of the Warrant Shares or (ii) cause the issuance of additional pre-funded warrants to SDT for shares of common stock the sale of which would ultimately satisfy the Make-Whole Amount.

Pursuant to the Purchase Agreement with AJB, the Company paid a $120,000 commitment fee (the “Commitment Fee”) to AJB in form of 2,000,000 shares of the Company’s common stock (the “Commitment Fee Shares”). The Purchase Agreement with AJB includes a make-whole provision, whereby, if AJB is unable to sell the Commitment Fee Shares for net proceeds equal to at least the Commitment Fee, the Company shall cause the issuance of additional shares of common stock to AJB the sale of which would ultimately generate total net funds equal to the Commitment Fee. Moreover, the Company has an obligation to include the Commitment Fee Shares in a registration statement filed by the Company within ninety days after the effective date of the Purchase Agreement with AJB. A portion of the proceeds were used to repay the $360,000 Sanguine Group, LLC, and $257,446 of debts owed to the Company’s Vice Chairman, Dr. Kenneth Perego, II. The repayments consisted of aggregate principal of $207,000 and aggregate interest of $50,446.

Common Stock Issued as a Promissory Note Commitment

On April 19, 2024, the Company paid a commitment fee to AJB Capital in the form of 2,000,000 shares of common stock in connection with the issuance of the Fourth AJB Note (defined above). The relative fair value of the common stock was $41,417, based on the closing price of the Company’s common stock on the date of grant and the fair value of the debt received. The shares are being amortized as a debt discount over the life of the loan.

Common Stock Issued for Services, Consultants

On May 10, 2024, the Company issued 1,250,000 shares of common stock in consideration of consulting services. The fair value of the shares was $76,250, based on the closing price of the Company’s common stock on the date of grant.

On May 10, 2024, the Company issued 381,680 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The fair value of the common stock was $24,695, based on the closing price of the Company’s common stock on the date of grant.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in the Form 10-K in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this quarterly report on Form 10-Q. The following should also be read in conjunction with the unaudited Financial Statements and notes thereto that appear elsewhere in this report.

Overview

We plan to be a producer of and/or source raw and processed cannabis and hemp plant ingredients for both medical and industrial uses across the globe. The Company is a holding company and conducts its business in Colombia through OWP SAS, its wholly-owned subsidiary. OWP SAS has received licenses from the Colombian government to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes in the town of Esmeralda-Popayán, Cauca, Colombia.

We have acquired another Colombian subsidiary with the intent to operate within the INTEXZONA free trade zone in Cota, Colombia, near Bogotá, which has all requisite licenses for the cultivation, production, distribution and export of cannabis and hemp infused products, and will serve as the Company’s primary base of operations in the Colombian market. Establishing operations within the free trade zone provides favorable import/export commercial terms and taxation, and will improve logistics and the overall operating efficiencies for the Company due to the close proximity of El Dorado International Airport and the commercial, economic and cultural center of the city of Bogotá itself.

OWP SAS owns approximately 30 acres and has a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we entered into agreements with a local farming co-operative, 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 planted our first crop of cannabis in 2018, which we harvested in the first quarter of 2019 for the purpose of further research and development activities and quality control testing of the cannabis we have produced.

We have generated revenues since the second quarter of 2020. Between August 2021 and March 2022, we made payments of approximately $1,400,000 for the purchase of a state-of-the-art distillation machine that cleared customs and is currently located in a warehouse near Bogotá. We intend to build out an extraction and production facility in the INTEXZONA free trade zone in Cota, Colombia free trade zone near Bogotá and in close proximity to El Dorado International Airport in Bogotá after we execute a lease for this location. Once the extraction equipment is placed in service, we will be one of the few companies in Colombia to both hold licenses and possess the capability to extract high-quality CBD and THC oils.

Due to challenging economic conditions and under prior management, OWP SAS experienced significant operational and managerial challenges in 2022 and 2023, resulting its accumulation of financial obligations of approximately $1.2 million, which are substantially past due. Without adequate resources and in an effort to forestall the imposition of interest, late charges, fines and any Court-mandated order(s) to cease operations, OWP SAS filed for protection under Colombian Law 1116 of 2006, which is the primary legislation governing business insolvency proceedings (restructuring and liquidation) (“Reorganization Proceedings”) in Colombia on December 22, 2023. During the Reorganization Proceeding, management intends to satisfy OWP SAS’s continuing financial obligations through the negotiation and/or settlement with creditors and the Colombian governmental authorities. Subject to Court approval, the Company intends to continue normal operations, which consists of providing cannabinoids in bulk for the domestic and international markets, including the raw material for our brands and affiliate companies. At this time, the Company cannot predict the length of time of the Reorganization Proceeding. The Company has deconsolidated its foreign subsidiaries until it emerges from the Reorganization Proceedings to include the petitioning entity, OWP SAS, as well as the Company’s non-operating shell entities, Agrobase, S.A.S. and Hope Colombia, S.A.S., given the lack of independently identifiable operations. The deconsolidation resulted in a loss on deconsolidation of foreign subsidiaries in the amount of $97,672 and $1,564,823 for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively.

We expect the sale of products in 2024, including CBD flower and distillate oil. Our product pipeline may include premium coffee certified by the Colombian National Coffee Federation infused with CBD, teas infused with CBD and a series of wellness products, including sports CBD energy drinks for optimum performance, CBD facial and body creams for anti-inflammatory and anti-aging use and white label commercial agreements with partners in Europe, USA, and Latin America. We recently entered into strategic partnerships with Smokiez Edibles in Colombia and Stephen Marley’s Kx Family Care. There can be no assurances that these strategic partnerships will generate revenues or be profitable for the Company.

Results of Operations for the Three Months Ended March 31, 2024 and 2023:

The following table summarizes selected items from the statement of operations for the three months ended March 31, 2024 and 2023.

	Three Months Ended March 31,						Increase /
	2024			2023			(Decrease)
Revenues	$	282		$	2,101		$	(1,819	)
Cost of goods sold		49			967			(918	)
Gross profit		233			1,134			(901	)

Operating expenses:
General and administrative		198,847			347,297			(148,450	)
Professional fees		578,671			103,848			474,823
Depreciation expense		-			7,857			(7,857	)
Total operating expenses:		777,518			459,002			318,516

Operating loss		(777,285	)		(457,868	)		(319,417	)

Total other expense		(923,737	)		(58,070	)		(865,667	)

Net loss	$	(1,701,022	)	$	(515,938	)	$	(1,185,084	)

Revenues

Revenues during the three months ended March 31, 2024 were $282, compared to $2,101 during the three months ended March 31, 2023, a decrease of $1,819, or 87%. Revenues during the current period were generated by sales of our CBD product, while revenues from the comparative period were attributable to sales of cannabis seeds by OWP SAS.

Cost of Goods Sold

Cost of goods sold for the three months ended March 31, 2024 were $49, compared to $967 for the three months ended March 31, 2023, a decrease of $918, or 95%. Cost of goods sold consists primarily of labor, agricultural raw materials, depreciation and overhead. Costs of goods sold decreased as we transitioned to the sale of CBD products. Our profit margin during the three months ended March 31, 2024 was 83%, compared to 54% for the three months ended March 31, 2023.

General and Administrative Expenses

General and administrative expenses for the three months ended March 31, 2024 were $198,847, compared to $347,297 during the three months ended March 31, 2023, a decrease of $148,450, or 43%. The expenses for the current period consisted primarily of compensation expenses, office rent, and travel costs. General and administrative expenses decreased primarily due to decreased salaries and wages and lease expenses in Colombia over the comparative period, as we transitioned to new management. General and administrative expenses included non-cash, stock-based compensation of $33,000 and $29,347 during the each of the three months ended March 31, 2024 and 2023.

Professional Fees

Professional fees for the three months ended March 31, 2024 were $578,671, compared to $103,848 during the three months ended March 31, 2023, an increase of $474,823, or 457%. Professional fees included non-cash, stock-based compensation of $462,933 and $53,783 during the three months ended March 31, 2024 and 2023, respectively. Professional fees increased primarily due to increased stock-based compensation issued to consultants during the current period.

Depreciation Expense

Depreciation expense for the three months ended March 31, 2024 was $-0-, compared to $7,857 during the three months ended March 31, 2023, a decrease of $7,857. Depreciation expense decreased due to the deconsolidation of OWP SAS at December 22, 2023.

Other Income (Expense)

Other expenses, on a net basis, for the three months ended March 31, 2024 were $923,737, compared to other expenses, on a net basis, of $58,070 during the three months ended March 31, 2023, an increase in net expenses of $865,667, or 1,491%. Other expenses consisted of an early extinguishment of debt in the amount of $724,086 related to common stock issued to related parties as commitment shares on debt modifications, a $97,672 loss on deconsolidation of foreign subsidiaries, and $101,979 of interest expense, including $46,030 of stock-based finance costs on the amortization of debt discounts for the three months ended March 31, 2024, compared to $58,070 of interest expense for the three months ended March 31, 2023.

Net Loss

Net loss for the three months ended March 31, 2024 was $1,701,022, or $0.02 per share, compared to $515,938, or $0.01 per share, during the three months ended March 31, 2023, an increase of $1,185,084, or 230%. The net loss increased primarily due to increased stock-based compensation and the fair value of common stock issued to related parties as commitment shares on debt modifications.

Liquidity and Capital Resources

The following is a summary of the Company’s cash flows provided by (used in) operating, investing, financing activities and effect of exchange rate changes on cash for the three months ended March 31, 2024 and 2023:

	2024			2023
Operating Activities	$	(249,750	)	$	(561,983	)
Investing Activities		-			(5,046	)
Financing Activities		332,000			450,000
Effect of Exchange Rate Changes on Cash		(42,328	)		190,722
Net Decrease in Cash	$	39,922		$	73,693

Net Cash Used in Operating Activities

During the three months ended March 31, 2024, net cash used in operating activities was $249,750, compared to net cash used in operating activities of $561,983 for the three months ended March 31, 2023. The cash used in operating activities was primarily attributable to our net loss.

Net Cash Used in Investing Activities

During the three months ended March 31, 2024, net cash used in investing activities was $-0-, compared to net cash used in investing activities of $5,046 for the three months ended March 31, 2023. The cash used in investing activities during the prior period consisted entirely of purchases of fixed assets.

Net Cash Provided by Financing Activities

During the three months ended March 31, 2024, net cash provided by financing activities was $332,000, compared to net cash provided by financing activities of $450,000 for the three months ended March 31, 2023. The current period consisted of $285,000 of proceeds received on debt financing, $347,000 of proceeds received on debt financing received by related parties, as partially offset by $300,000 of debt repayments, compared to $150,000 of proceeds received on the sale of preferred stock and $300,000 from the sale of common stock, during the three months ended March 31, 2023.

