OWPC One World Products Inc (QB)

 

 

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 September 30, 2023

 

OR

 

	☐	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 November 14, 2023 was 78,308,357.

 

 

 

TABLE OF CONTENTS

 

			Page
PART I - FINANCIAL INFORMATION			1
ITEM 1.	FINANCIAL STATEMENTS (Unaudited)		1
	Condensed Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022		1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)		2
	Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)		3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (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		20
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		24
ITEM 4.	CONTROLS AND PROCEDURES		24
PART II - OTHER INFORMATION			25
ITEM 1.	Legal Proceedings		25
ITEM 1A.	RISK FACTORS		25
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		25
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES		25
ITEM 4.	MINE SAFETY DISCLOSURES		25
ITEM 5.	OTHER INFORMATION		25
ITEM 6.	EXHIBITS		26
	SIGNATURES		27

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS

 

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

		September 30,				December 31,
		2023				2022
		(Unaudited)
Assets
Current assets:
Cash		$	10,152			$	11,016
Accounts receivable			12,488				12,355
Inventory			312,736				54,153
Other current assets			25,724				45,943
Total current assets			361,100				123,467
Other assets			213,593				179,927
Right-of-use assets			-				425,969
Security deposits			85,000				1,449,808
Fixed assets, net			2,367,417				988,536
Total Assets		$	3,027,110			$	3,167,707
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable		$	815,841			$	798,067
Accrued expenses			1,238,479				948,458
Deferred revenues			11,545				11,808
Dividends payable			181,651				137,843
Current portion of lease liabilities			-				86,235
Convertible note payable, related party, current maturities			750,000				-
Notes payable, related parties, current maturities			1,061,500				99,500
Notes payable, net of $53,442 of debt discounts at September 30, 2023			454,237				145,524
Notes payable			454,237				145,524
Total current liabilities			4,513,253				2,227,435
Long-term lease liability			-				341,680
Convertible note payable, related party			-				750,000
Notes payable, related parties, long-term portion			-				900,000
Total Liabilities			4,513,253				4,219,115
Series A convertible preferred stock, $0.001 par value, 500,000 shares authorized; 99,733 and
70,233 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively			997,330				702,330
Series B convertible preferred stock, $0.001 par value, 300,000 shares authorized; 248,501 and
272,168 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively			3,727,515				4,082,520
Convertible preferred stock value			3,727,515				4,082,520
Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively			-				-
Common stock, $0.001 par value, 300,000,000 shares authorized; 76,736,274 and 67,202,907 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively			76,736				67,203
Additional paid-in capital			18,062,344				17,123,603
Subscriptions payable			45,000				-
Accumulated other comprehensive income (loss)			94,671				(50,699	)
Accumulated (deficit)			(24,489,739	)			(22,976,365	)
Total Stockholders’ Equity (Deficit)			(6,210,988	)			(5,836,258	)
Total Liabilities and Stockholders’ Equity (Deficit)		$	3,027,110			$	3,167,707

 

See accompanying notes to financial statements.

 

 

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

		2023				2022				2023				2022
		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
		2023				2022				2023				2022
Revenues		$	5,906			$	33,373			$	8,082			$	76,384
Cost of goods sold			767				23,969				1,866				54,765
Gross profit (loss)			5,139				9,404				6,216				21,619
Operating expenses:
General and administrative			142,464				378,910				907,595				1,148,100
Professional fees			236,139				95,946				413,651				380,801
Depreciation expense			9,274				9,883				25,578				34,540
Total operating expenses			387,877				484,739				1,346,824				1,563,441
Operating loss			(382,738	)			(475,335	)			(1,340,608	)			(1,541,822	)
Other income (expense):
Sublease income			-				-				-				1,000
Loss on sale of fixed assets			-				(9,041	)			-				(9,041	)
Gain on early extinguishment of lease			-				20,148				4,397				20,148
Gain on early extinguishment of debt			-				-				-				121,372
Interest income			3				-				6				41
Interest expense			(67,571	)			(529,915	)			(177,169	)			(886,837	)
Total other expense			(67,568	)			(518,808	)			(172,766	)			(753,317	)
Net loss		$	(450,306	)		$	(994,143	)		$	(1,513,374	)		$	(2,295,139	)
Other comprehensive loss:
Gain (loss) on foreign currency translation		$	(32,831	)		$	2,334			$	145,370			$	6,806
Net other comprehensive loss		$	(483,137	)		$	(991,809	)		$	(1,368,004	)		$	(2,288,333	)
Series A convertible preferred stock declared ($0.60 per share)			(15,083	)			(9,866	)			(43,808	)			(28,971	)
Net loss attributable to common shareholders		$	(498,220	)		$	(1,001,675	)		$	(1,411,812	)		$	(2,317,304	)
Weighted average number of common shares
outstanding - basic and diluted			74,958,373				66,080,317				71,436,129				65,850,852
Net loss per share - basic and diluted		$	(0.01	)		$	(0.02	)		$	(0.02	)		$	(0.04	)
Dividends declared per share of common stock		$	0.00			$	0.00			$	0.00			$	0.00

 

See accompanying notes to financial statements.

 

 

ONE WORLD PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

 

		Shares				Amount				Shares				Amount				Shares				Amount				Capital				Payable				Income (Loss)				Deficit				Equity (Deficit)
		For the Three Months Ended September 30, 2023
																																		Accumulated
		Series A Convertible								Series B Convertible																Additional								Other								Total
		Preferred Stock								Preferred Stock								Common Stock								Paid-In				Subscriptions				Comprehensive				Accumulated				Stockholders’
		Shares				Amount				Shares				Amount				Shares				Amount				Capital				Payable				Income (Loss)				Deficit				Equity (Deficit)
Balance, June 30, 2023			99,733			$	997,330				272,168			$	4,082,520				73,369,574			$	73,370			$	17,594,074			$	-			$	127,502			$	(24,039,433	)		$	(6,244,487	)
Series A preferred stock to be issued for services			-				-				-				-				-				-				-				45,000				-				-				45,000
Series B preferred stock conversions			-				-				(23,667	)			(355,005	)			2,366,700				2,366				352,639				-				-				-				355,005
Common stock issued for services			-				-				-				-				1,000,000				1,000				83,000				-				-				-				84,000
Amortization of common stock options issued for services			-				-				-				-				-				-				47,714				-				-				-				47,714
Series A convertible preferred stock dividend declared ($0.60 per share)			-				-				-				-				-				-				(15,083	)			-				-				-				(15,083	)
Loss on foreign currency translation			-				-				-				-				-				-				-				-				(32,831	)			-				(32,831	)
Net loss			-				-				-				-				-				-				-				-				-				(450,306	)			(450,306	)
Balance, September 30, 2023			99,733			$	997,330				248,501			$	3,727,515				76,736,274			$	76,736			$	18,062,344			$	45,000			$	94,671			$	(24,489,739	)		$	(6,210,988	)

 

		For the Three Months Ended September 30, 2022
																																		Accumulated
		Series A Convertible								Series B Convertible																Additional								Other								Total
		Preferred Stock								Preferred Stock								Common Stock								Paid-In				Subscriptions				Comprehensive				Accumulated				Stockholders’
		Shares				Amount				Shares				Amount				Shares				Amount				Capital				Payable				Income (Loss)				Deficit				Equity (Deficit)
Balance, June 30, 2022			65,233			$	652,330				238,501			$	3,577,515				65,861,631			$	65,862			$	16,928,274			$	-			$	(59,875	)		$	(21,217,884	)		$	(4,283,623	)
Series B Convertible Preferred Stock sold for cash			-				-				10,000				150,000				-				-				-				-				-				-				-
Series B Convertible Preferred Stock issued as a commitment fee on ELOC			-				-				13,667				205,005				-				-				-				-				-				-				-
Common stock issued for services			-				-				-				-				1,341,276				1,341				132,787				-				-				-				134,128
Amortization of common stock options issued for services			-				-				-				-				-				-				41,180				-				-				-				41,180
Series A convertible preferred stock dividend declared ($0.60 per share)			-				-				-				-				-				-				(9,866	)			-				-				-				(9,866	)
Gain on foreign currency translation			-				-				-				-				-				-				-				-				2,334				-				2,334
Net loss			-				-				-				-				-				-				-				-				-				(994,143	)			(994,143	)
Balance, September 30, 2022			65,233			$	652,330				262,168			$	3,932,520				67,202,907			$	67,203			$	17,092,375			$	-			$	(57,541	)		$	(22,212,027	)		$	(5,109,990	)

 

 

		For the Nine Months Ended September 30, 2023
																																		Accumulated
		Series A Convertible								Series B Convertible																Additional								Other								Total
		Preferred Stock								Preferred Stock								Common Stock								Paid-In				Subscriptions				Comprehensive				Accumulated				Stockholders’
		Shares				Amount				Shares				Amount				Shares				Amount				Capital				Payable				Income (Loss)				Deficit				Equity (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	)
Series A Convertible Preferred Stock sold for cash			25,000				250,000				-				-				-				-				-				-				-				-				-
Series A Convertible Preferred Stock issued for services			4,500				45,000				-				-				-				-				-				45,000				-				-				45,000
Series B preferred stock conversions			-				-				(23,667	)			(355,005	)			2,366,700				2,366				352,639				-				-				-				355,005
Common stock issued for services			-				-				-				-				2,500,000				2,500				171,350				-				-				-				173,850
Commitment shares issued pursuant to promissory note			-				-				-				-				1,666,667				1,667				40,508				-				-				-				42,175
Common stock sold for cash			-				-				-				-				3,000,000				3,000				297,000				-				-				-				300,000
Amortization of common stock options issued for services			-				-				-				-				-				-				121,052				-				-				-				121,052
Series A convertible preferred stock dividend declared ($0.60 per share)			-				-				-				-				-				-				(43,808	)			-				-				-				(43,808	)
Loss on foreign currency translation			-				-				-				-				-				-				-				-				145,370				-				145,370
Net loss			-				-				-				-				-				-				-				-				-				(1,513,374	)			(1,513,374	)
Balance, September 30, 2023			99,733			$	997,330				248,501			$	3,727,515				76,736,274			$	76,736			$	18,062,344			$	45,000			$	94,671			$	(24,489,739	)		$	(6,210,988	)

 

		For the Nine Months Ended September 30, 2022
																																		Accumulated
		Series A Convertible								Series B Convertible																Additional								Other								Total
		Preferred Stock								Preferred Stock								Common Stock								Paid-In				Subscriptions				Comprehensive				Accumulated				Stockholders’
		Shares				Amount				Shares				Amount				Shares				Amount				Capital				Payable				Income (Loss)				Deficit				Equity (Deficit)
Balance, December 31, 2021			65,233			$	652,330				238,501			$	3,577,515				65,599,565			$	65,600			$	16,843,656			$	21,725			$	(64,347	)		$	(19,916,888	)		$	(3,050,254	)
Balance			65,233			$	652,330				238,501			$	3,577,515				65,599,565			$	65,600			$	16,843,656			$	21,725			$	(64,347	)		$	(19,916,888	)		$	(3,050,254	)
Series B Convertible Preferred Stock sold for cash			-				-				10,000				150,000				-				-				-				-				-				-				-
Series B Convertible Preferred Stock issued as a commitment fee on ELOC			-				-				13,667				205,005				-				-				-				-				-				-				-
Common stock issued for services			-				-				-				-				1,603,342				1,603				154,250				(21,725	)			-				-				134,128
Amortization of common stock options issued for services			-				-				-				-				-				-				123,440				-				-				-				123,440
Series A convertible preferred stock dividend declared ($0.60 per share)			-				-				-				-				-				-				(28,971	)			-				-				-				(28,971	)
Gain on foreign currency translation			-				-				-				-				-				-				-				-				6,806				-				6,806
Gain on foreign currency translation			-				-				-				-				-				-				-				-				6,806				-				6,806
Net loss			-				-				-				-				-				-				-				-				-				(2,295,139	)			(2,295,139	)
Balance, September 30, 2022			65,233			$	652,330				262,168			$	3,932,520				67,202,907			$	67,203			$	17,092,375			$	-			$	(57,541	)		$	(22,212,027	)		$	(5,109,990	)
Balance			65,233			$	652,330				262,168			$	3,932,520				67,202,907			$	67,203			$	17,092,375			$	-			$	(57,541	)		$	(22,212,027	)		$	(5,109,990	)

 

See accompanying notes to financial statements.

 

 

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

		2023				2022
		For the Nine Months Ended
		September 30,
		2023				2022
Cash flows from operating activities
Net loss		$	(1,513,374	)		$	(2,295,139	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense			25,578				34,540
Loss on disposal of fixed assets			-				9,041
Gain on early extinguishment of lease			(4,397	)			(20,148	)
Gain on early extinguishment of debt			-				(121,372	)
Amortization of debt discounts			26,233				412,673
Series A preferred stock issued for services			90,000				-
Common stock issued for services			173,850				339,133
Stock options issued for services			121,052				123,440
Decrease (increase) in assets:
Accounts receivable			(133	)			(11,216	)
Inventory			(258,583	)			(120,625	)
Other current assets			20,219				109,578
Other assets			(33,666	)			(33,327	)
Right-of-use assets			34,391				84,667
Security deposits			-				(194,020	)
Increase (decrease) in liabilities:
Accounts payable			17,774				259,049
Accrued expenses			290,021				357,650
Deferred revenues			(263	)			5,176
Lease liability			(31,940	)			(64,067	)
Net cash used in operating activities			(1,043,238	)			(1,124,967	)
Cash flows from investing activities
Proceeds received on sale of fixed assets			-				6,350
Purchase of fixed assets			(5,046	)			(43,201	)
Net cash used in investing activities			(5,046	)			(36,851	)
Cash flows from financing activities
Proceeds received on convertible note payable			-				750,000
Repayment of convertible note payable			-				(750,000	)
Proceeds from notes payable, related parties			62,000				99,500
Proceeds from notes payable			262,500				868,081
Proceeds from sale of preferred and common stock			550,000				150,000
Net cash provided by financing activities			874,500				1,117,581
Effect of exchange rate changes on cash			172,920				(6,820	)
Net increase (decrease) in cash			(864	)			(51,057	)
Cash - beginning			11,016				119,678
Cash - ending		$	10,152			$	68,621
Supplemental disclosures:
Interest paid		$	40,693			$	79,269
Income taxes paid		$	-			$	-
Non-cash investing and financing transactions:
Dividends payable		$	43,808			$	28,971
Initial recognition of right-of-use assets and lease liabilities		$	-			$	1,535,706
Deposit on equipment settled with note payable		$	35,000			$	-
Value of debt discounts attributable to commitment shares		$	42,175			$	-

 

See accompanying notes to 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, we entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., our wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian company (“OWP Colombia”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP Colombia) by the merger of OWP Merger Subsidiary with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”). As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 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 our common stock at a conversion price equal to the lesser of $0.424 per share or 80% of the price we sell our 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 all of its customers are expected to be 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 Colombia. OWP Colombia is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients for both medical and industrial uses across the globe. We have received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the few companies in Colombia to receive all four licenses, including seed use, cultivation of non-psychoactive cannabis, cultivation of psychoactive cannabis, and manufacturing allowing for extraction and export. Currently, we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have entered into agreements with local farming cooperatives that include small farmers and indigenous tribe members, under which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis. We began harvesting cannabis in the first quarter of 2019 for the purpose of further research and development activities, quality control testing and extraction. We have been generating revenue from the sale of our seeds since the second quarter of 2020. During the first quarter of 2022, we made payments of approximately $1,400,000 for a state-of-the-art distillation machine that was placed in service during the second quarter of 2023 within our vertically integrated extraction facility.

 

Basis of Presentation

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions have been eliminated.

 

The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year.

 

6

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2023:

 Schedule of Common Control and Ownership Interest

		State of
Name of Entity		Incorporation		Relationship
One World Products, Inc.(1)		Nevada		Parent
OWP Ventures, Inc.(2)		Delaware		Subsidiary
One World Pharma S.A.S.(3)		Colombia		Subsidiary
Colombian Hope, S.A.S.(4)		Colombia		Subsidiary
Agrobase, S.A.S.(5)		Colombia		Subsidiary

 

(1)	Holding company in the form of a corporation.

