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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, 2024

 

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 10, 2024 was 105,890,570.

 

 

 

 
 

 

TABLE OF CONTENTS

 

    Page
PART I - FINANCIAL INFORMATION 1
ITEM 1. FINANCIAL STATEMENTS (Unaudited) 1
  Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1
  Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 2
  Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3
  Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5
  Notes to Condensed Consolidated Financial Statements (Unaudited) 6
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34
ITEM 4. CONTROLS AND PROCEDURES 34
PART II - OTHER INFORMATION 35
ITEM 1. Legal Proceedings 35
ITEM 1A. RISK FACTORS 35
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 35
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 36
ITEM 4. MINE SAFETY DISCLOSURES 36
ITEM 5. OTHER INFORMATION 36
ITEM 6. EXHIBITS 37
  SIGNATURES 39

 

 
 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30,   December 31, 
   2024   2023 
    (Unaudited)      
Assets         
Current assets:          
Cash  $81,630   $726 
Accounts receivable   179    - 
Inventory   16,633    - 
Prepaid expenses   16,741    13,156 
Total current assets   115,183    13,882 
           
Security deposits   85,000    85,000 
Licenses   75,000    - 
           
Total Assets  $275,183   $98,882 
           
Liabilities and Stockholders’ Equity (Deficit)          
           
Current liabilities:          
Accounts payable  $574,967   $528,645 
Accrued expenses   1,055,535    939,368 
Dividends payable   241,649    196,734 
Convertible note payable, related party, current maturities   -    750,000 
Notes payable, related parties, current maturities   -    1,146,500 
Notes payable, net of $237,468 and $24,136 of debt discounts at September 30, 2024 and December 31, 2023, respectively   1,397,532    310,864 
Total current liabilities   3,269,683    3,872,111 
           
Notes payable, related parties, long-term portion, net of $3,861 of debt discounts at September 30, 2024   2,090,120    - 
           
Total Liabilities   5,359,803    3,872,111 
           
Series A convertible preferred stock, $0.001 par value, 500,000 shares authorized; 114,733 shares issued and outstanding at September 30, 2024 and December 31, 2023   1,147,330    997,330 
Series B convertible preferred stock, $0.001 par value, 600,000 shares authorized; 238,501 shares issued and outstanding at September 30, 2024 and December 31, 2023   3,577,515    3,577,515 
           
Stockholders’ Equity (Deficit):          
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively   -    - 
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 105,890,570 and 79,827,618 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively   105,891    79,828 
Additional paid-in capital   20,315,010    18,414,456 
Subscriptions payable   -    45,000 
Accumulated other comprehensive income   -    42,328 
Accumulated (deficit)   (30,230,366)   (26,929,686)
Total Stockholders’ Equity (Deficit)   (9,809,465)   (8,348,074)
           
Total Liabilities and Stockholders’ Equity (Deficit)  $275,183   $98,882 

 

See accompanying notes to condensed consolidated financial statements.

 

1
 

 

ONE WORLD PRODUCTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   2024   2023   2024   2023 
   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
                 
Revenues  $1,517   $5,906   $3,053   $8,082 
Cost of goods sold   310    767    588    1,866 
Gross loss   1,207    5,139    2,465    6,216 
                     
Operating expenses:                    
General and administrative   203,242    142,464    552,874    907,595 
Professional fees   169,596    236,139    971,934    413,651 
Depreciation expense   -    9,274    -    25,578 
Total operating expenses   372,838    387,877    1,524,808    1,346,824 
                     
Operating loss   (371,631)   (382,738)   (1,522,343)   (1,340,608)
                     
Other income (expense):                    
Gain (loss) on early extinguishment of debt   -    -    (724,086)   4,397 
Loss on deconsolidation of foreign subsidiaries   (22,359)   -    (242,631)   - 
Interest income   -    3    -    6 
Interest expense   (340,609)   (67,571)   (811,620)   (177,169)
Total other expense   (362,968)   (67,568)   (1,778,337)   (172,766)
                     
Net loss  $(734,599)  $(450,306)  $(3,300,680)  $(1,513,374)
                     
Other comprehensive loss:                    
Gain (loss) on foreign currency translation  $-   $(32,831)  $(42,328)  $145,370 
                     
Net other comprehensive loss  $(734,599)  $(483,137)  $(3,343,008)  $(1,368,004)
Series A convertible preferred stock declared ($0.60 per share)   (15,083)   (15,083)   (44,915)   (43,808)
Net loss attributable to common shareholders  $(749,682)  $(498,220)  $(3,387,923)  $(1,411,812)
                     
Weighted average number of common shares outstanding - basic and diluted   113,618,305    74,958,373    104,404,946    71,436,129 
                     
Net loss per share - basic and diluted  $(0.01)  $(0.01)  $(0.03)  $(0.02)
                     
Dividends declared per share of common stock  $0.00   $0.00   $0.00   $0.00 

 

See accompanying notes to condensed consolidated financial statements.