Ability to Continue as a Going Concern

As of March 31, 2024, our balance of cash on hand was $40,648, and we had negative working capital of $1,871,931 and an accumulated deficit of $28,630,708. We are too early in our development stage to project future revenue levels, and may not be able to generate sufficient funds to sustain our operations for the next twelve months. Accordingly, we will need to raise additional cash to fund our operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operations. Critical accounting policies are those that are most important to the presentation of our financial condition and results of operations and require management’s subjective or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments.

While our significant accounting policies are more fully described in notes to our consolidated financial statements appearing elsewhere in this Form 10-Q, we believe that the following accounting policies are the most critical to aid you in fully understanding and evaluating our reported financial results and affect the more significant judgments and estimates that we used in the preparation of our financial statements.

Revenue Recognition

Inventory

Stock-Based Compensation

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item

ITEM 4.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were not effective as of March 31, 2024.

Changes in Internal Control over Financial Reporting

There have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) or in other factors that occurred during the period of our evaluation or subsequent to the date we carried out our evaluation which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events. There can be no assurance that any system of controls and procedures will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

Due to challenging economic conditions, OWP SAS filed for protection under Colombian Law 1116 of 2006, which is the primary legislation governing business insolvency proceedings (restructuring and liquidation) (“Reorganization Proceedings”) in Colombia on December 22, 2023. As of March 31, 2024, OWP SAS is involved in a total of 23 separate lawsuits for various civil and labor disputes in the municipal civil courts in Colombia, in the Cities of Bogota, Cali. Funza and Popayán. If the civil courts rule against OWP SAS, we estimate the potential liability from these claims is approximately $310,000. However, this is only an estimate, and our potential liability could be greater.

In addition, a complaint was filed in the State of Nevada against One World Products, Inc. on December 8, 2023 by a former employee of OWP SAS. The former employee had filed a similar complaint against OWP SAS, as included in the estimate of potential liabilities noted above.

ITEM 1A.

RISK FACTORS

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following issuances of equity securities by the Company during the three-month period ended March 31, 2024 were exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder:

Common Stock Issued in Escrow Pursuant to Default Provisions of Debt Financing

On March 4, 2024, the Company issued 10,394,610 shares of common stock, restricted in accordance with Rule 144, in escrow pursuant to default provisions on deft financing received from the Sanguine Group. The shares are being cancelled pursuant to the subsequent debt repayment on April 22, 2024.

Common Stock Issued as a Commitment Fee

On March 19, 2024, the Company paid a commitment fee to Joerg Sommer, the Company’s President, in the form of 250,000 shares of common stock, restricted in accordance with Rule 144, in connection with the issuance of the Second Sommer Note.

On March 4, 2024, the Company paid a commitment fee to The Sanguine Group, LLC in the form of 2,500,000 shares of common stock, restricted in accordance with Rule 144, in connection with the issuance of the First Sanguine Note.

Common Stock Issued as Consideration for Related Party Debt Modifications

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., agreed to issue shares of common stock, restricted in accordance with Rule 144, to officers and directors in consideration for extending the maturity dates and terms of previously received debt financing, as listed below. The aggregate fair value of the common stock was $724,086, based on the closing price of the Company’s common stock on the date of grant, which was recognized as a loss on early extinguishment of debt. The previously issued promissory notes were cancelled in exchange for promissory notes with a maturity date of March 1, 2027, bearing interest at 10% per annum, with the exception of the promissory note issued to Dr. John McCabe, which carries an interest rate of 7% per annum.

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Common Stock Issued for Services, Related Parties

On June 15, 2023, the Company issued 1,500,000 shares of common stock, restricted in accordance with Rule 144, to the Company’s President, Joerg Sommer, for services provided.

On March 15, 2024, the Company issued shares of common stock, restricted in accordance with Rule 144, to officers and directors for services provided, as listed below.

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

Common Stock Issued for Services

On March 15, 2024, the Company issued an aggregate 500,000 shares of common stock, restricted in accordance with Rule 144, to two consultants for services provided.

On February 9, 2024, the Company issued 149,621 shares of common stock, restricted in accordance with Rule 144, to ClearThink Capital Partners, LLC, for services provided.

In connection with the above security issuances, we did not pay any underwriting discounts or commissions. None of the sales of securities described or referred to above was registered under the Securities Act. In making the sales without registration under the Securities Act, we relied upon one or more of the exemptions from registration contained in Section 4(2) of the Securities Act, and in Regulation D promulgated under the Securities Act. No general solicitation or advertising was used in connection with the sales.

All of these transactions described above were exempt from registration in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, as a transaction by an issuer not involving a public offering. We did not pay any underwriting discounts or commissions in any of these transactions. The recipients of securities in each of these transactions represented their intention to acquire these securities for investment only and not with a view to offer or sell, in connection with any distribution of the securities, and appropriate legends were affixed to the share certificates and instruments issued in such transactions.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.

OTHER INFORMATION

None

ITEM 6.

Exhibits

Exhibit		Description
2.1		Agreement and Plan of Merger dated February 21, 2019, among the Company, OWP Merger Subsidiary Inc. and OWP Ventures, Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2019)
3.1		Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on November 24, 2014)
3.2		Certificate of Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 8, 2019)
3.3		Certificate of Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
3.4		Certificate of Designation of Series A Preferred Stock of the Company dated June 1, 2020 (incorporated by reference to Exhibit 3.4 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 26, 2020)
3.5		Bylaws of the Company (incorporated by reference to Exhibit 3.2 of the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on November 24, 2014)
3.6		Certificate of Designation of Series B Preferred Stock of the Company dated February 2, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 8, 2021)
4.1		Promissory Note of the Company in the Principal Amount of $300,000 issued to AJB Capital Investments LLC, dated June 23, 2023 (incorporated by reference to Exhibit 4.1 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 5, 2023)
10.1+		2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
10.2+		Form of Stock Option Grant Notice for grants under the 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
10.3+		Form of Option Agreement for grants under the 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
10.4+		Letter Agreement between the Company and Isiah L. Thomas, III, dated June 3, 2020 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2020)
10.5		Securities Purchase Agreement, dated as of June 23, 2023, between the Company and AJB Capital Investments LLC (incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 5, 2023)
10.6		Securities Purchase Agreement, dated as of February 7, 2021, between the Company and ISIAH International LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 8, 2021)
10.7		Registration Rights Agreement, dated June 23, 2023, between the Company and AJB Capital Investments LLC (incorporated by reference to Exhibit 10.7 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 5, 2023)
10.8		Commercial Lease Agreement dated November 26, 2021, between R&B Inversiones S.A.S. and One World Pharma S.A.S. (incorporated by reference to Exhibit 10.10 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 16, 2022)
10.9		Purchase Agreement, dated September 1, 2022, between the Company and Tysadco Partners, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2022)
10.10		Securities Purchase Agreement, dated September 1, 2022, between the Company and Tysadco Partners, LLC (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2022)
10.11		Registration Rights Agreement, dated September 1, 2022, between the Company and Tysadco Partners, LLC (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2022)
10.12		Convertible Promissory Note Purchase Agreement, dated September 16, 2022, between the Company and Dr. John McCabe (incorporated by reference to Exhibit 10.15 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission by One World Products, Inc. on November 14, 2022)
10.13		Convertible Note, dated September 16, 2022, between One World Products, Inc. and Dr. John McCabe (incorporated by reference to Exhibit 10.16 of the Form 10-Q filed with the Securities and Exchange Commission by on November 14, 2022)
10.14+		Offer Letter dated April 25, 2003 by and between the Company and Jeorg Sommer (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 23, 2023)
31.1*		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)
31.2*		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)
32.1*		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Schema Document
101.CAL*		Inline XBRL Calculation Linkbase Document
101.DEF*		Inline XBRL Definition Linkbase Document
101.LAB*		Inline XBRL Labels Linkbase Document
101.PRE*		Inline XBRL Presentation Linkbase Document
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

+ Compensatory plan or agreement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: June 12, 2024

	One World Products, Inc.

	/s/ Isiah L. Thomas III
	Isiah L. Thomas III
	Chief Executive Officer
	(Principal Executive Officer)

	/s/ Timothy Woods
	Timothy Woods
	Chief Financial Officer
	(Principal Financial Officer)

EXHIBIT 31.1

CERTIFICATIONS PURSUANT TO
RULE 13A-14(A) OR RULE 15D-14(A),
AS ADOPTED PURSUANT TO
RULE 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Isiah L. Thomas III, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of One World Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Isiah L. Thomas III
	Isiah L. Thomas III
	Chief Executive Officer

Dated: June 12, 2024

EXHIBIT 31.2

CERTIFICATIONS PURSUANT TO
RULE 13A-14(A) OR RULE 15D-14(A),
AS ADOPTED PURSUANT TO
RULE 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Timothy Woods, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of One World Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;


	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Timothy Woods
	Timothy Woods
	Chief Financial Officer

Dated: June 12, 2024

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of One World Products, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2024 (the “Report”) I, Isiah L. Thomas III, Chief Executive Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 12, 2024

/s/ Isiah L. Thomas III
Name: Isiah L. Thomas III
Title: Chief Executive Officer

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of One World Products, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2024 (the “Report”) I, Timothy Woods, Principal Financial Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 12, 2024

/s/ Timothy Woods
Name: Timothy Woods
Title: Chief Financial Officer

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Jun. 10, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		104,329,919

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 40,648	$ 726
Accounts receivable	282
Inventory	26,257
Prepaid expenses	31,654	13,156
Total current assets	98,841	13,882
Security deposits	85,000	85,000
Total Assets	183,841	98,882
Current liabilities:
Accounts payable	618,956	528,645
Accrued expenses	871,836	939,368
Dividends payable	211,650	196,734
Total current liabilities	1,970,772	3,872,111
Notes payable, related parties, long-term portion, net of $9,729 of debt discounts at March 31, 2024	2,441,252	1,146,500
Total Liabilities	4,412,024	3,872,111
Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
Common stock, $0.001 par value, 300,000,000 shares authorized; 111,092,849 and 79,827,618 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	111,093	79,828
Additional paid-in capital	19,646,892	18,414,456
Subscriptions payable	69,695	45,000
Accumulated other comprehensive income		42,328
Accumulated (deficit)	(28,630,708)	(26,929,686)
Total Stockholders’ Equity (Deficit)	(8,803,028)	(8,348,074)
Total Liabilities and Stockholders’ Equity (Deficit)	183,841	98,882
Series A Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock value	997,330	997,330
Series B Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock value	3,577,515	3,577,515
Related Party [Member]
Current liabilities:
Convertible note payable, related party, current maturities		750,000
Notes payable		1,146,500
Notes payable, related parties, long-term portion, net of $9,729 of debt discounts at March 31, 2024	2,441,252
Nonrelated Party [Member]
Current liabilities:
Notes payable	268,330	310,864
Notes payable, related parties, long-term portion, net of $9,729 of debt discounts at March 31, 2024