(2)	Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc.

(3)	Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá.
(4)	Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses.
(5)	Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company commenced operations during 2023.

 

The consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters are located in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia.

 

Reclassifications

 

Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.

 

Foreign Currency Translation

 

The functional currency of the Company is Colombian Peso (COP). The Company has maintained its financial statements using the functional currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods.

 

Comprehensive Income

 

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

 

Use of Estimates

 

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

 

Segment Reporting

 

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

 

7

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Fair Value of Financial Instruments

 

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

 

Cash in Excess of FDIC Insured Limits

 

The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, under current regulations. The Company did not have any cash in excess of FDIC insured limits at September 30, 2023, 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 sales to date have primarily consisted of the sale of seeds. These sales include multi-element arrangements whereby the Company collects 50% of the sale upon delivery of the sales, and the remaining 50% upon the completion of the harvest, whether the seeds result in a successful crop, or not. In addition, the Company has a right of first refusal to purchase products resulting from the harvest. At September 30, 2023, the Company had $11,545 of deferred revenues and $6,760 of deferred cost of goods sold, as included in other current assets on the balance sheet, that are expected to be recognized upon the customers’ completion of their future harvests.

 

Inventory

 

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts.

 

Stock-Based Compensation

 

The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.

 

Basic and Diluted Loss Per Share

 

The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.

 

Recent Accounting Pronouncements

 

From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

 

In July 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.” ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did not have a material impact on our financial statements.

 

8

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which creates an exception to the general recognition and measurement principle for contract assets and contract liabilities from contracts with customers acquired in a business combination. The new guidance will require companies to apply the definition of a performance obligation under accounting standard codification ASC Topic 606 to recognize and measure contract assets and contract liabilities (i.e., deferred revenue) relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer in a business combination is generally required to recognize and measure the assets it acquires and the liabilities it assumes at fair value on the acquisition date. The new guidance will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606. These amendments are effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of ASU 2021-08 did not have a material impact on the Company’s financial statements or related disclosures.

 

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2021-04 has not had a material impact on the Company’s financial statements or related disclosures.

 

In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements, as we transitioned from the London Interbank Offered Rate, commonly referred to as LIBOR, to alternative references rates, as well as utilizing the aforementioned expedients and exceptions provided in ASU 2020-04.

 

In August 2020, the FASB issued ASU No. 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if converted method. The new guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2020-06 has not had a material impact on the Company’s financial statements or related disclosures.

 

No other new accounting pronouncements, issued or effective during the period ended September 30, 2023, have had or are expected to have a significant impact on the Company’s financial statements.

 

Note 2 –Going Concern

 

As shown in the accompanying condensed consolidated financial statements as of September 30, 2023, our balance of cash on hand was $10,152, and we had negative working capital of $4,152,153 and an accumulated deficit of $24,489,739. 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.

 

9

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

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

 

Note 3 – Related Party Transactions

 

Common Stock Issued for Services, Related Party

 

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.

 

Note 4 – Fair Value of Financial Instruments

 

Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

 

The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of September 30, 2023 and December 31, 2022, respectively:

 Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis

		Level 1				Level 2				Level 3
		Fair Value Measurements at September 30, 2023
		Level 1				Level 2				Level 3
Assets
Cash		$	10,152			$	-			$	-
Total assets			10,152				-				-
Liabilities
Convertible note payable, related party			-				750,000				-
Notes payable, related parties			-				1,061,500				-
Notes payable , net of $53,442 of debt discounts at September 30, 2023			-				454,237				-
Total liabilities			-				(2,265,737	)			-
Total assets and liabilities		$	10,152			$	(2,265,737	)		$	-

 

		Level 1				Level 2				Level 3
		Fair Value Measurements at December 31, 2022
		Level 1				Level 2				Level 3
Assets
Cash		$	11,016			$	-			$	-
Right-of-use asset			-				-				425,969
Total assets			11,016				-				425,969
Liabilities
Lease liabilities							-				427,915
Convertible notes payable			-				750,000				-
Notes payable			-				145,524				-
Notes payable, related parties			-				999,500				-
Total liabilities			-				(1,895,024	)			(427,915	)
Total assets and liabilities		$	11,016			$	(1,895,024	)		$	(1,946	)

 

There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the nine months ended September 30, 2023 or the year ended December 31, 2022.

 

10

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 5 – Inventory

 

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts. Inventory consisted of the following at September 30, 2023 and December 31, 2022, respectively.

 

 Schedule of Inventory

		September 30,				December 31,
		2023				2022
Raw materials		$	21,934			$	18,580
Work in progress			30,174				1,464
Finished goods			316,100				80,858
Inventory gross			368,208				100,902
Less obsolescence			(55,472	)			(46,749	)
Total inventory		$	312,736			$	54,153

 

Note 6 – Other Current Assets

 

Other current assets included the following as of September 30, 2023 and December 31, 2022, respectively:

 

Schedule of Other Current Assets

		September 30,				December 31,
		2023				2022
Prepaid expenses		$	18,964			$	39,288
Deferred cost of goods sold			6,760				6,655
Total		$	25,724			$	45,943

 

Note 7 – Other Assets

 

Other assets consist entirely of VAT receivables in the amounts of $213,593 and $179,927 at September 30, 2023 and December 31, 2022, respectively, which will be repaid to the Company by the applicable taxing authority upon the successful export of the products for which the taxes were originally paid.

 

Note 8 – Security Deposits

 

Security deposits included the following as of September 30, 2023 and December 31, 2022, respectively:

 

Schedule of Security Deposits

		September 30,				December 31,
		2023				2022
Refundable deposit on equipment purchase		$	85,000			$	50,000
Down payment on distillation equipment			-				1,399,413
Security deposits on leases held in Colombia			-				395
Security deposits		$	85,000			$	1,449,808

 

11

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 9 – Fixed Assets

 

Fixed assets consist of the following at September 30, 2023 and December 31, 2022, respectively:

 

Schedule of Fixed Assets

		September 30,				December 31,
		2023				2022
Land		$	138,248			$	138,248
Buildings			473,971				473,971
Office equipment			30,902				30,902
Furniture and fixtures			6,495				6,495
Equipment and machinery			1,828,006				423,547
Fixed assets, gross			2,477,622				1,073,163
Less: accumulated depreciation			(110,205	)			(84,627	)
Total		$	2,367,417			$	988,536

 

Depreciation and amortization expense totaled $25,578 and $34,540 for the nine months ended September 30, 2023 and 2022, respectively.

 

Note 10 – Accrued Expenses

 

Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022, respectively:

 

Schedule of Accrued Expenses

		September 30,				December 31,
		2023				2022
Accrued payroll		$	771,199			$	613,569
Accrued withholding taxes and employee benefits			42,764				31,632
Accrued ICA fees and contributions			178,053				167,037
Accrued interest			246,463				136,220
Accrued expenses		$	1,238,479			$	948,458

 

Note 11 – Deferred Revenues

 

Arrangements with customers include multiple deliverables, consisting of an initial delivery of seeds and a contingent portion of the purchase price that is payable on the customer’s future harvest of the plants grown from such seeds. Deferred revenues associated with these multiple-element arrangements were $11,545 and $11,808 at September 30, 2023 and December 31, 2022, respectively. Related deferred cost of goods sold were $6,760 and $6,655 at September 30, 2023 and December 31, 2022, respectively, resulting in deferred gross margins of $4,785 and $5,153 at September 30, 2023 and December 31, 2022, respectively, that is expected to be recognized upon the customers’ completion of their harvests in future periods.

 

Note 12 – Leases

 

On April 28, 2023, the Company leased commercial property for its extraction facility under a commercial lease contract at a monthly lease rate of 3,000,000 COP (approximately $645) over a one-year term. The lease shall be automatically extended for another one year period with respect to a mutually agreed upon lease rate at the time of extension. Either party can terminate the lease three months prior to the expiration of the lease term.

 

In addition, the Company leases its corporate offices and operational facility in Colombia under short-term non-cancelable real property lease agreements that expire within a year. The Company doesn’t have any other office or equipment leases that would require capitalization. The office lease contains provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. In the locations in which it is economically feasible to continue to operate, management expects to enter into a new lease upon expiration. The extraction facility lease contained provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. As the Company’s leases do not provide implicit discount rates, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

 

12

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Terminated Leases

 

The Company leased its 12,400 square foot extraction facility under a non-cancelable real property lease agreement that commenced on January 1, 2022 and was to expire on December 31, 2027, at a monthly lease rate of 57,339,000 COP (approximately $15,290). The Company terminated the lease on September 30, 2022, resulting in termination fees of approximately $7,700. A gain of $20,148 was recognized on the early extinguishment of the lease for the year ended December 31, 2022.

 

On October 1, 2022, the Company entered into a five-year non-cancelable property lease, with an automatic five year extension, for a new extraction facility with combined office space, at a monthly lease term of 29,000,000 COP plus VAT and administration fees (approximately $6,300 in the aggregate), with annual escalation of lease payments equal to the consumer price index, plus 2%. The Company terminated the lease on May 23, 2023, resulting in a gain of $3,825 on the early extinguishment of the lease for the nine months ended September 30, 2023.

 

The Company also leased a residential premise under a non-cancelable real property lease agreement that commenced on September 1, 2021 that was to expire on August 31, 2024, at a monthly lease term of 3,800,000 COP (approximately $1,013), with approximately a 3% annual escalation of lease payments commencing September 1, 2022. The Company terminated the lease on April 1, 2023, resulting in a gain of $372 on the early extinguishment of the lease for the nine months ended September 30, 2023.

 

The Company leased another residential premise under a non-cancelable real property lease agreement that commenced on June 1, 2022 and expires on May 30, 2024, at a monthly lease term of 1,900,000 COP (approximately $507), with an 8% annual escalation of lease payments commencing June 1, 2023. The Company terminated the lease on April 1, 2023, resulting in a gain of $200 on the early extinguishment of the lease for the nine months ended September 30, 2023.

 

The components of lease expense were as follows:

 

Schedule of Components of Lease Expense

		2023				2022
		For the Nine Months Ended
		September 30,
		2023				2022
Operating lease cost:
Amortization of right-of-use assets		$	34,391			$	33,431
Interest on lease liabilities			11,379				26,463
Lease payments on short term leases			1,290				12,590
Total operating lease cost		$	47,060			$	72,484

 

Supplemental balance sheet information related to leases was as follows:

 

Schedule of Supplemental Balance Sheet Information Related to Leases

		September 30,				December 31,
		2023				2022
Operating lease:
Operating lease assets		$	-			$	425,969
Current portion of operating lease liabilities		$	-				86,235
Noncurrent operating lease liabilities			-				341,680
Total operating lease liability		$	-			$	427,915
Weighted average remaining lease term:
Operating leases			None				4.25 years
Weighted average discount rate:
Operating lease			6.75	%			6.75	%

 

Supplemental cash flow and other information related to operating leases was as follows:

 

Schedule of Supplemental Cash Flow Related to Operating Leases

		2023				2022
		For the Nine Months Ended
		September 30,
		2023				2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases		$	31,940			$	38,725
Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities		$	-			$	1,535,706
Gain on early extinguishment of debt:		$	4,397			$	-

 

13

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 13 – Convertible Note Payable, Related Party

 

Convertible note payable, related party consists of the following at September 30, 2023 and December 31, 2022, respectively:

 

Schedule of Convertible Note Payable Related Party

		September 30,				December 31,
		2023				2022
On September 27, 2022			750,000				750,000
On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matures on September 16, 2024 (the “Maturity Date”), bears interest at a rate of 8% per annum, and the principal and interest is convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share.		$	750,000			$	750,000
Total convertible note payable, related party			750,000				750,000
Less: current maturities			-				-
Convertible note payable, related party, long-term portion		$	750,000			$	750,000

 

The Company recorded interest expense pursuant to the stated interest rates on the convertible note, related party in the amount of $44,877 and $43,899 for the nine months ended September 30, 2023 and 2022, respectively.

 

Note 14 – Notes Payable, Related Parties

 

Notes payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively:

Schedule of Notes Payable Related Party

		September 30,				December 31,
		2023				2022
On September 11, 2023, the Company received an advance of $52,000 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.		$	52,000			$	-
On August 31, 2023, the Company 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.			4,000				-
On August 14, 2023, the Company 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.			6,000				-
On August 5, 2022, the Company 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.			50,000				50,000
On August 2, 2022, the Company received an advance of $4,500 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.			4,500				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.			100,000				100,000
On July 7, 2022, the Company 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.			5,000				5,000
On June 3, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.			10,000				10,000
On May 5, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.			10,000				10,000
On May 5, 2022, the Company 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.			20,000				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.			400,000				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.			200,000				200,000
On December 29, 2021, the Company 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.			200,000				200,000
Total notes payable, related party			1,061,500				999,500
Less: current maturities			1,061,500				99,500
Notes payable, related party, long-term portion		$	-			$	900,000

 

The Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $58,804 and $43,763 for the nine months ended September 30, 2023 and 2022, respectively.

 

14

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 15 – Notes Payable

 Schedule of Notes Payable

		September 30,				December 31,
		2023				2022
On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 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			$	-
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 are being amortized as a debt discount over the life of the loan.   The Third AJB Note matures on March 23, 2024 (the “Maturity Date”), bears interest at a rate of 12% per annum, and, following an event of default only, is 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 is 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 is being 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.			300,000				-
On September 15, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 55,488,000 COP, or approximately $12,243, on a loan with a face value of 70,000,000 COP, or approximately $15,445, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $3,202 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $1,823 due to foreign currency translation adjustments.			17,268				14,552
On June 17, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 230,400,000 COP, or approximately $55,821, on a loan with a face value of 240,000,000 COP, or approximately $58,147, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $2,326 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $3,383 due to foreign currency translation adjustments.			59,204				49,894
On May 31, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 314,640,000 COP, or approximately $76,231, on a loan with a face value of 360,000,000 COP, or approximately $87,220, from an individual pursuant to promissory note, security by equipment, bearing interest at 2.1% per month, or 25% per annum, which matured on November 28, 2022 and is currently past due. The debt discount of $10,990 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $1,586 due to foreign currency translation adjustments.			88,806				74,841
On May 30, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 20,000,000 COP, or approximately $4,846, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $88 due to foreign currency translation adjustments.			4,934				4,158
On April 29, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 10,000,000 COP, or approximately $2,423, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $44 due to foreign currency translation adjustments.			2,467				2,079
Total notes payable			507,679				145,524
Less: unamortized debt discounts			53,442				-
Notes payable, net of discounts			454,237				145,524
Less: current maturities			454,237				145,524
Notes payable, long-term portion		$	-			$	-

 

The Company recognized aggregate debt discounts on the notes payable to AJB Capital for the nine months ended September 30, 2023, as follows:

 

15

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Schedule of Notes Payable Debt Discounts

		September 30,
		2023
Fair value of 1,666,667 commitment shares of common stock		$	42,175
Original issue discounts			24,000
Legal and brokerage fees			13,500
Total debt discounts			79,675
Amortization of debt discounts			26,233
Unamortized debt discounts		$	53,442

 

The aggregate debt discounts of $79,675, for the nine months ended September 30, 2023, are being amortized over the life of the loan using the straight-line method, which approximates the effective interest method. The Company recorded finance expense in the amount of $26,233 and $-0- on the amortization of these discounts for the nine months ended September 30, 2023 and 2022, 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 $47,255 and $21,120 for the nine months ended September 30, 2023 and 2022, respectively.

 

The Company recognized interest expense for the nine months ended September 30, 2023 and 2022, as follows:

Schedule of Interest Expenses

		September 30,				September 30,
		2023				2022
Finance cost on equity line of credit		$	-			$	15,000
Interest on convertible notes, related party			44,877				43,899
Interest on notes payable, related parties			58,804				43,763
Interest on notes payable			47,255				21,120
Amortization of debt discounts			13,549				50,753
Amortization of debt discounts, common stock			12,684				106,894
Amortization of debt discounts, warrants			-				255,026
Series B preferred stock issued as a commitment on an ELOC			-				205,005
Common stock issued as a commitment on the 2nd AJB Note			-				134,128
Interest on accounts payable			-				11,249
Total interest expense		$	177,169			$	886,837

 

Note 16 – 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 September 30, 2023, there were 99,733 and 248,501 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.