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt discount current	$ 126,670	$ 24,136
Debt discount non current	$ 9,729
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	111,092,849	79,827,618
Common stock, shares outstanding	111,092,849	79,827,618
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, shares authorized	10,000,000
Series B Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	600,000	600,000
Temporary equity shares issued	238,501	272,168
Temporary equity, shares outstanding	238,501	272,168

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 282	$ 2,101
Cost of goods sold	49	967
Gross loss	233	1,134
Operating expenses:
General and administrative	198,847	347,297
Professional fees	578,671	103,848
Depreciation expense		7,857
Total operating expenses	777,518	459,002
Operating loss	(777,285)	(457,868)
Other income (expense):
Loss on early extinguishment of debt	(724,086)
Loss on deconsolidation of foreign subsidiaries	(97,672)
Interest expense	(101,979)	(58,070)
Total other expense	(923,737)	(58,070)
Net loss	(1,701,022)	(515,938)
Other comprehensive loss:
Gain (loss) on foreign currency translation	(42,328)	184,969
Net other comprehensive loss	(1,743,350)	(330,969)
Series A convertible preferred stock declared ($0.60 per share)	(14,916)	(12,773)
Net loss attributable to common shareholders	$ (1,758,266)	$ (343,742)
Weighted average number of common shares outstanding - basic	86,930,048	68,702,907
Weighted average number of common shares outstanding - diluted	86,930,048	68,702,907
Net loss per share - basic	$ (0.02)	$ (0.01)
Net loss per share - diluted	(0.02)	(0.01)
Dividends declared per share of common stock	$ 0.00	$ 0.00

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Series A Convertible Preferred Stock [Member]
Shares issued price per share	$ 0.60	$ 0.60

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, 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
Amortization of common stock options issued for services				38,130				38,130
Series A convertible preferred stock dividend declared				(12,773)				(12,773)
Gain on foreign currency translation						184,969		184,969
Net loss							(515,938)	(515,938)
Series A Convertible Preferred Stock sold for cash	$ 150,000
Series A Convertible Preferred Stock sold for cash, shares	15,000
Series A Convertible Preferred Stock issued for services	$ 45,000
Series A Convertible Preferred Stock issued for services, shares	4,500
Common stock sold for cash			$ 3,000	297,000				300,000
Common stock sold for cash, shares			3,000,000
Balance at Mar. 31, 2023	$ 897,330	$ 4,082,520	$ 70,203	17,445,960		134,270	(23,492,303)	(5,841,870)
Balance, shares at Mar. 31, 2023	89,733	272,168	70,202,907
Balance at Dec. 31, 2023	$ 997,330	$ 3,577,515	$ 79,828	18,414,456	45,000	42,328	(26,929,686)	(8,348,074)
Balance, shares at Dec. 31, 2023	99,733	238,501	79,827,618
Common Stock issued for services			$ 7,150	460,236	24,695			492,081
Common stock issued for services, shares			7,149,621
Common Stock issued for debt commitment fees			$ 2,750	80,543				83,293
Common Stock issued for debt commitment fees, shares			2,750,000
Common stock issued to debt holder in escrow, to be cancelled			$ 10,394	(10,394)
Common stock issued to debt holder in escrow, to be cancelled, shares			10,394,610
Common stock issued pursuant to debt modifications			$ 10,971	713,115				724,086
Common stock issued pursuant to debt modifications, shares			10,971,000
Amortization of common stock options issued for services				3,852				3,852
Series A convertible preferred stock dividend declared				(14,916)				(14,916)
Gain on foreign currency translation						(42,328)		(42,328)
Net loss							(1,701,022)	(1,701,022)
Balance at Mar. 31, 2024	$ 997,330	$ 3,577,515	$ 111,093	$ 19,646,892	$ 69,695		$ (28,630,708)	$ (8,803,028)
Balance, shares at Mar. 31, 2024	99,733	238,501	111,092,849

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends per share	$ 0.60	$ 0.60

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (1,701,022)	$ (515,938)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		7,857
Loss on early extinguishment of debt	724,086
Amortization of debt discounts	46,030
Series A preferred stock issued for services		45,000
Common stock issued for services	492,081
Stock options issued for services	3,852	38,130
Decrease (increase) in assets:
Accounts receivable	(282)	1,673
Inventory	(26,257)	(225,037)
Other current assets	(18,498)	(27,353)
Other assets		(7,023)
Right-of-use assets		22,242
Security deposits		(16)
Increase (decrease) in liabilities:
Accounts payable	90,311	(50,344)
Accrued expenses	139,949	171,267
Deferred revenues		(1,694)
Lease liability		(20,747)
Net cash used in operating activities	(249,750)	(561,983)
Cash flows from investing activities
Purchase of fixed assets		(5,046)
Net cash used in investing activities		(5,046)
Cash flows from financing activities
Proceeds from notes payable, related parties	347,000
Proceeds from notes payable	285,000
Repayments of notes payable	(300,000)
Proceeds from sale of preferred and common stock		450,000
Net cash provided by financing activities	332,000	450,000
Effect of exchange rate changes on cash	(42,328)	190,722
Net increase (decrease) in cash	39,922	73,693
Cash - beginning	726	11,016
Cash - ending	40,648	84,709
Supplemental disclosures:
Interest paid	10,500	22,192
Income taxes paid
Non-cash investing and financing transactions:
Dividends payable	14,916	12,773
Value of debt discounts attributable to commitment shares to related parties	9,839
Value of debt discounts attributable to commitment shares	$ 73,454

Nature of Business and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

During March of 2024, the Company, through OWP Ventures, began to sell a CBD-based therapeutic product in the United States in limited quantities.

Financial Reporting Under Reorganization

Basis of Presentation

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 March 31, 2024:

	State of
Name of Entity	Incorporation	Relationship
One World Products, Inc.⁽¹⁾	Nevada	Parent
OWP Ventures, Inc.⁽²⁾	Delaware	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.

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.

Reclassifications

Foreign Currency Translation

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Comprehensive Income

Use of Estimates

Segment Reporting

Fair Value of Financial Instruments

Cash in Excess of FDIC Insured Limits

Revenue Recognition

Inventory

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Stock-Based Compensation

Basic and Diluted Loss Per Share

Recent Accounting Pronouncements

Going Concern

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

Note 2 –Going Concern

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Deconsolidation of Foreign Subsidiaries

3 Months Ended

Mar. 31, 2024

Deconsolidation Of Foreign Subsidiaries

Deconsolidation of Foreign Subsidiaries

Note 3 – Deconsolidation of Foreign Subsidiaries

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2024			2023

Assets

Current assets:
Cash	$	3,804		$	1,660
Inventory		45,616			45,791
Other current assets		48,231			2,687
Total current assets		97,651			50,138

Other assets		225,348			226,542
Fixed assets, net		2,333,021			2,346,281

Total Assets	$	2,656,020		$	2,622,961

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:
Accounts payable	$	396,773		$	392,403
Accrued expenses		472,606			482,587
Notes payable		182,183			183,148
Intercompany liabilities owed to OWP Ventures, Inc.		7,528,031			7,348,034
Total current liabilities		8,579,593			8,406,172

Stockholders’ Equity (Deficit):
Accumulated other comprehensive income		5,463			-
Accumulated (deficit)		(5,929,036	)		(5,783,211	)
Total Stockholders’ Equity (Deficit)		(5,923,573	)		(5,783,211	)

Total Liabilities and Stockholders’ Equity (Deficit)	$	2,656,020		$	2,622,961

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

	For the Three
	Months Ended
	March 31,
	2024

Operating expenses:
General and administrative	$	77,866
Professional fees		14,966
Depreciation expense		13,260
Total operating expenses		106,092

Operating loss		(106,092	)

Other income (expense):
Interest expense		(39,733	)
Total other expense		(39,733	)

Net loss	$	(145,825	)
Other comprehensive loss:
Gain on foreign currency translation	$	5,463

Net loss	$	(140,362	)

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	For the Three
	Months Ended
	March 31,
	2024
Cash flows from operating activities
Net loss	$	(145,825	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		13,260
Decrease (increase) in assets:
Inventory		175
Other current assets		(45,544	)
Other assets		1,194
Increase (decrease) in liabilities:
Accounts payable		4,370
Accrued expenses		(10,131	)
Accrued interest on interCompany loans		39,997
Net cash used in operating activities		(142,504	)

Cash flows from financing activities
Proceeds received from interCompany loan		140,000
Net cash provided by financing activities		140,000

Effect of exchange rate changes on cash		4,648

Net increase (decrease) in cash		2,144
Cash - beginning		1,660
Cash - ending	$	3,804

Supplemental disclosures:
Interest paid	$	-
Income taxes paid	$	-

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Note 4 – Related Party Transactions

Common Stock Issued as Consideration for Related Party Debt Modifications

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Common Stock Issued for Services, Related Parties

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Fair Value of Financial Instruments

Note 5 – Fair Value of Financial Instruments

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 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 March 31, 2024 and December 31, 2023, respectively:

	Level 1		Level 2			Level 3
	Fair Value Measurements at March 31, 2024
	Level 1		Level 2			Level 3
Assets
Cash	$	40,648	$	-		$	-
Total assets		40,648		-			-
Liabilities
Convertible notes payable, related party
Notes payable, related parties, net of $9,729 of debt discounts		-		2,441,252			-
Notes payable, net of $126,670 of debt discounts		-		268,330			-
Total liabilities		-		(2,709,582	)		-
Fair Value, Net Asset (Liability)	$	40,648	$	(2,709,582	)	$	-

	Level 1		Level 2			Level 3
	Fair Value Measurements at December 31, 2023
	Level 1		Level 2			Level 3
Assets
Cash	$	726	$	-		$	-
Total assets		726		-			-
Liabilities

Convertible notes payable, related party		-		750,000			-
Notes payable, related parties		-		1,146,500			-
Notes payable, net of $24,136 of debt discounts		-		310,864			-
Total liabilities		-		(2,207,364	)		-
Fair Value, Net Asset (Liability)	$	726	$	(2,207,364	)	$	-

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the three months ended March 31, 2024 or the year ended December 31, 2023.

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Note 6 – 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 CBD products consist entirely of finished goods. Inventory was $26,257 at March 31, 2024.

Security Deposits

3 Months Ended

Mar. 31, 2024

Security Deposits

Security Deposits

Note 7 – Security Deposits

Security deposits consisted of refundable deposits on equipment purchases in the amount of $85,000 as of March 31, 2024 and December 31, 2023.

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Note 8 – Accrued Expenses

Accrued expenses consisted of the following at March 31, 2024 and December 31, 2023, respectively:

Schedule of Accrued Expenses

	March 31,		December 31,
	2024		2023
Accrued compensation	$	759,917	$	665,417
Accrued interest		111,919		273,951
Accrued expenses	$	871,836	$	939,368

Convertible Note Payable, Related Party

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Convertible Note Payable, Related Party

Note 9 – Convertible Note Payable, Related Party

Convertible note payable, related party consists of the following at March 31, 2024 and December 31, 2023, respectively:

	March 31,		December 31,
	2024		2023
On September 27, 2022		-		750,000
On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matured on September 16, 2024 (the “Maturity Date”), carried interest at a rate of 8% per annum, and the principal and interest were convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share. On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., exchanged the $750,000 of principal, and $90,740 of accrued interest, along with other debts and interest, for a promissory note with a maturity date of March 1, 2027, bearing interest at 7% per annum. As consideration for condensing these loans and extending the maturity dates, the Company awarded Mr. McCabe 9,017,000 shares of common stock. The aggregate fair value of the common stock was $595,122, based on the closing price of the Company’s common stock on the date of grant.	$	-	$	750,000

Total convertible note payable, related party		-		750,000
Less: current maturities		-		-
Convertible note payable, related party, long-term portion	$	-	$	750,000

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Notes Payable, Related Parties

3 Months Ended

Mar. 31, 2024

Notes Payable Related Parties

Notes Payable, Related Parties

Note 10 – Notes Payable, Related Parties

Notes payable, related parties, consists of the following at March 31, 2024 and December 31, 2023, respectively:

Schedule of Notes Payable Related Party

	March 31,		December 31,
	2024		2023

On March 19, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Joerg Sommer, our President, pursuant to an unsecured promissory note, maturing on March 1, 2027, that carries a 10% interest rate.	$	50,000	$	-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $26,116 to Joerg Sommer, our President, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $25,000 of principal and $1,116 of accrued interest.		26,116		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $1,803,398 to Dr. John McCabe, an affiliate investor, maturing on March 1, 2027, that carries a 7% interest rate. The note was issued in exchange for the cancellation of a $840,740 convertible note, consisting of $750,000 of principal and $90,740 of accrued interest., and other promissory notes in the aggregate amount of $962,658, consisting of a total of $850,000 of principal and $112,658 of accrued interest.		1,803,398		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $337,000 to Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of promissory notes in the aggregate amount of $337,000, consisting entirely of principal.		337,000		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $27,467 to Isiah L. Thomas, III, our Chairman of the Board and CEO, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $24,500 of principal and $2,967 of accrued interest.		27,467		-

On March 12, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		100,000		-

On March 1, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on March 1, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		-

On February 26, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $27,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		27,000		-

On January 29, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 29, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		-

On January 11, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		10,000		-

On January 8, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		10,000		-

On November 28, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $60,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		60,000		60,000

On October 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $25,000 from the Company’s President, Joerg Sommer, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		25,000

On September 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $52,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		52,000

On August 31, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		4,000

On August 14, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $6,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		6,000

On August 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		50,000

On August 2, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,500 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		4,500

On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		100,000

On July 7, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $5,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		5,000

On June 3, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $20,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		20,000

On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $400,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		400,000

On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

On December 29, 2021, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

Total notes payable, related parties		2,450,981		1,146,500
Less: unamortized debt discounts		9,729		-
Notes payable, related parties, net of discounts		2,441,252		1,146,500
Less: current maturities		-		1,146,500
Notes payable, related parties, long-term portion	$	2,441,252	$	-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., agreed to issue shares of common stock to officers and directors in consideration for extending the maturity dates and terms of previously received debt financing, as listed below. The aggregate fair value of the common stock was $724,086, based on the closing price of the Company’s common stock on the date of grant, which was recognized as a loss on early extinguishment of debt. As noted above, the previously issued promissory notes were cancelled in exchange for promissory notes with a maturity date of March 1, 2027, bearing interest at 10% per annum, with the exception of the promissory note issued to Dr. John McCabe, which carries an interest rate of 7% per annum.

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Notes Payable

3 Months Ended

Mar. 31, 2024

Notes Payable

Notes Payable

Note 11 – Notes Payable

Schedule of Notes Payable

	March 31,		December 31,
	2024		2023
On March 4, 2024, the Company completed the sale of a promissory note to the Sanguine Group, LLC (“Sanguine”) in the principal amount of $360,000 for a net purchase price of $300,000 after deduction of a $60,000 Original Issue Discount that is being amortized over the life of the loan, pursuant to a securities purchase agreement between the Company and Sanguine. The Note matures on September 4, 2024, and bears interest at a rate of 15% per annum, calculated based on a 360-day year. The Company also paid $15,000 of legal fees and a commitment fee in the form of 2,500,000 shares of common stock, as noted, below. The proceeds were used to repay the Third AJB Note in the principal amount of $300,000. The promissory note was repaid on April 22, 2024 out of proceeds received from debt financing received by SDT Equities LLC. Pursuant to the Purchase Agreement, the Company paid a commitment fee to Sanguine in the form of 2,500,000 shares of the Company’s common stock (the “Commitment Fee Shares”). The Commitment Fee Shares resulted in a debt discount of $73,454 that is being amortized over the life of the loan.	$	360,000	$	-

On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 to LDL8 Consulting, LLC for the purchase of equipment from another vendor. The promissory note bears interest at 10% per annum and is due on demand. In the event of default, the interest rate increases to 15% until repayment.		35,000		35,000

On June 23, 2023, the Company completed the sale of a Promissory Note in the principal amount of $300,000 (the “Third AJB Note”) to AJB Capital Investments LLC (“AJB Capital”) for an aggregate purchase price of $276,000, pursuant to a Securities Purchase Agreement between the Company and AJB Capital (the “Purchase Agreement”). The Company received net proceeds of $262,500 after deduction of an original issue discount of $24,000, $7,500 of legal fees and a $6,000 of broker fee, which were amortized as a debt discount over the life of the loan. The Third AJB Note matured on March 23, 2024 (the “Maturity Date”), carried interest at a rate of 12% per annum, and, following an event of default only, was convertible into shares of the Company’s common stock at a conversion price equal to the lesser of the Volume Weighted Average Price (“VWAP”) during (i) the 10-trading day period preceding the issuance date of the note, or (ii) the 10-trading day period preceding date of conversion of the Note. The Note was also subject to covenants, events of defaults, penalties, default interest and other terms and conditions customary in transactions of this nature. Pursuant to the Purchase Agreement, the Company paid a commitment fee to AJB Capital in the amount of $100,000 (the “Commitment Fee”) in the form of 1,666,667 shares of the Company’s common stock (the “Commitment Fee Shares”). During the period commencing on the six-month anniversary of the closing date and ending on the five-year anniversary of the closing date, AJB Capital is entitled to be issued additional shares of common stock or receive a cash payment to the extent AJB Capital’s sale of the Commitment Fee Shares has resulted in net proceeds in an amount less than the Commitment Fee. The Commitment Fee Shares resulted in a debt discount of $42,175 that was amortized over the life of the loan. In connection with the issuance of the Third AJB Note and Commitment Fee Shares, the Company entered into a Registration Rights Agreement with AJB Capital in which the Company agreed to file a registration statement with the SEC within 180 days of June 23, 2023, registering the shares of common stock issuable under the Third AJB Note and Purchase Agreement. The note was repaid on March 14, 2024 out of the proceeds received from the Sanguine Group Note.		-		300,000

Total notes payable		395,000		335,000
Less: unamortized debt discounts		126,670		24,136
Notes payable, net of discounts		268,330		310,864
Less: current maturities		268,330		310,864
Notes payable, long-term portion	$	-	$	-

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company recognized aggregate debt discounts on the notes payable to for the three months ended March 31, 2024, as follows:

	March 31,		December 31,
	2024		2023

Fair value of commitment shares of common stock	$	73,454	$	42,175
Original issue discounts		60,000		24,000
Legal and brokerage fees		15,000		13,500
Total debt discounts		148,454		79,675
Amortization of debt discounts		21,784		26,233
Unamortized debt discounts	$	126,670	$	53,442

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% of the Company’s issued and outstanding shares.

The Company recorded interest expense pursuant to the stated interest rates on the notes payable in the amount of $11,250 and $37,808 for the three months ended March 31, 2024 and 2023, respectively.

The Company recognized interest expense for the three months ended March 31, 2024 and 2023, as follows:

Schedule of Interest Expenses

	March 31,		March 31,
	2024		2023

Interest on convertible notes, related party	$	15,123	$	14,795
Interest on notes payable, related parties		29,576		5,467
Interest on notes payable		11,250		37,808
Amortization of debt discounts, related parties		110		-
Amortization of debt discounts, common stock		23,555		-
Amortization of debt discounts		22,365		-
Total interest expense	$	101,979	$	58,070

Convertible Preferred Stock

3 Months Ended

Mar. 31, 2024

Convertible Preferred Stock

Convertible Preferred Stock

Note 12 – Convertible Preferred Stock

Preferred Stock

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Preferred Stock Dividends

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13 – Commitments and Contingencies

Equity Line of Credit

Contingent Compensation

$200,000 upon the Company raising $2 million

$80,000 upon the Company raising an additional $1 million

$60,000 upon the Company raising an additional $1 million

$40,000 upon the Company raising an additional $1 million

To date, the Company has not received gross proceeds pursuant to the Qualified Offering terms.

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Changes in Stockholders’ Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Changes in Stockholders’ Equity

Note 14 – Changes in Stockholders’ Equity

Common Stock

Common Stock Issued in Escrow Pursuant to Default Provisions of Debt Financing

Common Stock Issued as a Commitment Fee

Common Stock Issued as Consideration for Related Party Debt Modifications

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Common Stock Issued for Services, Related Parties

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Common Stock Issued for Services

Common Stock Subscriptions Payable Issued for Services

Amortization of Stock-Based Compensation

Common Stock Options

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Common Stock Options

Note 15 – Common Stock Options

Stock Incentive Plan

Outstanding Options

Warrants

3 Months Ended

Mar. 31, 2024

Warrants

Warrants

Note 16 – Warrants

Outstanding Warrants

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 17 – Income Taxes

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

In accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 18 – Subsequent Events

The Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued.

SDT and AJB Debt Financings

Common Stock Issued as a Promissory Note Commitment

Common Stock Issued for Services, Consultants

Nature of Business and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Nature of Business

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

During March of 2024, the Company, through OWP Ventures, began to sell a CBD-based therapeutic product in the United States in limited quantities.

Financial Reporting Under Reorganization

Basis of Presentation

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 March 31, 2024:

	State of
Name of Entity	Incorporation	Relationship
One World Products, Inc.⁽¹⁾	Nevada	Parent
OWP Ventures, Inc.⁽²⁾	Delaware	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.