 

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.

 

16

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Series A Preferred Stock Sales

 

On various dates between January 4, 2023 and April 3, 2023, the Company received total proceeds from four accredited investors of $250,000 from the sale of 25,000 units, consisting in the aggregate of 25,000 shares of series A preferred stock and five-year warrants to purchase an aggregate 2,500,000 shares of common stock at an exercise price of $0.25 per share. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis.

 

Series A Preferred Stock Payable, Consultants

 

On July 1, 2023, the Company was obligated to issue 4,500 shares of series A preferred stock in consideration of consulting services. The fair value of the shares was $45,000, based on recent sales prices of the Company’s series A preferred stock on the date of grant. The fair value of the shares have been recognized as a subscription payable, as the shares have not yet been issued.

 

Series A Preferred Stock Issued for Services, Consultants

 

On January 1, 2023, the Company issued 4,500 shares of series A preferred stock in consideration of consulting services. The fair value of the shares was $45,000, based on recent sales prices of the Company’s series A preferred stock on the date of grant.

 

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 $43,808 and $28,971 for the nine months ended September 30, 2023 and 2022, respectively. A total of $181,651 of dividends had accrued as of September 30, 2023.

 

Series B Preferred Stock Issuances

 

On September 12, 2023, a shareholder converted 10,000 shares of Series B Preferred Stock into 1,000,000 shares of common stock.

 

On July 7, 2023, a shareholder converted 13,667 shares of Series B Preferred Stock into 1,366,700 shares of common stock.

 

Note 17 – Commitments and Contingencies

 

Equity Line of Credit

 

On September 1, 2022, the Company entered into a Purchase Agreement (the “ELOC Purchase Agreement”) with Tysadco Partners, LLC (“Tysadco”). Pursuant to the ELOC Purchase Agreement, Tysadco has agreed to purchase from the Company, from time to time upon delivery by the Company to Tysadco of “Request Notices,” and subject to the other terms and conditions set forth in the ELOC Purchase Agreement, up to an aggregate of $10,000,000 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

 

Note 18 – 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 September 30, 2023, there were 76,736,274 shares of common stock issued and outstanding.

 

Common Stock Sales

 

On February 14, 2023, the Company sold 3,000,000 shares of common stock at a price of $0.10 per share for total cash proceeds of $300,000.

 

17

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Common Stock Issued as a Commitment Fee

 

On June 23, 2023, the Company paid a commitment fee to AJB Capital in the form of 1,666,667 shares of common stock in connection with the issuance of the Third AJB Note (defined above). The aggregate fair value of the common stock was $42,175, based on the closing price of the Company’s common stock on the date of grant. The shares are being amortized as a debt discount over the life of the loan.

 

Common Stock Issued for Services, Related Party

 

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.

 

Common Stock Issued for Services

 

On September 18, 2023, the Company issued 1,000,000 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The aggregate fair value of the common stock was $84,000, based on the closing price of the Company’s common stock on the date of grant. The shares were expensed upon issuance.

 

Amortization of Stock-Based Compensation

 

A total of $121,052 and $123,440 of stock-based compensation expense was recognized from the amortization of options to purchase common stock over their vesting period during the nine months ended September 30, 2023 and 2022, respectively.

 

Note 19 – Common Stock Options

 

Stock Incentive Plan

 

On February 12, 2020, the Company’s stockholders approved our 2019 Stock Incentive Plan (the “2019 Plan”), which had been adopted by the Company’s Board of Directors (the “Board”) as of December 10, 2019. The 2019 Plan provides for the issuance of up to 10,000,000 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 10,392,000 shares of common stock at a weighted average strike price of $0.14, exercisable over a weighted average life of 7.37 years were outstanding as of September 30, 2023.

 

Options Granted

 

On August 22, 2023, the Company awarded options to purchase 250,000 shares of common stock under the 2019 Plan at an exercise price equal to $0.10 per share, exercisable over a ten year period to a consultant. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 145% and a call option value of $0.0735, was $18,367. The options were fully vested, resulting in $18,367 of stock-based compensation expense during the nine months ending September 30, 2023.

 

The Company recognized a total of $121,052, and $123,440 of compensation expense during the nine months ended September 30, 2023 and 2022, 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 $29,342 as of September 30, 2023.

 

Note 20 – 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 2.16 years were outstanding as of September 30, 2023.

 

Warrants Granted

 

On April 3, 2023, the Company received proceeds of $100,000 from the sale of 10,000 units, consisting of 10,000 shares of Series A Preferred Stock and five-year warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 146% and a weighted average call option value of $0.0635, was $63,508.

 

18

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

On January 27, 2023, the Company received proceeds of $100,000 from the sale of 10,000 units, consisting of 10,000 shares of Series A Preferred Stock and five-year warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 148% and a weighted average call option value of $0.0672, was $67,180.

 

On January 9, 2023, the Company received proceeds of $25,000 from the sale of 2,500 units, consisting of 2,500 shares of Series A Preferred Stock and five-year warrants to purchase 250,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 152% and a weighted average call option value of $0.0550, was $13,757.

 

On January 4, 2023, the Company received proceeds of $25,000 from the sale of 2,500 units, consisting of 2,500 shares of Series A Preferred Stock and five-year warrants to purchase 250,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 156% and a weighted average call option value of $0.0559, was $13,970.

 

Note 21 – Income Taxes

 

The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.

 

For the nine months ended September 30, 2023, and the year ended December 31, 2022, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At September 30, 2023, the Company had approximately $9,746,000 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 September 30, 2023 and December 31, 2022, respectively.

 

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

 

Note 22 – Subsequent Events

 

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

 

Related Party Debt Financing

 

On October 11, 2023, the Company received an advance of $25,000 from the Company’s President, Joerg Sommer, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.

 

Common Stock Sales

 

On October 2, 2023, the Company sold 1,000,000 shares of common stock at a price of $0.10 per share for total cash proceeds of $100,000.

 

Common Stock Issued for Services

 

On October 4, 2023, the Company issued 572,083 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The aggregate fair value of the common stock was $51,487, 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, 2022 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

 

Through our wholly-owned subsidiary, One World Pharma S.A.S, we are a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients for both medical and industrial uses across the globe. We have received licenses from the Colombian government to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the only companies in Colombia to receive seed, cultivation, extraction and export licenses from the Colombian government. Currently, we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have entered into agreements with local farming cooperatives that include small farmers and indigenous tribe members, under which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis. We planted our first crop of cannabis in 2018, which we began harvesting 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 been generating revenue from the sale of our seeds 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 was placed in service within our vertically integrated extraction facility during the second quarter of 2023. The installation of this equipment makes us one of the only companies in Colombia to both, hold licenses and possess the capability to extract high-quality CBD and THC oils.

 

We added to our product pipeline 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. We expect to start exporting products in the beginning of 2024, including CBD flower and distillate oil, while developing white label commercial agreements with partners in Europe, USA, and Latin America.

 

Results of Operations for the Three Months Ended September 30, 2023 and 2022:

 

The following table summarizes selected items from the statement of operations for the three months ended September 30, 2023 and 2022.

 

		Three Months Ended September 30,								Increase /
		2023				2022				(Decrease)
Revenues		$	5,906			$	33,373			$	(27,467	)
Cost of goods sold			767				23,969				(23,202	)
Gross profit (loss)			5,139				9,404				(4,265	)
Operating expenses:
General and administrative			142,464				378,910				(236,446	)
Professional fees			236,139				95,946				140,193
Depreciation expense			9,274				9,883				(609	)
Total operating expenses:			387,877				484,739				(96,862	)
Operating loss			(382,738	)			(475,335	)			(92,597	)
Total other expense			(67,568	)			(518,808	)			(451,240	)
Net loss		$	(450,306	)		$	(994,143	)		$	(543,837	)

 

 

Revenues

 

Revenues during the three months ended September 30, 2023 were $5,906, compared to $33,373 during the three months ended September 30, 2022, a decrease of $27,467, or 82%. Revenues decreased as we transitioned to new management at our operating facility.

 

Cost of Goods Sold

 

Cost of goods sold for the three months ended September 30, 2023 were $767, compared to $23,969 for the three months ended September 30, 2022, a decrease of $23,202, or 97%. Cost of goods sold consists primarily of labor, agricultural raw materials, depreciation and overhead. Costs of goods sold decreased as we transitioned to new management at our operating facility.

 

General and Administrative Expenses

 

General and administrative expenses for the three months ended September 30, 2023 were $142,464, compared to $378,910 during the three months ended September 30, 2022, a decrease of $236,446, or 62%. 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 $29,347 during the each of the three months ended September 30, 2023 and 2022.

 

Professional Fees

 

Professional fees for the three months ended September 30, 2023 were $236,139, compared to $95,946 during the three months ended September 30, 2022, an increase of $140,193, or 146%. Professional fees included non-cash, stock-based compensation of $147,367 and $11,833 during the three months ended September 30, 2023 and 2022, 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 September 30, 2023 was $9,274, compared to $9,883 during the three months ended September 30, 2022, a decrease of $609, or 6%. Depreciation expense decreased due to the prior year disposal of office equipment.

 

Other Income (Expense)

 

Other expenses, on a net basis, for the three months ended September 30, 2023 were $67,568, compared to other expenses, on a net basis, of $518,808 during the three months ended September 30, 2022, a decrease in net expenses of $451,240, or 87%. Other expenses consisted of $67,571 of interest expense, including $12,684 of stock-based finance costs on the amortization of debt discounts, as partially offset by $3 of interest income, for the three months ended September 30, 2023, compared to $529,915 of interest expense, including $109,969 of stock-based finance costs on the amortization of debt discounts, $339,133 of stock-based commitment fees on debt and equity financing, and a loss on the sale of fixed assets of $9,041, as partially offset by a gain of $20,148 on the early extinguishment of our extraction facility lease in Colombia, during the three months ended September 30, 2022.

 

Net Loss

 

Net loss for the three months ended September 30, 2023 was $450,306, or $0.01 per share, compared to $994,143, or $0.02 per share, during the three months ended September 30, 2022, a decrease of $543,837, or 55%. The net loss decreased primarily due to decreased compensation and office expenses during the current period as we transitioned to new management over our Colombian subsidiary.

 

 

Results of Operations for the Nine Months Ended September 30, 2023 and 2022:

 

The following table summarizes selected items from the statement of operations for the nine months ended September 30, 2023 and 2022.

 

		Nine Months Ended September 30,								Increase /
		2023				2022				(Decrease)
Revenues		$	8,082			$	76,384			$	(68,302	)
Cost of goods sold			1,866				54,765				(52,899	)
Gross profit			6,216				21,619				(15,403	)
Operating expenses:
General and administrative			907,595				1,148,100				(240,505	)
Professional fees			413,651				380,801				32,850
Depreciation expense			25,578				34,540				(8,962	)
Total operating expenses:			1,346,824				1,563,441				(216,617	)
Operating loss			(1,340,608	)			(1,541,822	)			(201,214	)
Total other expense			(172,766	)			(753,317	)			(580,551	)
Net loss		$	(1,513,374	)		$	(2,295,139	)		$	(781,765	)

 

Revenues

 

Revenues during the nine months ended September 30, 2023 were $8,082, compared to $76,384 during the nine months ended September 30, 2022, a decrease of $68,302, or 89%. Revenues decreased as we transitioned to new management at our operating facility.

 

Cost of Goods Sold

 

Cost of goods sold for the nine months ended September 30, 2023 were $1,866, compared to $54,765 for the nine months ended September 30, 2022, a decrease of $52,899, or 97%. Cost of goods sold consists primarily of labor, agricultural raw materials, depreciation and overhead. Costs of goods sold decreased as we transitioned to new management at our operating facility.

 

General and Administrative Expenses

 

General and administrative expenses for the nine months ended September 30, 2023 were $907,595, compared to $1,148,100 during the nine months ended September 30, 2022, a decrease of $240,505, or 21%. 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 prior year, as we transitioned to new management. General and administrative expenses included non-cash, stock-based compensation of $177,891 and $88,041 during the nine months ended September 30, 2023 and 2022, respectively.

 

Professional Fees

 

Professional fees for the nine months ended September 30, 2023 were $177,512, compared to $284,855 during the nine months ended September 30, 2022, a decrease of $107,343, or 38%. Professional fees included non-cash, stock-based compensation of $207,011 and $35,399 during the nine months ended September 30, 2023 and 2022, respectively. Professional fees decreased primarily due to decreased legal fees during the current period.

 

Depreciation Expense

 

Depreciation expense for the nine months ended September 30, 2023 was $25,578, compared to $34,540 during the nine months ended September 30, 2022, a decrease of $8,962, or 26%. Depreciation expense decreased due to the prior year disposal of office equipment.

 

Other Income (Expense)

 

Other expenses, on a net basis, for the nine months ended September 30, 2023 were $172,766, compared to other expenses, on a net basis, of $753,317 during the nine months ended September 30, 2022, a decrease in net expenses of $580,551, or 77%. Other expenses consisted of $177,169 of interest expense, including $12,684 of stock-based finance costs on the amortization of debt discounts, as partially offset by a gain on early extinguishment of debt of $4,397 on the termination of long term leases and $6 of interest income, for the nine months ended September 30, 2023, compared to $886,837 of interest expense, including $361,921 of stock-based finance costs on the amortization of debt discounts, $339,133 of stock-based commitment fees on debt and equity financing, and a loss on the sale of fixed assets of $9,041, as partially offset by a gain of $20,148 on the early extinguishment of our extraction facility lease in Colombia, $1,000 of sublet income on our office space, a gain on early extinguishment of debt of $121,372 on the forgiveness of a PPP Loan and $41 of interest income, during the nine months ended September 30, 2022.

 

Net Loss

 

Net loss for the nine months ended September 30, 2023 was $1,513,374, or $0.02 per share, compared to $2,295,139, or $0.03 per share, during the nine months ended September 30, 2022, a decrease of $781,765, or 34%. The net loss decreased primarily due to decreased interest expense on our debt financing.

 

 

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 nine months ended September 30, 2023 and 2022:

 

		2023				2022
Operating Activities		$	(1,043,238	)		$	(1,124,967	)
Investing Activities			(5,046	)			(36,851	)
Financing Activities			874,500				1,117,581
Effect of Exchange Rate Changes on Cash			172,920				(6,820	)
Net Decrease in Cash		$	(864	)		$	(51,057	)

 

Net Cash Used in Operating Activities

 

During the nine months ended September 30, 2023, net cash used in operating activities was $1,043,238, compared to net cash used in operating activities of $1,124,967 for the nine months ended September 30, 2022. The cash used in operating activities was primarily attributable to our net loss.

 

Net Cash Used in Investing Activities

 

During the nine months ended September 30, 2023, net cash used in investing activities was $5,046, compared to net cash used in investing activities of $36,851 for the nine months ended September 30, 2022. The cash used in investing activities during the current period consisted entirely of purchases of fixed assets, as compared to the purchases of fixed assets, as partially offset by proceeds received on the sale of fixed assets in the comparative period.

 

Net Cash Provided by Financing Activities

 

During the nine months ended September 30, 2023, net cash provided by financing activities was $874,500, compared to net cash provided by financing activities of $1,117,581 for the nine months ended September 30, 2022. The current period consisted of $250,000 of proceeds received on the sale of preferred stock, $300,000 from the sale of common stock and $262,500 of proceeds received on debt financing and $62,000 of proceeds received on debt financing received by related parties, compared to $1,117,581 of proceeds received on debt financing and $150,000 of proceeds received on the sale of preferred stock, as partially offset by $750,000 of repayments on debt, compared to $947,000 of proceeds received on debt financing and $3,577,505 received on the sale of preferred and common stock, less debt repayments of $455,567, during the nine months ended September 30, 2022.

 

Ability to Continue as a Going Concern

 

As of September 30, 2023, our balance of cash on hand was $10,152, and we had negative working capital of $4,152,153 and an accumulated deficit of $24,489,739. 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.

 

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.

 

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

 

The Company recognizes revenue in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company’s sales to date have primarily consisted of the sale of seeds. These sales include multi-element arrangements whereby the Company collects 50% of the sale upon delivery of the sales, and the remaining 50% upon the completion of the harvest, whether the seeds result in a successful crop, or not. In addition, the Company has a right of first refusal to purchase products resulting from the harvest. At September 30, 2023, the Company had $11,545 of deferred revenues and $6,760 of deferred cost of goods sold, as included in other current assets on the balance sheet, that are expected to be recognized upon the customers’ completion of their future harvests.

 

Inventory

 

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts.

 

Stock-Based Compensation

 

The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.

 

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 September 30, 2023. 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 September 30, 2023.

 

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

 

We are not a party to any legal or administrative proceedings that we believe, individually or in the aggregate, would be likely to have a material adverse effect on our financial condition or results of operations.

 

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 September 30, 2023 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:

 

Series B Preferred Stock Conversions

 

On September 12, 2023, a shareholder converted 10,000 shares of Series B Preferred Stock into 1,000,000 shares of common stock, restricted in accordance with Rule 144.

 

On July 7, 2023, a shareholder converted 13,667 shares of Series B Preferred Stock into 1,366,700 shares of common stock, restricted in accordance with Rule 144.

 

Common Stock Issued for Services

 

On September 18, 2023, the Company issued 1,000,000 shares of common stock, restricted in accordance with Rule 144, to ClearThink Capital Partners, LLC, for services provided. The aggregate fair value of the common stock was $84,000, based on the closing price of the Company’s common stock on the date of grant.

 

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: November 15, 2023
	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: November 15, 2023

 

 

 

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: November 15, 2023

 

 

 

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 September 30, 2023 (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: November 15, 2023
/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 September 30, 2023 (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: November 15, 2023
/s/ Timothy Woods
Name: Timothy Woods
Title: Chief Financial Officer

 

 

v3.23.3

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-56151
Entity Registrant Name	ONE WORLD PRODUCTS, INC.
Entity Central Index Key	0001622244
Entity Tax Identification Number	61-1744826
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	6605 Grand Montecito Pkwy
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89149
City Area Code	(800)
Local Phone Number	605-3210
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		78,308,357

v3.23.3

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 10,152	$ 11,016
Accounts receivable	12,488	12,355
Inventory	312,736	54,153
Other current assets	25,724	45,943
Total current assets	361,100	123,467
Other assets	213,593	179,927
Right-of-use assets		425,969
Security deposits	85,000	1,449,808
Fixed assets, net	2,367,417	988,536
Total Assets	3,027,110	3,167,707
Current liabilities:
Accounts payable	815,841	798,067
Accrued expenses	1,238,479	948,458
Deferred revenues	11,545	11,808
Dividends payable	181,651	137,843
Current portion of lease liabilities		86,235
Total current liabilities	4,513,253	2,227,435
Long-term lease liability		341,680
Total Liabilities	4,513,253	4,219,115
Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
Common stock, $0.001 par value, 300,000,000 shares authorized; 76,736,274 and 67,202,907 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	76,736	67,203
Additional paid-in capital	18,062,344	17,123,603
Subscriptions payable	45,000
Accumulated other comprehensive income (loss)	94,671	(50,699)
Accumulated (deficit)	(24,489,739)	(22,976,365)
Total Stockholders’ Equity (Deficit)	(6,210,988)	(5,836,258)
Total Liabilities and Stockholders’ Equity (Deficit)	3,027,110	3,167,707
Series A Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock value	997,330	702,330
Series B Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock value	3,727,515	4,082,520
Related Party [Member]
Current liabilities:
Convertible note payable, related party, current maturities	750,000
Notes payable	1,061,500	99,500
Convertible note payable, related party		750,000
Notes payable, related parties, long-term portion		900,000
Nonrelated Party [Member]
Current liabilities:
Notes payable	454,237	145,524
Notes payable, related parties, long-term portion

v3.23.3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Notes payable, debt discounts	$ 53,442
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	9,200,000	9,200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	76,736,274	67,202,907
Common stock, shares outstanding	76,736,274	67,202,907
Series A Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	500,000	500,000
Temporary equity, shares issued	99,733	70,233
Temporary equity, shares outstanding	99,733	70,233
Preferred stock, par value	$ 10
Preferred stock, shares authorized	10,000,000
Series B Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	300,000	300,000
Temporary equity, shares issued	248,501	272,168
Temporary equity, shares outstanding	248,501	272,168
Preferred stock, par value	$ 15

v3.23.3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 5,906	$ 33,373	$ 8,082	$ 76,384
Cost of goods sold	767	23,969	1,866	54,765
Gross profit (loss)	5,139	9,404	6,216	21,619
Operating expenses:
General and administrative	142,464	378,910	907,595	1,148,100
Professional fees	236,139	95,946	413,651	380,801
Depreciation expense	9,274	9,883	25,578	34,540
Total operating expenses	387,877	484,739	1,346,824	1,563,441
Operating loss	(382,738)	(475,335)	(1,340,608)	(1,541,822)
Other income (expense):
Sublease income				1,000
Loss on sale of fixed assets		(9,041)		(9,041)
Gain on early extinguishment of lease		20,148	4,397	20,148
Gain on early extinguishment of debt				121,372
Interest income	3		6	41
Interest expense	(67,571)	(529,915)	(177,169)	(886,837)
Total other expense	(67,568)	(518,808)	(172,766)	(753,317)
Net loss	(450,306)	(994,143)	(1,513,374)	(2,295,139)
Other comprehensive loss:
Gain (loss) on foreign currency translation	(32,831)	2,334	145,370	6,806
Net other comprehensive loss	(483,137)	(991,809)	(1,368,004)	(2,288,333)
Series A convertible preferred stock declared ($0.60 per share)	(15,083)	(9,866)	(43,808)	(28,971)
Net loss attributable to common shareholders	$ (498,220)	$ (1,001,675)	$ (1,411,812)	$ (2,317,304)
Weighted average number of common shares
outstanding - basic	74,958,373	66,080,317	71,436,129	65,850,852
outstanding - diluted	74,958,373	66,080,317	71,436,129	65,850,852
Net loss per share - basic	$ (0.01)	$ (0.02)	$ (0.02)	$ (0.04)
Net loss per share - diluted	(0.01)	(0.02)	(0.02)	(0.04)
Dividends declared per share of common stock	$ 0.00	$ 0.00	$ 0.00	$ 0.00

v3.23.3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Sep. 30, 2022
Series A Convertible Preferred Stock [Member]
Purchase price per share	$ 0.60	$ 0.60

v3.23.3

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock [Member] Series A Convertible Preferred Stock [Member]	Preferred Stock [Member] Series B Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Subscriptions Payable [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 652,330	$ 3,577,515	$ 65,600	$ 16,843,656	$ 21,725	$ (64,347)	$ (19,916,888)	$ (3,050,254)
Balance, shares at Dec. 31, 2021	65,233	238,501	65,599,565
Common stock issued for services			$ 1,603	154,250	(21,725)			134,128
Common stock issued for services, shares			1,603,342
Amortization of common stock options issued for services				123,440				123,440
Series A convertible preferred stock dividend declared ($0.60 per share)				(28,971)				(28,971)
Gain on foreign currency translation						6,806		6,806
Net loss							(2,295,139)	(2,295,139)
Series B Convertible Preferred Stock sold for cash		$ 150,000
Series B convertible preferred stock sold for cash, shares		10,000
Series B Convertible Preferred Stock issued as a commitment fee on ELOC		$ 205,005
Series B convertible preferred stock issued as commitment fee on ELOC, shares		13,667
Balance at Sep. 30, 2022	$ 652,330	$ 3,932,520	$ 67,203	17,092,375		(57,541)	(22,212,027)	(5,109,990)
Balance, shares at Sep. 30, 2022	65,233	262,168	67,202,907
Balance at Jun. 30, 2022	$ 652,330	$ 3,577,515	$ 65,862	16,928,274		(59,875)	(21,217,884)	(4,283,623)
Balance, shares at Jun. 30, 2022	65,233	238,501	65,861,631
Common stock issued for services			$ 1,341	132,787				134,128
Common stock issued for services, shares			1,341,276
Amortization of common stock options issued for services				41,180				41,180
Series A convertible preferred stock dividend declared ($0.60 per share)				(9,866)				(9,866)
Gain on foreign currency translation						2,334		2,334
Net loss							(994,143)	(994,143)
Series B Convertible Preferred Stock sold for cash		$ 150,000
Series B convertible preferred stock sold for cash, shares		10,000
Series B Convertible Preferred Stock issued as a commitment fee on ELOC		$ 205,005
Series B convertible preferred stock issued as commitment fee on ELOC, shares		13,667
Balance at Sep. 30, 2022	$ 652,330	$ 3,932,520	$ 67,203	17,092,375		(57,541)	(22,212,027)	(5,109,990)
Balance, shares at Sep. 30, 2022	65,233	262,168	67,202,907
Balance at Dec. 31, 2022	$ 702,330	$ 4,082,520	$ 67,203	17,123,603		(50,699)	(22,976,365)	(5,836,258)
Balance, shares at Dec. 31, 2022	70,233	272,168	67,202,907
Series B preferred stock conversions		$ (355,005)	$ 2,366	352,639				355,005
Series B preferred stock conversions, shares		(23,667)	2,366,700
Common stock issued for services			$ 2,500	171,350				173,850
Common stock issued for services, shares			2,500,000
Amortization of common stock options issued for services				121,052				121,052
Series A convertible preferred stock dividend declared ($0.60 per share)				(43,808)				(43,808)
Gain on foreign currency translation						145,370		145,370
Net loss							(1,513,374)	(1,513,374)
Series A Convertible Preferred Stock sold for cash	$ 250,000
Series A convertible preferred stock sold for cash, shares	25,000
Series A Convertible Preferred Stock issued for services	$ 45,000				45,000			45,000
Series A Convertible Preferred Stock issued for services, shares	4,500
Commitment shares issued pursuant to promissory note			$ 1,667	40,508				42,175
Commitment shares issued pursuant to promissory note, shares			1,666,667
Common stock sold for cash			$ 3,000	297,000				300,000
Common stock sold for cash, shares			3,000,000
Balance at Sep. 30, 2023	$ 997,330	$ 3,727,515	$ 76,736	18,062,344	45,000	94,671	(24,489,739)	(6,210,988)
Balance, shares at Sep. 30, 2023	99,733	248,501	76,736,274
Balance at Jun. 30, 2023	$ 997,330	$ 4,082,520	$ 73,370	17,594,074		127,502	(24,039,433)	(6,244,487)
Balance, shares at Jun. 30, 2023	99,733	272,168	73,369,574
Series A preferred stock to be issued for services					45,000			45,000
Series B preferred stock conversions		$ (355,005)	$ 2,366	352,639				355,005
Series B preferred stock conversions, shares		(23,667)	2,366,700
Common stock issued for services			$ 1,000	83,000				84,000
Common stock issued for services, shares			1,000,000
Amortization of common stock options issued for services				47,714				47,714
Series A convertible preferred stock dividend declared ($0.60 per share)				(15,083)				(15,083)
Gain on foreign currency translation						(32,831)		(32,831)
Net loss							(450,306)	(450,306)
Balance at Sep. 30, 2023	$ 997,330	$ 3,727,515	$ 76,736	$ 18,062,344	$ 45,000	$ 94,671	$ (24,489,739)	$ (6,210,988)
Balance, shares at Sep. 30, 2023	99,733	248,501	76,736,274

v3.23.3

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Series A Convertible Preferred Stock [Member]
Share issued price per share	$ 0.60	$ 0.60	$ 0.60	$ 0.60

v3.23.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (1,513,374)	$ (2,295,139)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	25,578	34,540
Loss on disposal of fixed assets		9,041
Gain on early extinguishment of lease	(4,397)	(20,148)
Gain on early extinguishment of debt		(121,372)
Amortization of debt discounts	26,233	412,673
Series A preferred stock issued for services	90,000
Common stock issued for services	173,850	339,133
Stock options issued for services	121,052	123,440
Decrease (increase) in assets:
Accounts receivable	(133)	(11,216)
Inventory	(258,583)	(120,625)
Other current assets	20,219	109,578
Other assets	(33,666)	(33,327)
Right-of-use assets	34,391	84,667
Security deposits		(194,020)
Increase (decrease) in liabilities:
Accounts payable	17,774	259,049
Accrued expenses	290,021	357,650
Deferred revenues	(263)	5,176
Lease liability	(31,940)	(64,067)
Net cash used in operating activities	(1,043,238)	(1,124,967)
Cash flows from investing activities
Proceeds received on sale of fixed assets		6,350
Purchase of fixed assets	(5,046)	(43,201)
Net cash used in investing activities	(5,046)	(36,851)
Cash flows from financing activities
Proceeds received on convertible note payable		750,000
Repayment of convertible note payable		(750,000)
Proceeds from notes payable, related parties	62,000	99,500
Proceeds from notes payable	262,500	868,081
Proceeds from sale of preferred and common stock	550,000	150,000
Net cash provided by financing activities	874,500	1,117,581
Effect of exchange rate changes on cash	172,920	(6,820)
Net increase (decrease) in cash	(864)	(51,057)
Cash - beginning	11,016	119,678
Cash - ending	10,152	68,621
Supplemental disclosures:
Interest paid	40,693	79,269
Income taxes paid
Non-cash investing and financing transactions:
Dividends payable	43,808	28,971
Initial recognition of right-of-use assets and lease liabilities		1,535,706
Deposit on equipment settled with note payable	35,000
Value of debt discounts attributable to commitment shares	$ 42,175

v3.23.3

Nature of Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Note 1 – Nature of Business and Significant Accounting Policies   Nature of Business   One World Products, Inc. (the “Company,” “we,” “our” or “us”) was incorporated in Nevada on September 2, 2014. On February 21, 2019, we entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., our wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian company (“OWP Colombia”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP Colombia) by the merger of OWP Merger Subsidiary with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”). As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 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 our common stock at a conversion price equal to the lesser of $0.424 per share or 80% of the price we sell our 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 all of its customers are expected to be 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 Colombia. OWP Colombia is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients for both medical and industrial uses across the globe. We have received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the few companies in Colombia to receive all four licenses, including seed use, cultivation of non-psychoactive cannabis, cultivation of psychoactive cannabis, and manufacturing allowing for extraction and export. Currently, we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have entered into agreements with local farming cooperatives that include small farmers and indigenous tribe members, under which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis. We began harvesting cannabis in the first quarter of 2019 for the purpose of further research and development activities, quality control testing and extraction. We have been generating revenue from the sale of our seeds since the second quarter of 2020. During the first quarter of 2022, we made payments of approximately $1,400,000 for a state-of-the-art distillation machine that was placed in service during the second quarter of 2023 within our vertically integrated extraction facility.   Basis of Presentation   The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions have been eliminated.   The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Principles of Consolidation   The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2023:  Schedule of Common Control and Ownership Interest     State of     Name of Entity   Incorporation   Relationship One World Products, Inc.(1)   Nevada   Parent OWP Ventures, Inc.(2)   Delaware   Subsidiary One World Pharma S.A.S.(3)   Colombia   Subsidiary Colombian Hope, S.A.S.(4)   Colombia   Subsidiary Agrobase, S.A.S.(5)   Colombia   Subsidiary   (1) Holding company in the form of a corporation. (2) Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. (3) Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. (4) Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. (5) Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company commenced operations during 2023.   The consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters are located in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia.   Reclassifications   Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.   Foreign Currency Translation   The functional currency of the Company is Colombian Peso (COP). The Company has maintained its financial statements using the functional currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods.   Comprehensive Income   The Company has adopted the Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.   Segment Reporting   ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Fair Value of Financial Instruments   The Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures (ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.   Cash in Excess of FDIC Insured Limits   The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, under current regulations. The Company did not have any cash in excess of FDIC insured limits at September 30, 2023, 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 sales to date have primarily consisted of the sale of seeds. These sales include multi-element arrangements whereby the Company collects 50% of the sale upon delivery of the sales, and the remaining 50% upon the completion of the harvest, whether the seeds result in a successful crop, or not. In addition, the Company has a right of first refusal to purchase products resulting from the harvest. At September 30, 2023, the Company had $11,545 of deferred revenues and $6,760 of deferred cost of goods sold, as included in other current assets on the balance sheet, that are expected to be recognized upon the customers’ completion of their future harvests.   Inventory   Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts.   Stock-Based Compensation   The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.   Basic and Diluted Loss Per Share   The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.   Recent Accounting Pronouncements   From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.   In July 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.” ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did not have a material impact on our financial statements.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which creates an exception to the general recognition and measurement principle for contract assets and contract liabilities from contracts with customers acquired in a business combination. The new guidance will require companies to apply the definition of a performance obligation under accounting standard codification ASC Topic 606 to recognize and measure contract assets and contract liabilities (i.e., deferred revenue) relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer in a business combination is generally required to recognize and measure the assets it acquires and the liabilities it assumes at fair value on the acquisition date. The new guidance will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606. These amendments are effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of ASU 2021-08 did not have a material impact on the Company’s financial statements or related disclosures.   In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2021-04 has not had a material impact on the Company’s financial statements or related disclosures.   In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements, as we transitioned from the London Interbank Offered Rate, commonly referred to as LIBOR, to alternative references rates, as well as utilizing the aforementioned expedients and exceptions provided in ASU 2020-04.   In August 2020, the FASB issued ASU No. 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if converted method. The new guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2020-06 has not had a material impact on the Company’s financial statements or related disclosures.   No other new accounting pronouncements, issued or effective during the period ended September 30, 2023, have had or are expected to have a significant impact on the Company’s financial statements.