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.

Reclassifications

Foreign Currency Translation

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Comprehensive Income

Use of Estimates

Segment Reporting

Fair Value of Financial Instruments

Cash in Excess of FDIC Insured Limits

Revenue Recognition

Inventory

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Stock-Based Compensation

Basic and Diluted Loss Per Share

Recent Accounting Pronouncements

Nature of Business and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

	State of
Name of Entity	Incorporation	Relationship
One World Products, Inc.⁽¹⁾	Nevada	Parent
OWP Ventures, Inc.⁽²⁾	Delaware	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.

Deconsolidation of Foreign Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2024

Deconsolidation Of Foreign Subsidiaries

Schedule of Deconsolidated Balance Sheets and Statement of Operations and Comprehensive Loss of Foreign Subsidiaries

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2024			2023

Assets

Current assets:
Cash	$	3,804		$	1,660
Inventory		45,616			45,791
Other current assets		48,231			2,687
Total current assets		97,651			50,138

Other assets		225,348			226,542
Fixed assets, net		2,333,021			2,346,281

Total Assets	$	2,656,020		$	2,622,961

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:
Accounts payable	$	396,773		$	392,403
Accrued expenses		472,606			482,587
Notes payable		182,183			183,148
Intercompany liabilities owed to OWP Ventures, Inc.		7,528,031			7,348,034
Total current liabilities		8,579,593			8,406,172

Stockholders’ Equity (Deficit):
Accumulated other comprehensive income		5,463			-
Accumulated (deficit)		(5,929,036	)		(5,783,211	)
Total Stockholders’ Equity (Deficit)		(5,923,573	)		(5,783,211	)

Total Liabilities and Stockholders’ Equity (Deficit)	$	2,656,020		$	2,622,961

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

	For the Three
	Months Ended
	March 31,
	2024

Operating expenses:
General and administrative	$	77,866
Professional fees		14,966
Depreciation expense		13,260
Total operating expenses		106,092

Operating loss		(106,092	)

Other income (expense):
Interest expense		(39,733	)
Total other expense		(39,733	)

Net loss	$	(145,825	)
Other comprehensive loss:
Gain on foreign currency translation	$	5,463

Net loss	$	(140,362	)

FOREIGN SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	For the Three
	Months Ended
	March 31,
	2024
Cash flows from operating activities
Net loss	$	(145,825	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		13,260
Decrease (increase) in assets:
Inventory		175
Other current assets		(45,544	)
Other assets		1,194
Increase (decrease) in liabilities:
Accounts payable		4,370
Accrued expenses		(10,131	)
Accrued interest on interCompany loans		39,997
Net cash used in operating activities		(142,504	)

Cash flows from financing activities
Proceeds received from interCompany loan		140,000
Net cash provided by financing activities		140,000

Effect of exchange rate changes on cash		4,648

Net increase (decrease) in cash		2,144
Cash - beginning		1,660
Cash - ending	$	3,804

Supplemental disclosures:
Interest paid	$	-
Income taxes paid	$	-

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, respectively:

	Level 1		Level 2			Level 3
	Fair Value Measurements at March 31, 2024
	Level 1		Level 2			Level 3
Assets
Cash	$	40,648	$	-		$	-
Total assets		40,648		-			-
Liabilities
Convertible notes payable, related party
Notes payable, related parties, net of $9,729 of debt discounts		-		2,441,252			-
Notes payable, net of $126,670 of debt discounts		-		268,330			-
Total liabilities		-		(2,709,582	)		-
Fair Value, Net Asset (Liability)	$	40,648	$	(2,709,582	)	$	-

	Level 1		Level 2			Level 3
	Fair Value Measurements at December 31, 2023
	Level 1		Level 2			Level 3
Assets
Cash	$	726	$	-		$	-
Total assets		726		-			-
Liabilities

Convertible notes payable, related party		-		750,000			-
Notes payable, related parties		-		1,146,500			-
Notes payable, net of $24,136 of debt discounts		-		310,864			-
Total liabilities		-		(2,207,364	)		-
Fair Value, Net Asset (Liability)	$	726	$	(2,207,364	)	$	-

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at March 31, 2024 and December 31, 2023, respectively:

Schedule of Accrued Expenses

	March 31,		December 31,
	2024		2023
Accrued compensation	$	759,917	$	665,417
Accrued interest		111,919		273,951
Accrued expenses	$	871,836	$	939,368

Convertible Note Payable, Related Party (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Note Payable Related Party

Convertible note payable, related party consists of the following at March 31, 2024 and December 31, 2023, respectively:

	March 31,		December 31,
	2024		2023
On September 27, 2022		-		750,000
On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matured on September 16, 2024 (the “Maturity Date”), carried interest at a rate of 8% per annum, and the principal and interest were convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share. On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., exchanged the $750,000 of principal, and $90,740 of accrued interest, along with other debts and interest, for a promissory note with a maturity date of March 1, 2027, bearing interest at 7% per annum. As consideration for condensing these loans and extending the maturity dates, the Company awarded Mr. McCabe 9,017,000 shares of common stock. The aggregate fair value of the common stock was $595,122, based on the closing price of the Company’s common stock on the date of grant.	$	-	$	750,000

Total convertible note payable, related party		-		750,000
Less: current maturities		-		-
Convertible note payable, related party, long-term portion	$	-	$	750,000

Notes Payable, Related Parties (Tables)

3 Months Ended

Mar. 31, 2024

Notes Payable Related Parties

Schedule of Notes Payable Related Party

Notes payable, related parties, consists of the following at March 31, 2024 and December 31, 2023, respectively:

Schedule of Notes Payable Related Party

	March 31,		December 31,
	2024		2023

On March 19, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Joerg Sommer, our President, pursuant to an unsecured promissory note, maturing on March 1, 2027, that carries a 10% interest rate.	$	50,000	$	-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $26,116 to Joerg Sommer, our President, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $25,000 of principal and $1,116 of accrued interest.		26,116		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $1,803,398 to Dr. John McCabe, an affiliate investor, maturing on March 1, 2027, that carries a 7% interest rate. The note was issued in exchange for the cancellation of a $840,740 convertible note, consisting of $750,000 of principal and $90,740 of accrued interest., and other promissory notes in the aggregate amount of $962,658, consisting of a total of $850,000 of principal and $112,658 of accrued interest.		1,803,398		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $337,000 to Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of promissory notes in the aggregate amount of $337,000, consisting entirely of principal.		337,000		-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $27,467 to Isiah L. Thomas, III, our Chairman of the Board and CEO, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $24,500 of principal and $2,967 of accrued interest.		27,467		-

On March 12, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		100,000		-

On March 1, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on March 1, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		-

On February 26, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $27,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		27,000		-

On January 29, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 29, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		-

On January 11, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		10,000		-

On January 8, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		10,000		-

On November 28, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $60,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.		60,000		60,000

On October 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $25,000 from the Company’s President, Joerg Sommer, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		25,000

On September 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $52,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		52,000

On August 31, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		4,000

On August 14, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $6,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		6,000

On August 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		50,000

On August 2, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,500 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		4,500

On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		100,000

On July 7, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $5,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		5,000

On June 3, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $20,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		20,000

On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $400,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		400,000

On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

On December 29, 2021, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board, pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

Total notes payable, related parties		2,450,981		1,146,500
Less: unamortized debt discounts		9,729		-
Notes payable, related parties, net of discounts		2,441,252		1,146,500
Less: current maturities		-		1,146,500
Notes payable, related parties, long-term portion	$	2,441,252	$	-

Schedule of Consideration Related Party Debt

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2024

Notes Payable

Schedule of Notes Payable

	March 31,		December 31,
	2024		2023
On March 4, 2024, the Company completed the sale of a promissory note to the Sanguine Group, LLC (“Sanguine”) in the principal amount of $360,000 for a net purchase price of $300,000 after deduction of a $60,000 Original Issue Discount that is being amortized over the life of the loan, pursuant to a securities purchase agreement between the Company and Sanguine. The Note matures on September 4, 2024, and bears interest at a rate of 15% per annum, calculated based on a 360-day year. The Company also paid $15,000 of legal fees and a commitment fee in the form of 2,500,000 shares of common stock, as noted, below. The proceeds were used to repay the Third AJB Note in the principal amount of $300,000. The promissory note was repaid on April 22, 2024 out of proceeds received from debt financing received by SDT Equities LLC. Pursuant to the Purchase Agreement, the Company paid a commitment fee to Sanguine in the form of 2,500,000 shares of the Company’s common stock (the “Commitment Fee Shares”). The Commitment Fee Shares resulted in a debt discount of $73,454 that is being amortized over the life of the loan.	$	360,000	$	-

On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 to LDL8 Consulting, LLC for the purchase of equipment from another vendor. The promissory note bears interest at 10% per annum and is due on demand. In the event of default, the interest rate increases to 15% until repayment.		35,000		35,000

On June 23, 2023, the Company completed the sale of a Promissory Note in the principal amount of $300,000 (the “Third AJB Note”) to AJB Capital Investments LLC (“AJB Capital”) for an aggregate purchase price of $276,000, pursuant to a Securities Purchase Agreement between the Company and AJB Capital (the “Purchase Agreement”). The Company received net proceeds of $262,500 after deduction of an original issue discount of $24,000, $7,500 of legal fees and a $6,000 of broker fee, which were amortized as a debt discount over the life of the loan. The Third AJB Note matured on March 23, 2024 (the “Maturity Date”), carried interest at a rate of 12% per annum, and, following an event of default only, was convertible into shares of the Company’s common stock at a conversion price equal to the lesser of the Volume Weighted Average Price (“VWAP”) during (i) the 10-trading day period preceding the issuance date of the note, or (ii) the 10-trading day period preceding date of conversion of the Note. The Note was also subject to covenants, events of defaults, penalties, default interest and other terms and conditions customary in transactions of this nature. Pursuant to the Purchase Agreement, the Company paid a commitment fee to AJB Capital in the amount of $100,000 (the “Commitment Fee”) in the form of 1,666,667 shares of the Company’s common stock (the “Commitment Fee Shares”). During the period commencing on the six-month anniversary of the closing date and ending on the five-year anniversary of the closing date, AJB Capital is entitled to be issued additional shares of common stock or receive a cash payment to the extent AJB Capital’s sale of the Commitment Fee Shares has resulted in net proceeds in an amount less than the Commitment Fee. The Commitment Fee Shares resulted in a debt discount of $42,175 that was amortized over the life of the loan. In connection with the issuance of the Third AJB Note and Commitment Fee Shares, the Company entered into a Registration Rights Agreement with AJB Capital in which the Company agreed to file a registration statement with the SEC within 180 days of June 23, 2023, registering the shares of common stock issuable under the Third AJB Note and Purchase Agreement. The note was repaid on March 14, 2024 out of the proceeds received from the Sanguine Group Note.		-		300,000