v3.23.3

Going Concern	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2 –Going Concern   As shown in the accompanying condensed consolidated financial statements as of September 30, 2023, our balance of cash on hand was $10,152, and we had negative working capital of $4,152,153 and an accumulated deficit of $24,489,739. 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.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   The condensed consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The condensed consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Our ability to scale production and distribution capabilities and further increase the value of our brands, is largely dependent on our success in raising additional capital.

v3.23.3

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 3 – Related Party Transactions   Common Stock Issued for Services, Related Party   On June 15, 2023, the Company issued 1,500,000 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.

v3.23.3

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Fair Value of Financial Instruments	Note 4 – Fair Value of Financial Instruments   Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.   The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:   Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.   Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).   Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.   The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of September 30, 2023 and December 31, 2022, respectively:  Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis     Level 1     Level 2     Level 3       Fair Value Measurements at September 30, 2023       Level 1     Level 2     Level 3   Assets                         Cash   $ 10,152     $ -     $    -   Total assets     10,152       -       -   Liabilities                         Convertible note payable, related party     -       750,000       -   Notes payable, related parties     -       1,061,500       -   Notes payable , net of $53,442 of debt discounts at September 30, 2023     -       454,237       -   Total liabilities     -       (2,265,737 )     -   Total assets and liabilities   $ 10,152     $ (2,265,737 )   $ -         Level 1     Level 2     Level 3       Fair Value Measurements at December 31, 2022       Level 1     Level 2     Level 3   Assets                         Cash   $ 11,016     $ -     $ -   Right-of-use asset     -       -       425,969   Total assets     11,016       -       425,969   Liabilities                         Lease liabilities             -       427,915   Convertible notes payable     -       750,000       -   Notes payable     -       145,524       -   Notes payable, related parties     -       999,500       -   Total liabilities     -       (1,895,024 )     (427,915 ) Total assets and liabilities   $ 11,016     $ (1,895,024 )   $ (1,946 )   There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the nine months ended September 30, 2023 or the year ended December 31, 2022.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)

v3.23.3

Inventory	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Note 5 – Inventory   Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts. Inventory consisted of the following at September 30, 2023 and December 31, 2022, respectively.    Schedule of Inventory     September 30,     December 31,       2023     2022   Raw materials   $ 21,934     $ 18,580   Work in progress     30,174       1,464   Finished goods     316,100       80,858   Inventory gross     368,208       100,902   Less obsolescence     (55,472 )     (46,749 ) Total inventory   $ 312,736     $ 54,153

v3.23.3

Other Current Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Note 6 – Other Current Assets   Other current assets included the following as of September 30, 2023 and December 31, 2022, respectively:   Schedule of Other Current Assets     September 30,     December 31,       2023     2022   Prepaid expenses   $ 18,964     $ 39,288   Deferred cost of goods sold     6,760       6,655   Total   $ 25,724     $ 45,943

v3.23.3

Other Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 7 – Other Assets   Other assets consist entirely of VAT receivables in the amounts of $213,593 and $179,927 at September 30, 2023 and December 31, 2022, respectively, which will be repaid to the Company by the applicable taxing authority upon the successful export of the products for which the taxes were originally paid.

v3.23.3

Security Deposits	9 Months Ended
	Sep. 30, 2023
Security Deposits
Security Deposits	Note 8 – Security Deposits   Security deposits included the following as of September 30, 2023 and December 31, 2022, respectively:   Schedule of Security Deposits     September 30,     December 31,       2023     2022   Refundable deposit on equipment purchase   $ 85,000     $ 50,000   Down payment on distillation equipment     -       1,399,413   Security deposits on leases held in Colombia     -       395   Security deposits   $ 85,000     $ 1,449,808       ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)

v3.23.3

Fixed Assets	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Fixed Assets	Note 9 – Fixed Assets   Fixed assets consist of the following at September 30, 2023 and December 31, 2022, respectively:   Schedule of Fixed Assets     September 30,     December 31,       2023     2022   Land   $ 138,248     $ 138,248   Buildings     473,971       473,971   Office equipment     30,902       30,902   Furniture and fixtures     6,495       6,495   Equipment and machinery     1,828,006       423,547   Fixed assets, gross     2,477,622       1,073,163   Less: accumulated depreciation     (110,205 )     (84,627 ) Total   $ 2,367,417     $ 988,536     Depreciation and amortization expense totaled $25,578 and $34,540 for the nine months ended September 30, 2023 and 2022, respectively.

v3.23.3

Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Note 10 – Accrued Expenses   Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022, respectively:   Schedule of Accrued Expenses     September 30,     December 31,       2023     2022   Accrued payroll   $ 771,199     $ 613,569   Accrued withholding taxes and employee benefits     42,764       31,632   Accrued ICA fees and contributions     178,053       167,037   Accrued interest     246,463       136,220   Accrued expenses   $ 1,238,479     $ 948,458

v3.23.3

Deferred Revenues	9 Months Ended
	Sep. 30, 2023
Deferred Revenues
Deferred Revenues	Note 11 – Deferred Revenues   Arrangements with customers include multiple deliverables, consisting of an initial delivery of seeds and a contingent portion of the purchase price that is payable on the customer’s future harvest of the plants grown from such seeds. Deferred revenues associated with these multiple-element arrangements were $11,545 and $11,808 at September 30, 2023 and December 31, 2022, respectively. Related deferred cost of goods sold were $6,760 and $6,655 at September 30, 2023 and December 31, 2022, respectively, resulting in deferred gross margins of $4,785 and $5,153 at September 30, 2023 and December 31, 2022, respectively, that is expected to be recognized upon the customers’ completion of their harvests in future periods.

v3.23.3

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	Note 12 – Leases   On April 28, 2023, the Company leased commercial property for its extraction facility under a commercial lease contract at a monthly lease rate of 3,000,000 COP (approximately $645) over a one-year term. The lease shall be automatically extended for another one year period with respect to a mutually agreed upon lease rate at the time of extension. Either party can terminate the lease three months prior to the expiration of the lease term.   In addition, the Company leases its corporate offices and operational facility in Colombia under short-term non-cancelable real property lease agreements that expire within a year. The Company doesn’t have any other office or equipment leases that would require capitalization. The office lease contains provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. In the locations in which it is economically feasible to continue to operate, management expects to enter into a new lease upon expiration. The extraction facility lease contained provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. As the Company’s leases do not provide implicit discount rates, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Terminated Leases   The Company leased its 12,400 square foot extraction facility under a non-cancelable real property lease agreement that commenced on January 1, 2022 and was to expire on December 31, 2027, at a monthly lease rate of 57,339,000 COP (approximately $15,290). The Company terminated the lease on September 30, 2022, resulting in termination fees of approximately $7,700. A gain of $20,148 was recognized on the early extinguishment of the lease for the year ended December 31, 2022.   On October 1, 2022, the Company entered into a five-year non-cancelable property lease, with an automatic five year extension, for a new extraction facility with combined office space, at a monthly lease term of 29,000,000 COP plus VAT and administration fees (approximately $6,300 in the aggregate), with annual escalation of lease payments equal to the consumer price index, plus 2%. The Company terminated the lease on May 23, 2023, resulting in a gain of $3,825 on the early extinguishment of the lease for the nine months ended September 30, 2023.   The Company also leased a residential premise under a non-cancelable real property lease agreement that commenced on September 1, 2021 that was to expire on August 31, 2024, at a monthly lease term of 3,800,000 COP (approximately $1,013), with approximately a 3% annual escalation of lease payments commencing September 1, 2022. The Company terminated the lease on April 1, 2023, resulting in a gain of $372 on the early extinguishment of the lease for the nine months ended September 30, 2023.   The Company leased another residential premise under a non-cancelable real property lease agreement that commenced on June 1, 2022 and expires on May 30, 2024, at a monthly lease term of 1,900,000 COP (approximately $507), with an 8% annual escalation of lease payments commencing June 1, 2023. The Company terminated the lease on April 1, 2023, resulting in a gain of $200 on the early extinguishment of the lease for the nine months ended September 30, 2023.   The components of lease expense were as follows:   Schedule of Components of Lease Expense     2023     2022       For the Nine Months Ended       September 30,       2023     2022   Operating lease cost:                 Amortization of right-of-use assets   $ 34,391     $ 33,431   Interest on lease liabilities     11,379       26,463   Lease payments on short term leases     1,290       12,590   Total operating lease cost   $ 47,060     $ 72,484     Supplemental balance sheet information related to leases was as follows:   Schedule of Supplemental Balance Sheet Information Related to Leases     September 30,     December 31,       2023     2022   Operating lease:                 Operating lease assets   $ -     $ 425,969                     Current portion of operating lease liabilities   $ -       86,235   Noncurrent operating lease liabilities     -       341,680   Total operating lease liability   $ -     $ 427,915                     Weighted average remaining lease term:                 Operating leases     None       4.25 years                     Weighted average discount rate:                 Operating lease     6.75 %     6.75 %   Supplemental cash flow and other information related to operating leases was as follows:   Schedule of Supplemental Cash Flow Related to Operating Leases     2023     2022       For the Nine Months Ended       September 30,       2023     2022   Cash paid for amounts included in the measurement of lease liabilities:                 Operating cash flows used for operating leases   $ 31,940     $ 38,725                     Leased assets obtained in exchange for lease liabilities:                 Total operating lease liabilities   $ -     $ 1,535,706                     Gain on early extinguishment of debt:   $ 4,397     $ -       ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)

v3.23.3

Convertible Note Payable, Related Party	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Convertible Note Payable, Related Party	Note 13 – Convertible Note Payable, Related Party   Convertible note payable, related party consists of the following at September 30, 2023 and December 31, 2022, respectively:   Schedule of Convertible Note Payable Related Party     September 30,     December 31,       2023     2022   On September 27, 2022     750,000       750,000   On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matures on September 16, 2024 (the “Maturity Date”), bears interest at a rate of 8% per annum, and the principal and interest is convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share.   $ 750,000     $ 750,000                     Total convertible note payable, related party     750,000       750,000   Less: current maturities     -       -   Convertible note payable, related party, long-term portion   $ 750,000     $ 750,000     The Company recorded interest expense pursuant to the stated interest rates on the convertible note, related party in the amount of $44,877 and $43,899 for the nine months ended September 30, 2023 and 2022, respectively.

v3.23.3

Notes Payable, Related Parties	9 Months Ended
	Sep. 30, 2023
Notes Payable Related Parties
Notes Payable, Related Parties	Note 14 – Notes Payable, Related Parties   Notes payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Notes Payable Related Party     September 30,     December 31,       2023     2022                 On September 11, 2023, the Company received an advance of $52,000 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.   $ 52,000     $ -                     On August 31, 2023, the Company 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.     4,000       -                     On August 14, 2023, the Company 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.     6,000       -                     On August 5, 2022, the Company 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.     50,000       50,000                     On August 2, 2022, the Company received an advance of $4,500 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     4,500       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.     100,000       100,000                     On July 7, 2022, the Company 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.     5,000       5,000                     On June 3, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       10,000                     On May 5, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       10,000                     On May 5, 2022, the Company 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.     20,000       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.     400,000       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.     200,000       200,000                     On December 29, 2021, the Company 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.     200,000       200,000                     Total notes payable, related party     1,061,500       999,500   Less: current maturities     1,061,500       99,500   Notes payable, related party, long-term portion   $ -     $ 900,000     The Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $58,804 and $43,763 for the nine months ended September 30, 2023 and 2022, respectively.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)

v3.23.3

Notes Payable	9 Months Ended
	Sep. 30, 2023
Notes Payable
Notes Payable	Note 15 – Notes Payable  Schedule of Notes Payable     September 30,     December 31,       2023     2022   On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 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     $ -                     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 are being amortized as a debt discount over the life of the loan.   The Third AJB Note matures on March 23, 2024 (the “Maturity Date”), bears interest at a rate of 12% per annum, and, following an event of default only, is 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 is 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 is being 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.     300,000       -                     On September 15, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 55,488,000 COP, or approximately $12,243, on a loan with a face value of 70,000,000 COP, or approximately $15,445, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $3,202 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $1,823 due to foreign currency translation adjustments.     17,268       14,552                     On June 17, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 230,400,000 COP, or approximately $55,821, on a loan with a face value of 240,000,000 COP, or approximately $58,147, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $2,326 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $3,383 due to foreign currency translation adjustments.     59,204       49,894                     On May 31, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 314,640,000 COP, or approximately $76,231, on a loan with a face value of 360,000,000 COP, or approximately $87,220, from an individual pursuant to promissory note, security by equipment, bearing interest at 2.1% per month, or 25% per annum, which matured on November 28, 2022 and is currently past due. The debt discount of $10,990 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $1,586 due to foreign currency translation adjustments.     88,806       74,841                     On May 30, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 20,000,000 COP, or approximately $4,846, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $88 due to foreign currency translation adjustments.     4,934       4,158                     On April 29, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 10,000,000 COP, or approximately $2,423, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $44 due to foreign currency translation adjustments.     2,467       2,079                     Total notes payable     507,679       145,524   Less: unamortized debt discounts     53,442       -   Notes payable, net of discounts     454,237       145,524   Less: current maturities     454,237       145,524   Notes payable, long-term portion   $ -     $ -     The Company recognized aggregate debt discounts on the notes payable to AJB Capital for the nine months ended September 30, 2023, as follows:     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Schedule of Notes Payable Debt Discounts     September 30,       2023           Fair value of 1,666,667 commitment shares of common stock   $ 42,175   Original issue discounts     24,000   Legal and brokerage fees     13,500   Total debt discounts     79,675   Amortization of debt discounts     26,233   Unamortized debt discounts   $ 53,442     The aggregate debt discounts of $79,675, for the nine months ended September 30, 2023, are being amortized over the life of the loan using the straight-line method, which approximates the effective interest method. The Company recorded finance expense in the amount of $26,233 and $-0- on the amortization of these discounts for the nine months ended September 30, 2023 and 2022, 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 $47,255 and $21,120 for the nine months ended September 30, 2023 and 2022, respectively.   The Company recognized interest expense for the nine months ended September 30, 2023 and 2022, as follows: Schedule of Interest Expenses     September 30,     September 30,       2023     2022                 Finance cost on equity line of credit   $ -     $ 15,000   Interest on convertible notes, related party     44,877       43,899   Interest on notes payable, related parties     58,804       43,763   Interest on notes payable     47,255       21,120   Amortization of debt discounts     13,549       50,753   Amortization of debt discounts, common stock     12,684       106,894   Amortization of debt discounts, warrants     -       255,026   Series B preferred stock issued as a commitment on an ELOC     -       205,005   Common stock issued as a commitment on the 2nd AJB Note     -       134,128   Interest on accounts payable     -       11,249   Total interest expense   $ 177,169     $ 886,837

v3.23.3

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2023
Convertible Preferred Stock
Convertible Preferred Stock	Note 16 – Convertible Preferred Stock   Preferred Stock   The Company has 10,000,000 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 September 30, 2023, there were 99,733 and 248,501 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.   The Series A and B Preferred Stock have been classified outside of permanent equity and liabilities. the Series A Preferred Stock embodies conditional obligations that the Company may settle by issuing a variable number of equity shares, and in both the Series A and B Preferred Stock, monetary value of the obligation is based on a fixed monetary amount known at inception.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Series A Preferred Stock Sales   On various dates between January 4, 2023 and April 3, 2023, the Company received total proceeds from four accredited investors of $250,000 from the sale of 25,000 units, consisting in the aggregate of 25,000 shares of series A preferred stock and five-year warrants to purchase an aggregate 2,500,000 shares of common stock at an exercise price of $0.25 per share. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis.   Series A Preferred Stock Payable, Consultants   On July 1, 2023, the Company was obligated to issue 4,500 shares of series A preferred stock in consideration of consulting services. The fair value of the shares was $45,000, based on recent sales prices of the Company’s series A preferred stock on the date of grant. The fair value of the shares have been recognized as a subscription payable, as the shares have not yet been issued.   Series A Preferred Stock Issued for Services, Consultants   On January 1, 2023, the Company issued 4,500 shares of series A preferred stock in consideration of consulting services. The fair value of the shares was $45,000, based on recent sales prices of the Company’s series A preferred stock on the date of grant.   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 $43,808 and $28,971 for the nine months ended September 30, 2023 and 2022, respectively. A total of $181,651 of dividends had accrued as of September 30, 2023.   Series B Preferred Stock Issuances   On September 12, 2023, a shareholder converted 10,000 shares of Series B Preferred Stock into 1,000,000 shares of common stock.   On July 7, 2023, a shareholder converted 13,667 shares of Series B Preferred Stock into 1,366,700 shares of common stock.