Total notes payable		395,000		335,000
Less: unamortized debt discounts		126,670		24,136
Notes payable, net of discounts		268,330		310,864
Less: current maturities		268,330		310,864
Notes payable, long-term portion	$	-	$	-

Schedule of Notes Payable Debt Discounts

The Company recognized aggregate debt discounts on the notes payable to for the three months ended March 31, 2024, as follows:

	March 31,		December 31,
	2024		2023

Fair value of commitment shares of common stock	$	73,454	$	42,175
Original issue discounts		60,000		24,000
Legal and brokerage fees		15,000		13,500
Total debt discounts		148,454		79,675
Amortization of debt discounts		21,784		26,233
Unamortized debt discounts	$	126,670	$	53,442

Schedule of Interest Expenses

The Company recognized interest expense for the three months ended March 31, 2024 and 2023, as follows:

Schedule of Interest Expenses

	March 31,		March 31,
	2024		2023

Interest on convertible notes, related party	$	15,123	$	14,795
Interest on notes payable, related parties		29,576		5,467
Interest on notes payable		11,250		37,808
Amortization of debt discounts, related parties		110		-
Amortization of debt discounts, common stock		23,555		-
Amortization of debt discounts		22,365		-
Total interest expense	$	101,979	$	58,070

Changes in Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Consideration For Related Party Debt

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

Name	Position	Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO		2,000,000	$	132,000
Dr. Kenneth Perego, II	Vice Chairman		2,000,000		132,000
Terry Buffalo	Director		2,000,000		132,000
Joerg Sommer	President		500,000		33,000
			6,500,000	$	429,000

Schedule of Common Control and Ownership Interest (Details)

3 Months Ended

Mar. 31, 2024

Name of Entity

ONE WORLD PRODUCTS, INC.

State of incorporation

One World Products, Inc. [Member]

Name of Entity

One World Products, Inc.

^[1]

State of incorporation

^[1]

Relationship

Parent

^[1]

OWP Ventures, Inc. [Member]

Name of Entity

OWP Ventures, Inc.

^[2]

State of incorporation

^[2]

Relationship

Subsidiary

^[2]

[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.

Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($)		3 Months Ended			12 Months Ended
	Feb. 21, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loss on deconsolidation of foreign subsidiaries		$ 97,672			$ 1,564,823
FDIC insured amount		250,000
Cash uninsured amount		$ 0
Merger Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share based payment award shares purchased	825,000
Share price	$ 0.50
Merger Agreement [Member] \| OWP Ventures, Inc. [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business acquisition, equity interest issued or issuable, number of shares	39,475,398
Share based payment award shares purchased	825,000
Share price	$ 0.50
Proceeds from convertible debt	$ 300,000
Conversion price	$ 0.424
Common stock shares cancelled	875,000
Payments to Acquire Machinery and Equipment				$ 1,400,000

Going Concern (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash on hand	$ 40,648	$ 726
Working capital	1,871,931
Accumulated deficit	$ 28,630,708	$ 26,929,686

Schedule of Deconsolidated Balance Sheets and Statement of Operations and Comprehensive Loss of Foreign Subsidiaries (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 40,648		$ 726
Inventory	26,257
Total current assets	98,841		13,882
Total Assets	183,841		98,882
Current liabilities:
Accounts payable	618,956		528,645
Accrued expenses	871,836		939,368
Total current liabilities	1,970,772		3,872,111
Stockholders’ Equity (Deficit):
Accumulated other comprehensive income			42,328
Accumulated (deficit)	(28,630,708)		(26,929,686)
Total Stockholders’ Equity (Deficit)	(8,803,028)	$ (5,841,870)	(8,348,074)	$ (5,836,258)
Total Liabilities and Stockholders’ Equity (Deficit)	183,841		98,882
Operating expenses:
General and administrative	198,847	347,297
Professional fees	578,671	103,848
Depreciation expense		7,857
Total operating expenses	777,518	459,002
Operating loss	(777,285)	(457,868)
Other income (expense):
Interest expense	(101,979)	(58,070)
Total other expense	(923,737)	(58,070)
Net loss	(1,701,022)	(515,938)
Other comprehensive loss:
Gain on foreign currency translation	(42,328)	184,969
Net other comprehensive loss	(1,743,350)	(330,969)
Cash flows from operating activities
Net loss	(1,701,022)	(515,938)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		7,857
Decrease (increase) in assets:
Inventory	(26,257)	(225,037)
Other current assets	(18,498)	(27,353)
Other assets		(7,023)
Increase (decrease) in liabilities:
Accounts payable	90,311	(50,344)
Accrued expenses	139,949	171,267
Net cash used in operating activities	(249,750)	(561,983)
Cash flows from financing activities
Net cash provided by financing activities	332,000	450,000
Effect of exchange rate changes on cash	(42,328)	190,722
Net increase (decrease) in cash	39,922	73,693
Cash - beginning	726	11,016
Cash - ending	40,648	84,709
Supplemental disclosures:
Interest paid	10,500	22,192
Income taxes paid
Subsidiaries [Member]
Current assets:
Cash	3,804		1,660
Inventory	45,616		45,791
Other current assets	48,231		2,687
Total current assets	97,651		50,138
Other assets	225,348		226,542
Fixed assets, net	2,333,021		2,346,281
Total Assets	2,656,020		2,622,961
Current liabilities:
Accounts payable	396,773		392,403
Accrued expenses	472,606		482,587
Notes payable	182,183		183,148
Intercompany liabilities owed to OWP Ventures, Inc.	7,528,031		7,348,034
Total current liabilities	8,579,593		8,406,172
Stockholders’ Equity (Deficit):
Accumulated other comprehensive income	5,463
Accumulated (deficit)	(5,929,036)		(5,783,211)
Total Stockholders’ Equity (Deficit)	(5,923,573)		(5,783,211)
Total Liabilities and Stockholders’ Equity (Deficit)	2,656,020		$ 2,622,961
Operating expenses:
General and administrative	77,866
Professional fees	14,966
Depreciation expense	13,260
Total operating expenses	106,092
Operating loss	(106,092)
Other income (expense):
Interest expense	(39,733)
Total other expense	(39,733)
Net loss	(145,825)
Other comprehensive loss:
Gain on foreign currency translation	5,463
Net other comprehensive loss	(140,362)
Cash flows from operating activities
Net loss	(145,825)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	13,260
Decrease (increase) in assets:
Inventory	175
Other current assets	(45,544)
Other assets	1,194
Increase (decrease) in liabilities:
Accounts payable	4,370
Accrued expenses	(10,131)
Accrued interest on interCompany loans	39,997
Net cash used in operating activities	(142,504)
Cash flows from financing activities
Proceeds received from interCompany loan	140,000
Net cash provided by financing activities	140,000
Effect of exchange rate changes on cash	4,648
Net increase (decrease) in cash	2,144
Cash - beginning	1,660
Cash - ending	3,804
Supplemental disclosures:
Interest paid
Income taxes paid

Deconsolidation of Foreign Subsidiaries (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
	Dec. 22, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Deconsolidation Of Foreign Subsidiaries
Financial obligations	$ 1,200,000
Loss on deconsolidation of foreign subsidiaries		$ 97,672		$ 1,564,823

Schedule of Related Party Debt Modifications (Details)	Mar. 15, 2024 USD ($) shares
Related Party Transaction [Line Items]
Aggregate debts extended	$ 2,193,981
Shares \| shares	10,971,000
Fair value	$ 724,086
Isiah Thomas III [Member]
Related Party Transaction [Line Items]
Aggregate debts extended	$ 27,467
Shares \| shares	138,000
Fair value	$ 9,108
Dr.Kenneth Perego II [Member]
Related Party Transaction [Line Items]
Aggregate debts extended	$ 337,000
Shares \| shares	1,685,000
Fair value	$ 111,210
Mr Joerg Sommer [Member]
Related Party Transaction [Line Items]
Aggregate debts extended	$ 26,116
Shares \| shares	131,000
Fair value	$ 8,646
Dr John McCabe [Member]
Related Party Transaction [Line Items]
Aggregate debts extended	$ 1,803,398
Shares \| shares	9,017,000
Fair value	$ 595,122

Related Party Transactions (Details Narrative) - USD ($)				3 Months Ended
	May 15, 2024	Mar. 15, 2024	Jun. 15, 2023	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Aggregate fair value of the common stock		$ 724,086
Maturity date		Mar. 01, 2027
Interest rate		10.00%
Interest rate percentage		7.00%
Shares			1,500,000
Aggregate fair value of the common stock			$ 89,850	$ 492,081
Aggregate fair value of the common stock					$ 300,000
Fair value		$ 724,086
Isiah Thomas III [Member]
Related Party Transaction [Line Items]
Fair value		9,108
Dr.Kenneth Perego II [Member]
Related Party Transaction [Line Items]
Fair value		111,210
Mr Joerg Sommer [Member]
Related Party Transaction [Line Items]
Fair value		$ 8,646
Common Stock [Member]
Related Party Transaction [Line Items]
Shares		6,500,000		7,149,621
Aggregate fair value of the common stock				$ 7,150
Aggregate fair value of the common stock					$ 3,000
Fair value		$ 429,000
Common Stock [Member] \| Isiah Thomas III [Member]
Related Party Transaction [Line Items]
Shares		2,000,000
Fair value		$ 132,000
Common Stock [Member] \| Dr.Kenneth Perego II [Member]
Related Party Transaction [Line Items]
Shares		2,000,000
Fair value		$ 132,000
Common Stock [Member] \| Terry Buffalo [Member]
Related Party Transaction [Line Items]
Shares		2,000,000
Fair value		$ 132,000
Common Stock [Member] \| Mr Joerg Sommer [Member]
Related Party Transaction [Line Items]
Shares		500,000
Fair value		$ 33,000
Officers and Directors [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Aggregate fair value of the common stock	$ 429,000	$ 429,000

Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash	$ 40,648	$ 726
Fair Value, Inputs, Level 1 [Member]
Assets
Cash	40,648	726
Total assets	40,648	726
Liabilities
Convertible notes payable, related party
Notes payable, related parties
Notes payable, net of $24,136 of debt discounts
Total liabilities
Fair Value, Net Asset (Liability)	40,648	726
Fair Value, Inputs, Level 2 [Member]
Assets
Cash
Total assets
Liabilities
Convertible notes payable, related party		750,000
Notes payable, related parties	2,441,252	1,146,500
Notes payable, net of $24,136 of debt discounts	268,330	310,864
Total liabilities	(2,709,582)	(2,207,364)
Fair Value, Net Asset (Liability)	(2,709,582)	(2,207,364)
Fair Value, Inputs, Level 3 [Member]
Assets
Cash
Total assets
Liabilities
Convertible notes payable, related party
Notes payable, related parties
Notes payable, net of $24,136 of debt discounts
Total liabilities
Fair Value, Net Asset (Liability)

Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Net of debt discount	$ 126,670	$ 24,136
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Net of debt discount	$ 9,729

Inventory (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory, net	$ 26,257

Security Deposits (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Security Deposits
Security deposits	$ 85,000	$ 85,000

Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 759,917	$ 665,417
Accrued interest	111,919	273,951
Accrued expenses	$ 871,836	$ 939,368

Schedule of Convertible Note Payable Related Party (Details) - Convertible Debt [Member] - Related Party [Member] - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total convertible note payable, related party		$ 750,000
Less: current maturities
Convertible note payable, related party, long-term portion		750,000
Promissory Note [Member]
Short-Term Debt [Line Items]
Total convertible note payable, related party		$ 750,000

Schedule of Convertible Note Payable Related Party (Details) (Parenthetical) - USD ($)			3 Months Ended	12 Months Ended
	Mar. 15, 2024	Sep. 27, 2022	Mar. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Interest rate	7.00%
Aggregate fair value of the common stock			$ 21,784	$ 26,233
Promissory Note [Member] \| John McCabe Investments LLC [Member]
Short-Term Debt [Line Items]
Debt instrument, face value	$ 750,000	$ 750,000
Maturity date	Mar. 01, 2027	Sep. 16, 2024
Interest rate	7.00%	8.00%
Accrued interest	$ 90,740
Issuance of common stock	9,017,000
Aggregate fair value of the common stock	$ 595,122
Promissory Note [Member] \| John McCabe Investments LLC [Member] \| Series B Common Stock [Member]
Short-Term Debt [Line Items]
Conversion price		$ 15

Convertible Note Payable, Related Party (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Short-Term Debt [Line Items]
Interest expenses of convertible note	$ 15,123	$ 14,795
Convertible Debt [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Interest expenses of convertible note	$ 15,124	$ 14,795

Schedule of Notes Payable Related Party (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total notes payable, related parties	$ 395,000	$ 335,000
Less: unamortized debt discounts	9,729
Notes payable, related parties, long-term portion	2,441,252	1,146,500
Related Party [Member]
Short-Term Debt [Line Items]
Notes payable, related parties, long-term portion	2,441,252
Less: current maturities		1,146,500
Unsecured Promissory Note One [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	360,000
Unsecured Promissory Note One [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	50,000
Unsecured Promissory Note Two [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	35,000	35,000
Unsecured Promissory Note Two [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	26,116
Unsecured Promissory Note Three [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		300,000
Unsecured Promissory Note Three [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	1,803,398
Unsecured Promissory Note Four [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	337,000
Unsecured Promissory Note Five [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	27,467
Unsecured Promissory Note Six [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	100,000
Unsecured Promissory Note Seven [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties
Unsecured Promissory Note Eight [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	27,000
Unsecured Promissory Note Nine [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties
Unsecured Promissory Note Ten [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	10,000
Unsecured Promissory Note Eleven [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	10,000
Unsecured Promissory Note Twelve [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	60,000	60,000
Unsecured Promissory Note Thirteen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		25,000
Unsecured Promissory Note Fourteen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		52,000
Unsecured Promissory Note Fifteen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		4,000
Unsecured Promissory Note Sixteen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		6,000
Unsecured Promissory Note Seventeen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		50,000
Unsecured Promissory Note Eighteen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		4,500
Unsecured Promissory Note Nineteen [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		100,000
Unsecured Promissory Note Twenty [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		5,000
Unsecured Promissory Note Twenty One [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		10,000
Unsecured Promissory Note Twenty Two [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		10,000
Unsecured Promissory Note Twenty Three [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		20,000
Unsecured Promissory Note Twenty Four [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		400,000
Unsecured Promissory Note Twenty Five [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		200,000
Unsecured Promissory Note Twenty Six [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties		200,000
Unsecured Promissory Notes [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related parties	$ 2,450,981	$ 1,146,500

Schedule of Notes Payable Related Party (Details) (Parenthetical) - USD ($)	Mar. 19, 2024	Mar. 15, 2024	Mar. 01, 2024	Jan. 29, 2024	Oct. 11, 2023	Sep. 11, 2023	Aug. 31, 2023	Aug. 14, 2023	Aug. 05, 2022	Aug. 02, 2022	Jul. 07, 2022	Jun. 13, 2022	Jun. 03, 2022	May 05, 2022	Mar. 01, 2022	Feb. 15, 2022	Dec. 29, 2021	Mar. 12, 2024	Feb. 26, 2024	Jan. 11, 2024	Jan. 08, 2024	Nov. 28, 2023
Interest rate		7.00%
Unsecured Promissory Note [Member] \| Joerg Sommer [Member]
Debt instrument, face value		$ 25,000
Accrued interest		1,116
Unsecured Promissory Note [Member] \| Dr.Kenneth Perego II [Member]
Debt instrument, face value		337,000
Unsecured Promissory Note [Member] \| Isiah Thomas III [Member]
Debt instrument, face value		24,500
Accrued interest		2,967
Unsecured Promissory Note [Member] \| Joerg Sommer [Member]
Debt instrument, face value	$ 50,000	$ 26,116			$ 25,000
Maturity date	Mar. 01, 2027	Mar. 01, 2027			Mar. 01, 2027
Interest rate	10.00%	10.00%			10.00%
Unsecured Promissory Note [Member] \| John McCabe Investments LLC [Member]
Debt instrument, face value		$ 1,803,398	$ 100,000	$ 50,000								$ 100,000			$ 400,000	$ 200,000
Maturity date		Mar. 01, 2027	Mar. 01, 2025	Jan. 29, 2025								Mar. 01, 2027			Mar. 01, 2027	Mar. 01, 2027
Interest rate		7.00%	8.00%	8.00%								8.00%			8.00%	8.00%
Unsecured Promissory Note [Member] \| Dr.Kenneth Perego II [Member]
Debt instrument, face value		$ 337,000				$ 52,000	$ 4,000	$ 6,000	$ 50,000		$ 5,000			$ 20,000			$ 200,000	$ 100,000	$ 27,000	$ 10,000	$ 10,000	$ 60,000
Maturity date		Mar. 01, 2027				Mar. 01, 2027	Mar. 01, 2027	Mar. 01, 2027	Mar. 01, 2027		Mar. 01, 2027			Mar. 01, 2027			Mar. 01, 2027
Interest rate		10.00%				10.00%	6.00%	6.00%	6.00%		6.00%			6.00%			8.00%	10.00%	10.00%	10.00%	10.00%	10.00%
Unsecured Promissory Note [Member] \| Isiah Thomas III [Member]
Debt instrument, face value		$ 27,467								$ 4,500			$ 10,000	$ 10,000
Maturity date		Mar. 01, 2027								Mar. 01, 2027			Mar. 01, 2027	Mar. 01, 2027
Interest rate		10.00%								6.00%			6.00%	6.00%
Unsecured Promissory Note One [Member] \| John McCabe Investments LLC [Member]
Debt instrument, face value		$ 750,000
Accrued interest		90,740
Unsecured Promissory Note One [Member] \| John McCabe Investments LLC [Member]
Debt instrument, face value		840,740
Unsecured Promissory Note Two [Member] \| John McCabe Investments LLC [Member]
Debt instrument, face value		850,000
Accrued interest		112,658
Unsecured Promissory Note Two [Member] \| John McCabe Investments LLC [Member]
Debt instrument, face value		$ 962,658
Maturity date		Mar. 01, 2027

Schedule of Consideration Related Party Debt (Details)	Mar. 15, 2024 USD ($) shares
Defined Benefit Plan Disclosure [Line Items]
Aggregate debts extended	$ 2,193,981
Shares \| shares	10,971,000
Fair value	$ 724,086
Isiah Thomas III [Member]
Defined Benefit Plan Disclosure [Line Items]
Aggregate debts extended	$ 27,467
Shares \| shares	138,000
Fair value	$ 9,108
Dr.Kenneth Perego II [Member]
Defined Benefit Plan Disclosure [Line Items]
Aggregate debts extended	$ 337,000
Shares \| shares	1,685,000
Fair value	$ 111,210
Mr Joerg Sommer [Member]
Defined Benefit Plan Disclosure [Line Items]
Aggregate debts extended	$ 26,116
Shares \| shares	131,000
Fair value	$ 8,646
Dr John McCabe [Member]
Defined Benefit Plan Disclosure [Line Items]
Aggregate debts extended	$ 1,803,398
Shares \| shares	9,017,000
Fair value	$ 595,122

Notes Payable, Related Parties (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 15, 2024
Defined Benefit Plan Disclosure [Line Items]
Interest expense	$ 101,979	$ 58,070
Amortization of debt discounts	110
Additional collateral, aggregate fair value			$ 724,086
Investment maturity date			Mar. 01, 2027
Interest rate			10.00%
Debt interest rate			7.00%
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest expense	$ 29,686	$ 5,467

Schedule of Notes Payable (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total notes payable	$ 395,000	$ 335,000
Less: unamortized debt discounts	126,670	24,136
Notes payable, long-term portion	2,441,252	1,146,500
Nonrelated Party [Member]
Short-Term Debt [Line Items]
Notes payable, net of discounts	268,330	310,864
Less: current maturities	268,330	310,864
Notes payable, long-term portion
Unsecured Promissory Note One [Member]
Short-Term Debt [Line Items]
Total notes payable	360,000
Unsecured Promissory Note Two [Member]
Short-Term Debt [Line Items]
Total notes payable	35,000	35,000
Unsecured Promissory Note Three [Member]
Short-Term Debt [Line Items]
Total notes payable		$ 300,000