v3.23.3

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17 – Commitments and Contingencies   Equity Line of Credit   On September 1, 2022, the Company entered into a Purchase Agreement (the “ELOC Purchase Agreement”) with Tysadco Partners, LLC (“Tysadco”). Pursuant to the ELOC Purchase Agreement, Tysadco has agreed to purchase from the Company, from time to time upon delivery by the Company to Tysadco of “Request Notices,” and subject to the other terms and conditions set forth in the ELOC Purchase Agreement, up to an aggregate of $10,000,000 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

v3.23.3

Changes in Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Changes in Stockholders’ Equity	Note 18 – Changes in Stockholders’ Equity   Common Stock   The Company is authorized to issue an aggregate of 300,000,000 shares of common stock with a par value of $0.001. As of September 30, 2023, there were 76,736,274 shares of common stock issued and outstanding.   Common Stock Sales   On February 14, 2023, the Company sold 3,000,000 shares of common stock at a price of $0.10 per share for total cash proceeds of $300,000.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Common Stock Issued as a Commitment Fee   On June 23, 2023, the Company paid a commitment fee to AJB Capital in the form of 1,666,667 shares of common stock in connection with the issuance of the Third AJB Note (defined above). The aggregate fair value of the common stock was $42,175, based on the closing price of the Company’s common stock on the date of grant. The shares are being amortized as a debt discount over the life of the loan.   Common Stock Issued for Services, Related Party   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.   Common Stock Issued for Services   On September 18, 2023, the Company issued 1,000,000 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The aggregate fair value of the common stock was $84,000, based on the closing price of the Company’s common stock on the date of grant. The shares were expensed upon issuance.   Amortization of Stock-Based Compensation   A total of $121,052 and $123,440 of stock-based compensation expense was recognized from the amortization of options to purchase common stock over their vesting period during the nine months ended September 30, 2023 and 2022, respectively.

v3.23.3

Common Stock Options	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Common Stock Options	Note 19 – Common Stock Options   Stock Incentive Plan   On February 12, 2020, the Company’s stockholders approved our 2019 Stock Incentive Plan (the “2019 Plan”), which had been adopted by the Company’s Board of Directors (the “Board”) as of December 10, 2019. The 2019 Plan provides for the issuance of up to 10,000,000 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 10,392,000 shares of common stock at a weighted average strike price of $0.14, exercisable over a weighted average life of 7.37 years were outstanding as of September 30, 2023.   Options Granted   On August 22, 2023, the Company awarded options to purchase 250,000 shares of common stock under the 2019 Plan at an exercise price equal to $0.10 per share, exercisable over a ten year period to a consultant. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 145% and a call option value of $0.0735, was $18,367. The options were fully vested, resulting in $18,367 of stock-based compensation expense during the nine months ending September 30, 2023.   The Company recognized a total of $121,052, and $123,440 of compensation expense during the nine months ended September 30, 2023 and 2022, 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 $29,342 as of September 30, 2023.

v3.23.3

Warrants	9 Months Ended
	Sep. 30, 2023
Warrants
Warrants	Note 20 – 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 2.16 years were outstanding as of September 30, 2023.   Warrants Granted   On April 3, 2023, the Company received proceeds of $100,000 from the sale of 10,000 units, consisting of 10,000 shares of Series A Preferred Stock and five-year warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 146% and a weighted average call option value of $0.0635, was $63,508.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   On January 27, 2023, the Company received proceeds of $100,000 from the sale of 10,000 units, consisting of 10,000 shares of Series A Preferred Stock and five-year warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 148% and a weighted average call option value of $0.0672, was $67,180.   On January 9, 2023, the Company received proceeds of $25,000 from the sale of 2,500 units, consisting of 2,500 shares of Series A Preferred Stock and five-year warrants to purchase 250,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 152% and a weighted average call option value of $0.0550, was $13,757.   On January 4, 2023, the Company received proceeds of $25,000 from the sale of 2,500 units, consisting of 2,500 shares of Series A Preferred Stock and five-year warrants to purchase 250,000 shares of common stock at an exercise price of $0.25 per share from an accredited investor. The proceeds received were allocated between the Series A Preferred Stock and warrants on a relative fair value basis. The aggregate estimated value of the warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 156% and a weighted average call option value of $0.0559, was $13,970.

v3.23.3

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 21 – Income Taxes   The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.   For the nine months ended September 30, 2023, and the year ended December 31, 2022, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At September 30, 2023, the Company had approximately $9,746,000 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 September 30, 2023 and December 31, 2022, respectively.   In accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.

v3.23.3

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 22 – Subsequent Events   The Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued.   Related Party Debt Financing   On October 11, 2023, the Company received an advance of $25,000 from the Company’s President, Joerg Sommer, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate.   Common Stock Sales   On October 2, 2023, the Company sold 1,000,000 shares of common stock at a price of $0.10 per share for total cash proceeds of $100,000.   Common Stock Issued for Services   On October 4, 2023, the Company issued 572,083 shares of common stock to ClearThink Capital Partners, LLC, for services provided. The aggregate fair value of the common stock was $51,487, based on the closing price of the Company’s common stock on the date of grant.

v3.23.3

Nature of Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Nature of Business	Nature of Business   One World Products, Inc. (the “Company,” “we,” “our” or “us”) was incorporated in Nevada on September 2, 2014. On February 21, 2019, we entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., our wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian company (“OWP Colombia”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP Colombia) by the merger of OWP Merger Subsidiary with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”). As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 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 our common stock at a conversion price equal to the lesser of $0.424 per share or 80% of the price we sell our 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 all of its customers are expected to be 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 Colombia. OWP Colombia is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients for both medical and industrial uses across the globe. We have received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the few companies in Colombia to receive all four licenses, including seed use, cultivation of non-psychoactive cannabis, cultivation of psychoactive cannabis, and manufacturing allowing for extraction and export. Currently, we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition, we have entered into agreements with local farming cooperatives that include small farmers and indigenous tribe members, under which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell their harvested products to us on an exclusive basis. We began harvesting cannabis in the first quarter of 2019 for the purpose of further research and development activities, quality control testing and extraction. We have been generating revenue from the sale of our seeds since the second quarter of 2020. During the first quarter of 2022, we made payments of approximately $1,400,000 for a state-of-the-art distillation machine that was placed in service during the second quarter of 2023 within our vertically integrated extraction facility.
Basis of Presentation	Basis of Presentation   The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions have been eliminated.   The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)
Principles of Consolidation	Principles of Consolidation   The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2023:  Schedule of Common Control and Ownership Interest     State of     Name of Entity   Incorporation   Relationship One World Products, Inc.(1)   Nevada   Parent OWP Ventures, Inc.(2)   Delaware   Subsidiary One World Pharma S.A.S.(3)   Colombia   Subsidiary Colombian Hope, S.A.S.(4)   Colombia   Subsidiary Agrobase, S.A.S.(5)   Colombia   Subsidiary   (1) Holding company in the form of a corporation. (2) Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. (3) Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. (4) Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. (5) Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company commenced operations during 2023.   The consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters are located in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia.
Reclassifications	Reclassifications   Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.
Foreign Currency Translation	Foreign Currency Translation   The functional currency of the Company is Colombian Peso (COP). The Company has maintained its financial statements using the functional currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods.
Comprehensive Income	Comprehensive Income   The Company has adopted the Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments.
Use of Estimates	Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Segment Reporting	Segment Reporting   ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)
Fair Value of Financial Instruments	Fair Value of Financial Instruments   The Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures (ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.
Cash in Excess of FDIC Insured Limits	Cash in Excess of FDIC Insured Limits   The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, under current regulations. The Company did not have any cash in excess of FDIC insured limits at September 30, 2023, and has not experienced any losses in such accounts.
Revenue Recognition	Revenue Recognition   The Company recognizes revenue in accordance with ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company’s sales to date have primarily consisted of the sale of seeds. These sales include multi-element arrangements whereby the Company collects 50% of the sale upon delivery of the sales, and the remaining 50% upon the completion of the harvest, whether the seeds result in a successful crop, or not. In addition, the Company has a right of first refusal to purchase products resulting from the harvest. At September 30, 2023, the Company had $11,545 of deferred revenues and $6,760 of deferred cost of goods sold, as included in other current assets on the balance sheet, that are expected to be recognized upon the customers’ completion of their future harvests.
Inventory	Inventory   Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts.
Stock-Based Compensation	Stock-Based Compensation   The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share   The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements   From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.   In July 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.” ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did not have a material impact on our financial statements.     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which creates an exception to the general recognition and measurement principle for contract assets and contract liabilities from contracts with customers acquired in a business combination. The new guidance will require companies to apply the definition of a performance obligation under accounting standard codification ASC Topic 606 to recognize and measure contract assets and contract liabilities (i.e., deferred revenue) relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer in a business combination is generally required to recognize and measure the assets it acquires and the liabilities it assumes at fair value on the acquisition date. The new guidance will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606. These amendments are effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of ASU 2021-08 did not have a material impact on the Company’s financial statements or related disclosures.   In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity Classified Written Call Options. ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2021-04 has not had a material impact on the Company’s financial statements or related disclosures.   In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements, as we transitioned from the London Interbank Offered Rate, commonly referred to as LIBOR, to alternative references rates, as well as utilizing the aforementioned expedients and exceptions provided in ASU 2020-04.   In August 2020, the FASB issued ASU No. 2020-06, Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging–Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if converted method. The new guidance is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2020-06 has not had a material impact on the Company’s financial statements or related disclosures.   No other new accounting pronouncements, issued or effective during the period ended September 30, 2023, have had or are expected to have a significant impact on the Company’s financial statements.

v3.23.3

Nature of Business and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Common Control and Ownership Interest	The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2023:  Schedule of Common Control and Ownership Interest     State of     Name of Entity   Incorporation   Relationship One World Products, Inc.(1)   Nevada   Parent OWP Ventures, Inc.(2)   Delaware   Subsidiary One World Pharma S.A.S.(3)   Colombia   Subsidiary Colombian Hope, S.A.S.(4)   Colombia   Subsidiary Agrobase, S.A.S.(5)   Colombia   Subsidiary   (1) Holding company in the form of a corporation. (2) Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. (3) Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. (4) Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. (5) Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company commenced operations during 2023.

v3.23.3

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis	The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of September 30, 2023 and December 31, 2022, respectively:  Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis     Level 1     Level 2     Level 3       Fair Value Measurements at September 30, 2023       Level 1     Level 2     Level 3   Assets                         Cash   $ 10,152     $ -     $    -   Total assets     10,152       -       -   Liabilities                         Convertible note payable, related party     -       750,000       -   Notes payable, related parties     -       1,061,500       -   Notes payable , net of $53,442 of debt discounts at September 30, 2023     -       454,237       -   Total liabilities     -       (2,265,737 )     -   Total assets and liabilities   $ 10,152     $ (2,265,737 )   $ -         Level 1     Level 2     Level 3       Fair Value Measurements at December 31, 2022       Level 1     Level 2     Level 3   Assets                         Cash   $ 11,016     $ -     $ -   Right-of-use asset     -       -       425,969   Total assets     11,016       -       425,969   Liabilities                         Lease liabilities             -       427,915   Convertible notes payable     -       750,000       -   Notes payable     -       145,524       -   Notes payable, related parties     -       999,500       -   Total liabilities     -       (1,895,024 )     (427,915 ) Total assets and liabilities   $ 11,016     $ (1,895,024 )   $ (1,946 )

v3.23.3

Inventory (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Schedule of Inventory     September 30,     December 31,       2023     2022   Raw materials   $ 21,934     $ 18,580   Work in progress     30,174       1,464   Finished goods     316,100       80,858   Inventory gross     368,208       100,902   Less obsolescence     (55,472 )     (46,749 ) Total inventory   $ 312,736     $ 54,153

v3.23.3

Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets included the following as of September 30, 2023 and December 31, 2022, respectively:   Schedule of Other Current Assets     September 30,     December 31,       2023     2022   Prepaid expenses   $ 18,964     $ 39,288   Deferred cost of goods sold     6,760       6,655   Total   $ 25,724     $ 45,943

v3.23.3

Security Deposits (Tables)	9 Months Ended
	Sep. 30, 2023
Security Deposits
Schedule of Security Deposits	Security deposits included the following as of September 30, 2023 and December 31, 2022, respectively:   Schedule of Security Deposits     September 30,     December 31,       2023     2022   Refundable deposit on equipment purchase   $ 85,000     $ 50,000   Down payment on distillation equipment     -       1,399,413   Security deposits on leases held in Colombia     -       395   Security deposits   $ 85,000     $ 1,449,808

v3.23.3

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Fixed assets consist of the following at September 30, 2023 and December 31, 2022, respectively:   Schedule of Fixed Assets     September 30,     December 31,       2023     2022   Land   $ 138,248     $ 138,248   Buildings     473,971       473,971   Office equipment     30,902       30,902   Furniture and fixtures     6,495       6,495   Equipment and machinery     1,828,006       423,547   Fixed assets, gross     2,477,622       1,073,163   Less: accumulated depreciation     (110,205 )     (84,627 ) Total   $ 2,367,417     $ 988,536

v3.23.3

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022, respectively:   Schedule of Accrued Expenses     September 30,     December 31,       2023     2022   Accrued payroll   $ 771,199     $ 613,569   Accrued withholding taxes and employee benefits     42,764       31,632   Accrued ICA fees and contributions     178,053       167,037   Accrued interest     246,463       136,220   Accrued expenses   $ 1,238,479     $ 948,458

v3.23.3

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Schedule of Components of Lease Expense	The components of lease expense were as follows:   Schedule of Components of Lease Expense     2023     2022       For the Nine Months Ended       September 30,       2023     2022   Operating lease cost:                 Amortization of right-of-use assets   $ 34,391     $ 33,431   Interest on lease liabilities     11,379       26,463   Lease payments on short term leases     1,290       12,590   Total operating lease cost   $ 47,060     $ 72,484
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows:   Schedule of Supplemental Balance Sheet Information Related to Leases     September 30,     December 31,       2023     2022   Operating lease:                 Operating lease assets   $ -     $ 425,969                     Current portion of operating lease liabilities   $ -       86,235   Noncurrent operating lease liabilities     -       341,680   Total operating lease liability   $ -     $ 427,915                     Weighted average remaining lease term:                 Operating leases     None       4.25 years                     Weighted average discount rate:                 Operating lease     6.75 %     6.75 %
Schedule of Supplemental Cash Flow Related to Operating Leases	Supplemental cash flow and other information related to operating leases was as follows:   Schedule of Supplemental Cash Flow Related to Operating Leases     2023     2022       For the Nine Months Ended       September 30,       2023     2022   Cash paid for amounts included in the measurement of lease liabilities:                 Operating cash flows used for operating leases   $ 31,940     $ 38,725                     Leased assets obtained in exchange for lease liabilities:                 Total operating lease liabilities   $ -     $ 1,535,706                     Gain on early extinguishment of debt:   $ 4,397     $ -