Schedule of Notes Payable (Details) (Parenthetical)				3 Months Ended		12 Months Ended
Schedule of Notes Payable (Details) (Parenthetical)	Mar. 04, 2024 USD ($) shares	Jun. 23, 2023 USD ($) Integer shares	Jun. 15, 2023 shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 15, 2024	Aug. 18, 2023 USD ($)
Short-Term Debt [Line Items]
purchase price				$ 347,000
Original issue discount				126,670		$ 53,442
Debt interest rate							7.00%
Number of stock issued for commitment fee \| shares			1,500,000
Debt discount amortized				$ 21,784		$ 26,233
Unsecured Promissory Note One [Member] \| Sangnine Group LLC [Member] \| Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument face amount	$ 360,000
purchase price	300,000
Original issue discount	$ 60,000
Debt instrument maturity date	Sep. 04, 2024
Debt interest rate	15.00%
Legal fees	$ 15,000
Number of stock issued for commitment fee \| shares	2,500,000
Debt discount amortized	$ 73,454
Unsecured Promissory Note One [Member] \| AJB Capital Investments LLC [Member] \| Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument face amount	$ 300,000
Unsecured Promissory Note Two [Member] \| LDL8 Consulting LLC [Member]
Short-Term Debt [Line Items]
Debt instrument face amount								$ 35,000
Debt interest rate								10.00%
Increase in interest rate								15.00%
Unsecured Promissory Note Three [Member] \| AJB Capital Investments LLC [Member]
Short-Term Debt [Line Items]
Debt instrument maturity date		Mar. 23, 2024
Debt interest rate		12.00%
Number of stock issued for commitment fee \| shares		1,666,667
Debt discount amortized		$ 42,175
Trading days \| Integer		10
Debt instrument commitment fee paid		$ 100,000
Unsecured Promissory Note Three [Member] \| AJB Capital Investments LLC [Member] \| Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument face amount		300,000
purchase price		276,000
Original issue discount		24,000
Legal fees		7,500
Net proceeds		262,500
Brokerage fees		$ 6,000

Schedule of Notes Payable Debt Discounts (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Notes Payable
Fair value of commitment shares of common stock	$ 73,454		$ 42,175
Original issue discounts	60,000		24,000
Legal and brokerage fees	15,000		13,500
Total debt discounts	148,454	$ 79,675	79,675
Amortization of debt discounts	21,784		26,233
Unamortized debt discounts	$ 126,670		$ 53,442

Schedule of Interest Expenses (Details) - USD ($)	3 Months Ended
Schedule of Interest Expenses (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Notes Payable
Interest on convertible notes, related party	$ 15,123	$ 14,795
Interest on notes payable, related parties	29,576	5,467
Interest on notes payable	11,250	37,808
Amortization of debt discounts, related parties	110
Amortization of debt discounts, common stock	23,555
Amortization of debt discounts	22,365
Total interest expense	$ 101,979	$ 58,070

Notes Payable (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
Notes Payable (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Short-Term Debt [Line Items]
Amortization of debt discount	$ 148,454	$ 79,675	$ 79,675
Finance expense	$ 45,920	0
Common stock percentage	4.99%
Interest expense	$ 15,123	14,795
Notes Payable [Member]
Short-Term Debt [Line Items]
Interest expense	$ 11,250	$ 37,808

Convertible Preferred Stock (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Preferred stock, shares authorized	9,200,000		9,200,000
Dividend rate percentage	6.00%
Preferred stock dividend recognized	$ 14,916	$ 12,773
Series A Convertible Preferred Stock [Member]
Preferred stock, shares authorized	10,000,000
Preferred stock, par value	$ 0.001		$ 0.001
Preferred stock shares designated	$ 500,000
Conversion of preferred stock into common stock, description	The shares of Series A Preferred Stock and Series B Preferred Stock are each currently convertible into one hundred (100) shares of the Company’s common stock. The Series A Preferred Stock accrues dividends at the rate of 6% per annum, payable in cash as and when declared by the Board or upon a liquidation.
Dividend rate percentage	6.00%
Series A convertible preferred stock, issued	99,733		70,233
Series A convertible preferred stock, outstanding	99,733		70,233
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001		$ 0.001
Preferred stock shares designated	$ 600,000
Series A convertible preferred stock, issued	238,501		272,168
Series A convertible preferred stock, outstanding	238,501		272,168
Series A Preferred Stock [Member]
Preferred stock, par value	$ 10
Series A convertible preferred stock, issued	99,733
Series A convertible preferred stock, outstanding	99,733
Dividends, Preferred Stock, Cash	$ 211,650
Series B Preferred Stock [Member]
Preferred stock, par value	$ 15
Series A convertible preferred stock, issued	238,501
Series A convertible preferred stock, outstanding	238,501

Commitments and Contingencies (Details Narrative) - USD ($)					3 Months Ended
	Aug. 22, 2023	May 23, 2023	May 22, 2023	Sep. 01, 2022	Mar. 31, 2023
Aggregate number 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]
Gross proceeds		5,000,000
Annual base salary		$ 240,000	$ 60,000
Shares issued		1,500,000
Shares issued		$ 380,000
Common Stock [Member]
Aggregate number common stock sold for cash					$ 3,000
Advisor Agreement [Member]
Consultation fee	$ 5,000
Gross proceeds	5,000,000
Advisor cash bonus	$ 200,000
Tysadco Partners, LLC [Member] \| ELOC Purchase Agreement [Member]
Aggregate number 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.

Schedule of Consideration For Related Party Debt (Details) - USD ($)			3 Months Ended
	Mar. 15, 2024	Jun. 15, 2023	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate debts extended	$ 2,193,981
Shares	10,971,000
Fair value	$ 724,086
Shares		1,500,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 429,000
Shares	6,500,000		7,149,621
Isiah Thomas III [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate debts extended	$ 27,467
Shares	138,000
Fair value	$ 9,108
Isiah Thomas III [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 132,000
Shares	2,000,000
Dr.Kenneth Perego II [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate debts extended	$ 337,000
Shares	1,685,000
Fair value	$ 111,210
Dr.Kenneth Perego II [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 132,000
Shares	2,000,000
Mr Joerg Sommer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate debts extended	$ 26,116
Shares	131,000
Fair value	$ 8,646
Mr Joerg Sommer [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 33,000
Shares	500,000
Dr John McCabe [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate debts extended	$ 1,803,398
Shares	9,017,000
Fair value	$ 595,122
Terry Buffalo [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value	$ 132,000
Shares	2,000,000

Changes in Stockholders’ Equity (Details Narrative) - USD ($)								3 Months Ended
	May 15, 2024	Mar. 31, 2024	Mar. 19, 2024	Mar. 15, 2024	Mar. 04, 2024	Feb. 09, 2024	Jun. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized		300,000,000						300,000,000		300,000,000
Common stock, par value		$ 0.001						$ 0.001		$ 0.001
Common stock, shares issued		111,092,849						111,092,849		79,827,618
Common stock, shares outstanding		111,092,849						111,092,849		79,827,618
Common stock issued for services, shares							1,500,000
Common stock sold for cash									$ 300,000
Number of shares for service, value							$ 89,850	$ 492,081
Additional collateral, aggregate fair value				$ 724,086
Investment maturity date				Mar. 01, 2027
Interest rate				10.00%
Debt interest rate				7.00%
Amortization of common stock options issued for services								$ 3,852	$ 38,130
Promissory Note [Member] \| Sanguine Group Llc [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares			2,500,000
Number of shares for service, value			$ 73,454
Promissory Note [Member] \| Mr Joerg Sommer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares			250,000
Common stock sold for cash			$ 9,839
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares issued					10,394,610				3,000,000
Common stock issued for services, shares				6,500,000				7,149,621
Common stock sold for cash									$ 3,000
Number of shares for service, value								$ 7,150
Common Stock [Member] \| Two Consultants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares				500,000
Number of shares for service, value				$ 33,000
Common Stock [Member] \| ClearThink Capital Partners LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		381,680				149,621
Number of shares for service, value		$ 24,695				$ 5,386
Common Stock [Member] \| Mr Joerg Sommer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares issued							1,500,000
Common stock sold for cash							$ 89,850
Common Stock [Member] \| Officers and Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold for cash	$ 429,000			$ 429,000

Common Stock Options (Details Narrative) - USD ($)		3 Months Ended
Common Stock Options (Details Narrative) - USD ($)	Feb. 12, 2020	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average strike price		$ 0.14
Weighted average life		6 years 11 months 26 days
Stock-based compensation		$ 3,852	$ 38,130
2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options awarded during period, shares		10,892,000
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
Officers Directors and Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized debt issuance expense		$ 25,686

Warrants (Details Narrative)	3 Months Ended
Warrants (Details Narrative)	Mar. 31, 2024 $ / shares shares
Warrants
Warrants to purchase of common stock \| shares	14,011,650
Warrants, weighted average strike price \| $ / shares	$ 0.29
Weighted average term	1 year 7 months 28 days

Income Taxes (Details Narrative)	3 Months Ended
Income Taxes (Details Narrative)	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Federal net operating losses	$ 10,507,000
Net operating loss carry forwards expiration	The net operating loss carry forwards, if not utilized, will begin to expire in 2025.

Subsequent Events (Details Narrative) - USD ($)								3 Months Ended
Subsequent Events (Details Narrative) - USD ($)	May 10, 2024	Apr. 19, 2024	Mar. 31, 2024	Mar. 15, 2024	Mar. 04, 2024	Feb. 09, 2024	Jun. 15, 2023	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Interest rate percentage				7.00%
Common stock issued for services, shares							1,500,000
Common Stock issued for services							$ 89,850	$ 492,081
Common stock sold for cash									$ 300,000
Common Stock [Member]
Subsequent Event [Line Items]
Common stock issued for services, shares				6,500,000				7,149,621
Common Stock issued for services								$ 7,150
Common stock sold for cash, shares					10,394,610				3,000,000
Common stock sold for cash									$ 3,000
ClearThink Capital Partners LLC [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Common stock issued for services, shares			381,680			149,621
Common Stock issued for services			$ 24,695			$ 5,386
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date		Jan. 19, 2025
Interest rate percentage		12.00%
Common stock issued for services, shares	1,250,000
Common Stock issued for services	$ 76,250
Subsequent Event [Member] \| Pre Funded Warrant [Member]
Subsequent Event [Line Items]
Shares, Issued		8,666,667
Proceeds from Issuance of Warrants		$ 520,000
Subsequent Event [Member] \| SDT Equities LLC [Member]
Subsequent Event [Line Items]
Sale of stock, percentage of ownership after transaction		12.00%
Debt instrument, face amount		$ 1,300,000
Sale of stock consideration received		1,196,000
Subsequent Event [Member] \| AJB Capital Investments LLC [Member]
Subsequent Event [Line Items]
Debt instrument, face amount		300,000
Sale of stock consideration received		276,000
Line of credit facility, commitment fee amount		$ 120,000
Commitment fee shares		2,000,000
Repayments of debt		$ 360,000
Subsequent Event [Member] \| AJB Capital Investments LLC [Member] \| Promissory Note [Member]
Subsequent Event [Line Items]
Common stock issued for services, shares		2,000,000
Common Stock issued for services		$ 41,417
Subsequent Event [Member] \| AJB Capital Investments LLC [Member] \| Dr.Kenneth Perego II [Member]
Subsequent Event [Line Items]
Repayments of debt		207,000
Debt instrument, fee amount		257,446
Debt aggregate interest rate		$ 50,446
Subsequent Event [Member] \| ClearThink Capital Partners LLC [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Common stock sold for cash, shares	381,680
Common stock sold for cash	$ 24,695

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