v3.23.3

Convertible Note Payable, Related Party (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Convertible Note Payable Related Party	Convertible note payable, related party consists of the following at September 30, 2023 and December 31, 2022, respectively:   Schedule of Convertible Note Payable Related Party     September 30,     December 31,       2023     2022   On September 27, 2022     750,000       750,000   On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matures on September 16, 2024 (the “Maturity Date”), bears interest at a rate of 8% per annum, and the principal and interest is convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share.   $ 750,000     $ 750,000                     Total convertible note payable, related party     750,000       750,000   Less: current maturities     -       -   Convertible note payable, related party, long-term portion   $ 750,000     $ 750,000

v3.23.3

Notes Payable, Related Parties (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Payable Related Parties
Schedule of Notes Payable Related Party	Notes payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively: Schedule of Notes Payable Related Party     September 30,     December 31,       2023     2022                 On September 11, 2023, the Company received an advance of $52,000 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.   $ 52,000     $ -                     On August 31, 2023, the Company 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.     4,000       -                     On August 14, 2023, the Company 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.     6,000       -                     On August 5, 2022, the Company 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.     50,000       50,000                     On August 2, 2022, the Company received an advance of $4,500 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     4,500       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.     100,000       100,000                     On July 7, 2022, the Company 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.     5,000       5,000                     On June 3, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       10,000                     On May 5, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate.     10,000       10,000                     On May 5, 2022, the Company 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.     20,000       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.     400,000       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.     200,000       200,000                     On December 29, 2021, the Company 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.     200,000       200,000                     Total notes payable, related party     1,061,500       999,500   Less: current maturities     1,061,500       99,500   Notes payable, related party, long-term portion   $ -     $ 900,000

v3.23.3

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Notes Payable	Schedule of Notes Payable     September 30,     December 31,       2023     2022   On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 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     $ -                     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 are being amortized as a debt discount over the life of the loan.   The Third AJB Note matures on March 23, 2024 (the “Maturity Date”), bears interest at a rate of 12% per annum, and, following an event of default only, is 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 is 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 is being 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.     300,000       -                     On September 15, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 55,488,000 COP, or approximately $12,243, on a loan with a face value of 70,000,000 COP, or approximately $15,445, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $3,202 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $1,823 due to foreign currency translation adjustments.     17,268       14,552                     On June 17, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 230,400,000 COP, or approximately $55,821, on a loan with a face value of 240,000,000 COP, or approximately $58,147, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $2,326 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $3,383 due to foreign currency translation adjustments.     59,204       49,894                     On May 31, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 314,640,000 COP, or approximately $76,231, on a loan with a face value of 360,000,000 COP, or approximately $87,220, from an individual pursuant to promissory note, security by equipment, bearing interest at 2.1% per month, or 25% per annum, which matured on November 28, 2022 and is currently past due. The debt discount of $10,990 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $1,586 due to foreign currency translation adjustments.     88,806       74,841                     On May 30, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 20,000,000 COP, or approximately $4,846, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $88 due to foreign currency translation adjustments.     4,934       4,158                     On April 29, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 10,000,000 COP, or approximately $2,423, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $44 due to foreign currency translation adjustments.     2,467       2,079                     Total notes payable     507,679       145,524   Less: unamortized debt discounts     53,442       -   Notes payable, net of discounts     454,237       145,524   Less: current maturities     454,237       145,524   Notes payable, long-term portion   $ -     $ -
Schedule of Interest Expenses	The Company recognized interest expense for the nine months ended September 30, 2023 and 2022, as follows: Schedule of Interest Expenses     September 30,     September 30,       2023     2022                 Finance cost on equity line of credit   $ -     $ 15,000   Interest on convertible notes, related party     44,877       43,899   Interest on notes payable, related parties     58,804       43,763   Interest on notes payable     47,255       21,120   Amortization of debt discounts     13,549       50,753   Amortization of debt discounts, common stock     12,684       106,894   Amortization of debt discounts, warrants     -       255,026   Series B preferred stock issued as a commitment on an ELOC     -       205,005   Common stock issued as a commitment on the 2nd AJB Note     -       134,128   Interest on accounts payable     -       11,249   Total interest expense   $ 177,169     $ 886,837
AJB Capital [Member]
Schedule of Notes Payable Debt Discounts	The Company recognized aggregate debt discounts on the notes payable to AJB Capital for the nine months ended September 30, 2023, as follows:     ONE WORLD PRODUCTS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)   Schedule of Notes Payable Debt Discounts     September 30,       2023           Fair value of 1,666,667 commitment shares of common stock   $ 42,175   Original issue discounts     24,000   Legal and brokerage fees     13,500   Total debt discounts     79,675   Amortization of debt discounts     26,233   Unamortized debt discounts   $ 53,442

v3.23.3

Schedule of Common Control and Ownership Interest (Details)	9 Months Ended
	Sep. 30, 2023
Name of entity	ONE WORLD PRODUCTS, INC.
State of incorporation	NV
One World Products, Inc. [Member]
Name of entity	One World Products, Inc.	[1]
State of incorporation	NV
Relationship	Parent
OWP Ventures, Inc. [Member]
Name of entity	OWP Ventures, Inc.	[2]
State of incorporation	DE
Relationship	Subsidiary
One World Pharma S.A.S. [Member]
Name of entity	One World Pharma S.A.S	[3]
State of incorporation	F8
Relationship	Subsidiary
Colombian Hope, S.A.S. [Member]
Name of entity	Colombian Hope, S.A.S.	[4]
State of incorporation	F8
Relationship	Subsidiary
Agrobase, S.A.S. [Member]
Name of entity	Agrobase, S.A.S.	[5]
State of incorporation	F8
Relationship	Subsidiary
[1] Holding company in the form of a corporation. [2] Holding company in the form of a corporation and wholly-owned subsidiary of One World Products, Inc. [3] Wholly-owned subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its headquarters are located in Bogotá. [4] Wholly-owned subsidiary of OWP Ventures, Inc., acquired on November 19, 2019, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses. [5] Wholly-owned subsidiary of OWP Ventures, Inc., formed on September 12, 2019, located in Colombia and legally constituted as a simplified stock company. This company commenced operations during 2023.

v3.23.3

Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($)		9 Months Ended
	Feb. 21, 2019	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance convertible note			$ 750,000
FDIC insured amount		250,000
Cash uninsured amount
Deferred revenue		11,545		$ 11,808
Deferred revenue cost of goods sold		6,760		$ 6,655
Merger Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Options to purchase common stock	825,000
Common stock exercise price	$ 0.50
Merger Agreement [Member] | OWP Ventures, Inc. [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of stock issued	39,475,398
Options to purchase common stock	825,000
Common stock exercise price	$ 0.50
Proceeds from issuance convertible note	$ 300,000
Conversion price	$ 0.424
Number of shares cancelled	875,000
Payment for machinery		$ 1,400,000

v3.23.3

Going Concern (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash on hand	$ 10,152	$ 11,016
Working capital	4,152,153
Accumulated deficit	$ 24,489,739	$ 22,976,365

v3.23.3

Related Party Transactions (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Common stock issued for services		$ 84,000	$ 134,128	$ 173,850	$ 134,128
President [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Shares, issued for services	1,500,000
Common stock issued for services	$ 89,850

v3.23.3

Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 10,152	$ 11,016
Liabilities
Right-of-use asset		425,969
Lease liabilities		427,915
Fair Value, Inputs, Level 1 [Member]
Assets
Cash	10,152	11,016
Total assets	10,152	11,016
Liabilities
Convertible notes payable
Notes payable, related parties
Notes payable
Total liabilities
Total assets and liabilities	10,152	11,016
Right-of-use asset
Fair Value, Inputs, Level 2 [Member]
Assets
Cash
Total assets
Liabilities
Convertible notes payable	750,000	750,000
Notes payable, related parties	1,061,500	999,500
Notes payable	454,237	145,524
Total liabilities	(2,265,737)	(1,895,024)
Total assets and liabilities	(2,265,737)	(1,895,024)
Right-of-use asset
Lease liabilities
Fair Value, Inputs, Level 3 [Member]
Assets
Cash
Total assets		425,969
Liabilities
Convertible notes payable
Notes payable, related parties
Notes payable
Total liabilities		(427,915)
Total assets and liabilities		(1,946)
Right-of-use asset		425,969
Lease liabilities		$ 427,915

v3.23.3

Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis (Details) (Parenthetical)	Sep. 30, 2023 USD ($)
Investments, All Other Investments [Abstract]
Notes payable, debt discounts	$ 53,442

v3.23.3

Schedule of Inventory (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 21,934	$ 18,580
Work in progress	30,174	1,464
Finished goods	316,100	80,858
Inventory gross	368,208	100,902
Less obsolescence	(55,472)	(46,749)
Total inventory	$ 312,736	$ 54,153

v3.23.3

Schedule of Other Current Assets (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 18,964	$ 39,288
Deferred cost of goods sold	6,760	6,655
Total	$ 25,724	$ 45,943

v3.23.3

Other Assets (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	$ 213,593	$ 179,927

v3.23.3

Schedule of Security Deposits (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Security deposits	$ 85,000	$ 1,449,808
Refundable Deposit on Equipment Purchase [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Security deposits	85,000	50,000
Down Payment on Distillation Equipment [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Security deposits		1,399,413
Security Deposits on Leases Held in Colombia[Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Security deposits		$ 395

v3.23.3

Schedule of Fixed Assets (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 2,477,622	$ 1,073,163
Less: accumulated depreciation	(110,205)	(84,627)
Total	2,367,417	988,536
Land [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	138,248	138,248
Building [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	473,971	473,971
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	30,902	30,902
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	6,495	6,495
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 1,828,006	$ 423,547

v3.23.3

Fixed Assets (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 25,578	$ 34,540

v3.23.3

Schedule of Accrued Expenses (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll	$ 771,199	$ 613,569
Accrued withholding taxes and employee benefits	42,764	31,632
Accrued ICA fees and contributions	178,053	167,037
Accrued interest	246,463	136,220
Accrued expenses	$ 1,238,479	$ 948,458

v3.23.3

Deferred Revenues (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred Revenues
Deferred revenues	$ 11,545	$ 11,808
Deferred revenue cost of goods sold	6,760	6,655
Deferred revenue gross	$ 4,785	$ 5,153

v3.23.3

Schedule of Components of Lease Expense (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating lease cost:
Amortization of right-of-use assets	$ 34,391	$ 33,431
Interest on lease liabilities	11,379	26,463
Lease payments on short term leases	1,290	12,590
Total operating lease cost	$ 47,060	$ 72,484

v3.23.3

Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases
Operating lease assets		$ 425,969
Current portion of operating lease liabilities		86,235
Noncurrent operating lease liabilities		341,680
Total operating lease liabilities		$ 427,915
Weighted average remaining lease term		4 years 3 months
Weighted average discount rate: operating leases	6.75%	6.75%

v3.23.3

Schedule of Supplemental Cash Flow Related to Operating Leases (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating cash flows used for operating leases	$ 31,940	$ 38,725
Total operating lease liabilities		1,535,706
Gain on early extinguishment of debt:	$ 4,397

v3.23.3

Leases (Details Narrative)											9 Months Ended	12 Months Ended
	Apr. 28, 2023 USD ($)	Apr. 28, 2023 COP ($)	Oct. 01, 2022 USD ($)	Oct. 01, 2022 COP ($)	Jun. 01, 2022 USD ($)	Jun. 01, 2022 COP ($)	Jan. 02, 2022 USD ($) ft²	Jan. 02, 2022 COP ($) ft²	Sep. 01, 2021 USD ($)	Sep. 01, 2021 COP ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly lease payment	$ 645	$ 3,000,000	$ 6,300				$ 15,290	$ 57,339,000
Square foot leased | ft²							12,400	12,400
Lease termination fees											$ 7,700
Gain on extinguishment											3,825	$ 20,148
VAT and administration fees				$ 29,000,000
Annual escalation of lease payment, percentage			2.00%	2.00%
Real Property Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly lease payment									$ 1,013	$ 3,800,000
Gain on extinguishment											372
Annual escalation of lease payment, percentage									3.00%	3.00%
Real Property Lease Agreement One [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly lease payment					$ 507	$ 1,900,000
Gain on extinguishment											$ 200
Annual escalation of lease payment, percentage					8.00%	8.00%

v3.23.3

Schedule of Convertible Note Payable Related Party (Details) - Related Party [Member] - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Convertible note payable		$ 750,000
Convertible Debt [Member]
Short-Term Debt [Line Items]
Convertible note payable, related party	750,000	750,000
Less: current maturities
Convertible note payable	750,000	750,000
Convertible Debt [Member] | Promissory Note [Member]
Short-Term Debt [Line Items]
Convertible note payable, related party	$ 750,000	$ 750,000

v3.23.3

Schedule of Convertible Note Payable Related Party (Details) (Parenthetical) - Promissory Note [Member] - John McCabe Investments LLC [Member]	Sep. 27, 2022 USD ($) $ / shares
Short-Term Debt [Line Items]
Debt instrument, face value | $	$ 750,000
Maturity date	Sep. 16, 2024
Debt interest rate	8.00%
Series B Common Stock [Member]
Short-Term Debt [Line Items]
Convertible conversion price | $ / shares	$ 15

v3.23.3

Convertible Note Payable, Related Party (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Short-Term Debt [Line Items]
Interest expense	$ 44,877	$ 43,899
Convertible Debt [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Interest expense	$ 44,877	$ 43,899

v3.23.3

Schedule of Notes Payable Related Party (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Total notes payable, related party	$ 507,679	$ 145,524
Related Party [Member]
Short-Term Debt [Line Items]
Less: current maturities	1,061,500	99,500
Notes payable, related party, long-term portion		900,000
Unsecured Promissory Note One [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	35,000
Unsecured Promissory Note One [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	52,000
Unsecured Promissory Note Two [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	300,000
Unsecured Promissory Note Two [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	4,000
Unsecured Promissory Note Three [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	17,268	14,552
Unsecured Promissory Note Three [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	6,000
Unsecured Promissory Note Four [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	59,204	49,894
Unsecured Promissory Note Four [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	50,000	50,000
Unsecured Promissory Note Five [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	88,806	74,841
Unsecured Promissory Note Five [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	4,500	4,500
Unsecured Promissory Note Six [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	4,934	4,158
Unsecured Promissory Note Six [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	100,000	100,000
Unsecured Promissory Note Seven [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	2,467	2,079
Unsecured Promissory Note Seven [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	5,000	5,000
Unsecured Promissory Note Eight [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	10,000	10,000
Unsecured Promissory Note Nine [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	10,000	10,000
Unsecured Promissory Note Ten [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	20,000	20,000
Unsecured Promissory Note Eleven [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	400,000	400,000
Unsecured Promissory Note Twelve [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	200,000	200,000
Unsecured Promissory Note Thirteen [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	200,000	200,000
Unsecured Promissory Notes [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Total notes payable, related party	$ 1,061,500	$ 999,500

v3.23.3

Schedule of Notes Payable Related Party (Details) (Parenthetical) - Unsecured Promissory Note [Member] - USD ($)	Jun. 13, 2022	Mar. 01, 2022	Feb. 15, 2022	Dec. 29, 2021	Sep. 11, 2023	Aug. 31, 2023	Aug. 14, 2023	Aug. 05, 2022	Aug. 02, 2022	Jul. 07, 2022	Jun. 03, 2022	May 05, 2022
Dr.Kenneth Perego II [Member]
Short-Term Debt [Line Items]
Debt instrument, face value				$ 200,000	$ 52,000	$ 4,000	$ 6,000	$ 50,000		$ 5,000		$ 20,000
Debt interest rate, percentage				8.00%	10.00%	6.00%	6.00%	6.00%		6.00%		6.00%
Maturity date				Jan. 01, 2024
Isiah Thomas III [Member]
Short-Term Debt [Line Items]
Debt instrument, face value									$ 4,500		$ 10,000	$ 10,000
Debt interest rate, percentage									6.00%		6.00%	6.00%
Dr John McCabe [Member]
Short-Term Debt [Line Items]
Debt instrument, face value	$ 100,000	$ 400,000	$ 200,000
Debt interest rate, percentage	8.00%	8.00%	8.00%
Maturity date	Jan. 01, 2024	Jan. 01, 2024	Jan. 01, 2024

v3.23.3

Notes Payable, Related Parties (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest expense	$ 67,571	$ 529,915	$ 177,169	$ 886,837
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest expense			$ 58,804	$ 43,763

v3.23.3

Schedule of Notes Payable (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Total notes payable	$ 507,679	$ 145,524
Less: unamortized debt discounts	53,442
Nonrelated Party [Member]
Short-Term Debt [Line Items]
Notes payable, net of discounts	454,237	145,524
Less: current maturities	454,237	145,524
Notes payable, long-term portion
Unsecured Promissory Note One [Member]
Short-Term Debt [Line Items]
Total notes payable	35,000
Unsecured Promissory Note Two [Member]
Short-Term Debt [Line Items]
Total notes payable	300,000
Unsecured Promissory Note Three [Member]
Short-Term Debt [Line Items]
Total notes payable	17,268	14,552
Unsecured Promissory Note Four [Member]
Short-Term Debt [Line Items]
Total notes payable	59,204	49,894
Unsecured Promissory Note Five [Member]
Short-Term Debt [Line Items]
Total notes payable	88,806	74,841
Unsecured Promissory Note Six [Member]
Short-Term Debt [Line Items]
Total notes payable	4,934	4,158
Unsecured Promissory Note Seven [Member]
Short-Term Debt [Line Items]
Total notes payable	$ 2,467	$ 2,079

v3.23.3

Schedule of Notes Payable (Details) (Parenthetical)										9 Months Ended
	Jun. 23, 2023 USD ($) Integer shares	Sep. 15, 2022 USD ($)	Sep. 15, 2022 COP ($)	Jun. 17, 2022 USD ($)	Jun. 17, 2022 COP ($)	May 31, 2022 USD ($)	May 31, 2022 COP ($)	May 30, 2022 USD ($)	Apr. 29, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Aug. 18, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 15, 2022 COP ($)	Jun. 17, 2022 COP ($)	May 31, 2022 COP ($)	May 30, 2022 COP ($)	Apr. 29, 2022 COP ($)
Short-Term Debt [Line Items]
Proceeds from subsidiary										$ 62,000	$ 99,500
Original issue discount										53,442
Debt discount amortized										$ 26,233	$ 412,673
Unsecured Promissory Note [Member] | LDL8 Consulting LLC [Member]
Short-Term Debt [Line Items]
Face value												$ 35,000
Interest rate, percentage												10.00%
Increase in interest rate												15.00%
Unsecured Promissory Note Two [Member] | AJB Capital Investments LLC [Member]
Short-Term Debt [Line Items]
Interest rate, percentage	12.00%
Debt instrument maturity date	Mar. 23, 2024
Trading days | Integer	10
Debt instrument commitment fee paid	$ 100,000
Number of stock issued for commitment fee | shares	1,666,667
Debt discount amortized	$ 42,175
Unsecured Promissory Note Two [Member] | AJB Capital Investments LLC [Member] | Purchase Agreement [Member]
Short-Term Debt [Line Items]
Face value	300,000
Proceeds from subsidiary	276,000
Net proceeds	262,500
Original issue discount	24,000
Legal fees	7,500
Brokerage fees	$ 6,000
Unsecured Promissory Note Three [Member] | One World Pharma S.A.S. [Member]
Short-Term Debt [Line Items]
Face value		$ 15,445												$ 70,000,000
Interest rate, percentage		4.00%												4.00%
Proceeds from subsidiary		$ 12,243	$ 55,488,000
Debt discount		3,202
Foreign currency translation adjustment		$ 1,823
Unsecured Promissory Note Four [Member] | One World Pharma S.A.S. [Member]
Short-Term Debt [Line Items]
Face value				$ 58,147											$ 240,000,000
Interest rate, percentage				4.00%											4.00%
Proceeds from subsidiary				$ 55,821	$ 230,400,000
Debt discount				2,326
Foreign currency translation adjustment				$ 3,383
Unsecured Promissory Note Five [Member] | One World Pharma S.A.S. [Member]
Short-Term Debt [Line Items]
Face value						$ 87,220										$ 360,000,000
Interest rate, percentage						2.10%										2.10%
Proceeds from subsidiary						$ 76,231	$ 314,640,000
Debt discount						10,990
Foreign currency translation adjustment						$ 1,586
Unsecured Promissory Note Six [Member]
Short-Term Debt [Line Items]
Face value																	$ 20,000,000
Unsecured Promissory Note Six [Member] | One World Pharma S.A.S. [Member]
Short-Term Debt [Line Items]
Face value								$ 4,846
Foreign currency translation adjustment								$ 88
Unsecured Promissory Note Seven [Member] | One World Pharma S.A.S. [Member]
Short-Term Debt [Line Items]
Face value									$ 2,423									$ 10,000,000
Foreign currency translation adjustment									$ 44

v3.23.3

Schedule of Notes Payable Debt Discounts (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Notes Payable
Fair value of 1,666,667 commitment shares of common stock	$ 42,175
Original issue discounts	24,000
Legal and brokerage fees	13,500
Total debt discounts	79,675
Amortization of debt discounts	26,233	$ 412,673
Unamortized debt discounts	$ 53,442

v3.23.3

Schedule of Convertible Debt Discounts (Details) (Parenthetical)	Sep. 30, 2023 shares
Notes Payable
Fair value commitment	1,666,667

v3.23.3

Schedule of Interest Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Notes Payable
Finance cost on equity line of credit				$ 15,000
Interest on convertible notes, related party			44,877	43,899
Interest on notes payable, related parties			58,804	43,763
Interest on notes payable			47,255	21,120
Amortization of debt discounts			13,549	50,753
Amortization of debt discounts, common stock			12,684	106,894
Amortization of debt discounts, warrants				255,026
Series B preferred stock issued as a commitment on an ELOC				205,005
Common stock issued as a commitment on the 2nd AJB Note				134,128
Interest on accounts payable				11,249
Total interest expense	$ 67,571	$ 529,915	$ 177,169	$ 886,837

v3.23.3

Notes Payable (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Short-Term Debt [Line Items]
Amortization of debt discount	$ 79,675
Finance expense	$ 26,233	$ 0
Common stock percentage	4.99%
Interest expense	$ 44,877	43,899
Notes Payable [Member]
Short-Term Debt [Line Items]
Interest expense	$ 47,255	$ 21,120

v3.23.3

Convertible Preferred Stock (Details Narrative) - USD ($)						3 Months Ended		9 Months Ended
	Jul. 01, 2023	Apr. 03, 2023	Feb. 14, 2023	Jan. 04, 2023	Jan. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 12, 2023	Jul. 07, 2023	Dec. 31, 2022
Preferred stock, shares authorized						9,200,000		9,200,000				9,200,000
Preferred stock, par value						$ 0.001		$ 0.001				$ 0.001
Number of stock sold, shares			3,000,000
Exercise price of warrants						$ 0.29		$ 0.29
Series A preferred stock issued for services, consultants						$ 84,000	$ 134,128	$ 173,850	$ 134,128
Preferred stock dividend recognized						$ 15,083	$ 9,866	$ 43,808	$ 28,971
Common Stock [Member]
Common stock issued for services, shares						1,000,000	1,341,276	2,500,000	1,603,342
Series A preferred stock issued for services, consultants						$ 1,000	$ 1,341	$ 2,500	$ 1,603
Convertible preferred stock										1,000,000	1,366,700
Series A Convertible Preferred Stock [Member]
Preferred stock, shares authorized						10,000,000		10,000,000
Preferred stock, par value						$ 0.001		$ 0.001				$ 0.001
Preferred stock shares designated						$ 500,000		$ 500,000
Conversion of preferred stock into common stock, description								The shares of Series A Preferred Stock and Series B Preferred Stock are each currently convertible into one hundred (100) shares of the Company’s common stock. The Series A Preferred Stock accrues dividends at the rate of 6% per annum, payable in cash as and when declared by the Board or upon a liquidation.
Dividend rate percentage								6.00%
Series A convertible preferred stock, outstanding						99,733		99,733				70,233
Preferred stock, par value						$ 10		$ 10
Series B Convertible Preferred Stock [Member]
Preferred stock, par value						0.001		0.001				$ 0.001
Preferred stock shares designated						$ 600,000		$ 600,000
Series A convertible preferred stock, outstanding						248,501		248,501				272,168
Preferred stock, par value						$ 15		$ 15
Series A Preferred Stock [Member]
Dividend rate percentage								6.00%
Number of stock sold, shares		25,000		25,000
Common stock issued for services, shares	4,500				4,500
Series A preferred stock issued for services, consultants	$ 45,000				$ 45,000
Dividends, Preferred Stock, Cash								$ 181,651
Series A Preferred Stock [Member] | Preferred Stock Sales [Member]
Proceeds from sale of stock		$ 250,000		$ 250,000
Number of stock sold, shares		25,000		25,000
Warrant term		5 years		5 years
Number of warrants to purchase common stock		2,500,000		2,500,000
Exercise price of warrants		$ 0.25		$ 0.25
Series B Preferred Stock [Member]
Convertible preferred stock										10,000	13,667

v3.23.3

Commitments and Contingencies (Details Narrative) - USD ($)				9 Months Ended
	Aug. 22, 2023	May 23, 2023	Sep. 01, 2022	Sep. 30, 2023
Common stock sold for cash				$ 300,000
Scenario One [Member]
Gross proceeds		$ 2,000,000
Sale of equity		200,000
Scenario Two [Member]
Gross proceeds		1,000,000
Sale of equity		80,000
Scenario Three [Member]
Gross proceeds		1,000,000
Sale of equity		60,000
Scenario Four [Member]
Gross proceeds		1,000,000
Sale of equity		40,000
President [Member]
Base salary	$ 240,000	$ 60,000
Common Stock [Member]
Common stock sold for cash				$ 3,000
Common Stock [Member] | President [Member]
Shares issued	1,500,000
Shares issued	$ 380,000
Advisor Agreement [Member]
Consultation fee	5,000
Gross proceeds	5,000,000
Advisor bonus	$ 200,000
Tysadco Partners, LLC [Member] | ELOC Purchase Agreement [Member]
Common stock sold for cash			$ 10,000,000
Tysadco Partners, LLC [Member] | ELOC Purchase Agreement [Member] | Common Stock [Member]
Common stock, conversion basis			The purchase price of the shares of common stock to be purchased under the Purchase Agreement will be equal to 88% of the lowest daily “VWAP” during the period of 10 trading days beginning five trading days preceding the applicable Request. Each purchase under the Purchase Agreement will be in a minimum amount of $25,000 and a maximum amount equal to the lesser of (i) $1,000,000 and (ii) 500% of the average daily trading value of the common stock over the seven trading days preceding the delivery of the applicable Request Notice.

v3.23.3

Changes in Stockholders’ Equity (Details Narrative) - USD ($)					3 Months Ended		9 Months Ended
	Sep. 18, 2023	Jun. 23, 2023	Jun. 15, 2023	Feb. 14, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized					300,000,000		300,000,000		300,000,000
Common stock, par value					$ 0.001		$ 0.001		$ 0.001
Common stock, shares outstanding					76,736,274		76,736,274		67,202,907
Common stock sales				3,000,000
Common stock sales, per share value				$ 0.10
Cash proceeds of common stock sales				$ 300,000			$ 550,000	$ 150,000
Debt discount							26,233	412,673
Common stock shares issued, value							300,000
Amortization of stock-based compensation					$ 47,714	$ 41,180	$ 121,052	$ 123,440
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares					1,000,000	1,341,276	2,500,000	1,603,342
Common stock shares issued							3,000,000
Common stock shares issued, value							$ 3,000
Amortization of stock-based compensation
Mr Joerg Sommer [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares issued			1,500,000
Common stock shares issued, value			$ 89,850
Clear Think Capital Partners LLC [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares issued	1,000,000
Common stock shares issued, value	$ 84,000
Promissory Note [Member] | AJB Capital Investments LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued for services, shares		1,666,667
Debt discount		$ 42,175

v3.23.3

Common Stock Options (Details Narrative) - USD ($)			9 Months Ended
	Aug. 22, 2023	Feb. 12, 2020	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Jan. 02, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average strike price			$ 0.14
Options exercisable period			7 years 4 months 13 days
Stock-based compensation			$ 121,052	$ 123,440
2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options awarded during period, shares			10,392,000
Board of Directors [Member] | 2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock sold for cash, shares		10,000,000
Consultants [Member] | 2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options awarded during period, shares	250,000
Seven Consultants and Employees [Member] | 2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercisable period	10 years
Options exercise price, per share	$ 0.10
Stock option, volatility rate	145.00%
Stock option, call option, price per share						$ 0.0735
Stock option, call option value						$ 18,367
Stock based compensation					$ 18,367
Officers Directors and Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized debt issuance expense			$ 29,342

v3.23.3

Warrants (Details Narrative)						9 Months Ended
	Apr. 03, 2023 USD ($) $ / shares shares	Feb. 14, 2023 shares	Jan. 27, 2023 USD ($) $ / shares shares	Jan. 09, 2023 USD ($) $ / shares shares	Jan. 04, 2023 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares shares
Class of Warrant or Right, Outstanding						14,011,650
Exercise price of warrants | $ / shares						$ 0.29
Weighted average life						2 years 1 month 28 days
Number of stock sold, shares		3,000,000
Series A Preferred Stock [Member]
Number of stock sold, shares	25,000				25,000
Series A Preferred Stock [Member] | Warrant [Member]
Exercise price of warrants | $ / shares	$ 0.25		$ 0.25	$ 0.25	$ 0.25
Proceeds from sale of stock | $	$ 100,000		$ 100,000	$ 25,000	$ 25,000
Number of stock sold, shares	10,000		10,000	2,500	2,500
Warrant term	5 years		5 years	5 years	5 years
Number of warrants to purchase common stock	1,000,000		1,000,000	250,000	250,000
Warrants outstanding value | $	$ 63,508		$ 67,180	$ 13,757	$ 13,970
Series A Preferred Stock [Member] | Warrant [Member] | Measurement Input, Price Volatility [Member]
Warrants outstanding measurement input	146		148	152	156
Series A Preferred Stock [Member] | Warrant [Member] | Measurement Input, Share Price [Member]
Warrants outstanding measurement input | $ / shares	0.0635		0.0672	0.0550	0.0559

v3.23.3

Income Taxes (Details Narrative)	9 Months Ended
	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Federal net operating losses	$ 9,746,000
Net operating loss carry forwards expiration	The net operating loss carry forwards, if not utilized, will begin to expire in 2025.

v3.23.3

Subsequent Events (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended
	Oct. 04, 2023	Oct. 02, 2023	Feb. 14, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 11, 2023
Subsequent Event [Line Items]
Sale of stock issued shares			3,000,000
Sale of stock issued per share			$ 0.10
Total cash proceeds			$ 300,000			$ 550,000	$ 150,000
shares issued during services value				$ 84,000	$ 134,128	$ 173,850	$ 134,128
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of stock issued shares		1,000,000
Sale of stock issued per share		$ 0.10
Total cash proceeds		$ 100,000
Subsequent Event [Member] | Clear Think Capital Partners LLC [Member]
Subsequent Event [Line Items]
Common stock issued for services, shares	572,083
shares issued during services value	$ 51,487
Unsecured Promissory Note [Member] | Joerg Sommer [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, face value								$ 25,000
Debt interest rate, percentage								10.00%

---