 

2
 

 

ONE WORLD PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

 

   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Payable   Income (Loss)   Deficit   (Deficit) 
   For the Three Months Ended September 30, 2024 
  

Series A

Convertible

  

Series B

Convertible

           Additional      

 Accumulated

Other

      

Total

Stockholders’

 
   Preferred Stock   Preferred Stock   Common Stock   Paid-In   Subscriptions   Comprehensive   Accumulated   Equity 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Payable   Income (Loss)   Deficit   (Deficit) 
Balance, June 30, 2024   99,733   $997,330    238,501   $3,577,515    104,329,919   $104,330   $20,175,359   $57,473   $-   $(29,495,767)  $  (9,158,605)
Series A Convertible Preferred Stock sold for cash, Director     15,000       150,000       -       -       -       -       -       -       -       -       -  
Cancellation of subscriptions payable   -    -    -    -    -    -    45,000    (45,000)   -    -    - 
Common stock issued for services   -    -    -    -    1,560,651    1,561    54,833    (12,473)   -    -    43,921 
Amended warrants   -    -    -    -    -    -    51,008    -    -    -    51,008 
Amortization of common stock options issued for services   -    -    -    -    -    -    3,893    -    -    -    3,893 
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (15,083)   -    -    -    (15,083)
Net loss   -    -    -    -    -    -    -    -    -    (734,599)   (734,599)
Balance, September 30, 2024   114,733   $1,147,330    238,501   $3,577,515    105,890,570   $105,891   $20,315,010   $-   $-   $(30,230,366)  $(9,809,465)

 

   For the Three Months Ended September 30, 2023 
  

Series A

Convertible

  

Series B

Convertible

           Additional      

Accumulated

Other

      

Total

Stockholders’

 
   Preferred Stock   Preferred Stock   Common Stock   Paid-In   Subscriptions   Comprehensive   Accumulated   Equity 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Payable   Income (Loss)   Deficit   (Deficit) 
Balance, 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 Convertible Preferred Stock sold for cash   -    -    -    -    -    -    -    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)

 

3
 

 

   For the Nine Months Ended September 30, 2024 
  

Series A

Convertible

  

Series B

Convertible

           Additional      

Accumulated

Other

      

Total

Stockholders’

 
   Preferred Stock   Preferred Stock   Common Stock   Paid-In   Subscriptions   Comprehensive   Accumulated   Equity 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Payable   Income (Loss)   Deficit   (Deficit) 
Balance, December 31, 2023   99,733   $997,330    238,501   $3,577,515    79,827,618   $79,828   $18,414,456   $45,000   $42,328   $(26,929,686)  $  (8,348,074)
Series A Convertible Preferred Stock sold for cash, Director     15,000       150,000       -       -       -       -       -       -       -       -       -  
Common stock issued pursuant to debt modifications   -    -    -    -    10,971,000    10,971    713,115    -    -    -    724,086 
Common stock issued for services   -    -    -    -    10,341,952    10,342    614,383    -    -    -    624,725 
Commitment shares issued pursuant to promissory note   -    -    -    -    4,750,000    4,750    158,728    -    -    -    163,478 
Cancellation of subscriptions payable   -    -    -    -    -    -    45,000    (45,000)   -    -    - 
Amended warrants   -    -    -    -    -    -    51,008    -    -    -    51,008 
Relative fair value of warrants issued for loan commitment   -    -    -    -    -    -    351,638    -    -    -    351,638 
Amortization of common stock options issued for services   -    -    -    -    -    -    11,597    -    -    -    11,597 
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (44,915)   -    -    -    (44,915)
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (42,328)   -    (42,328)
Net loss   -    -    -    -    -    -    -    -    -    (3,300,680)   (3,300,680)
Balance, September 30, 2024   114,733   $1,147,330    238,501   $3,577,515    105,890,570   $105,891   $20,315,010   $-   $-   $(30,230,366)  $(9,809,465)

 

   For the Nine Months Ended September 30, 2023 
  

Series A

Convertible

  

Series B

Convertible

           Additional      

Accumulated

Other

       Total Stockholders’ 
   Preferred Stock   Preferred Stock   Common Stock   Paid-In   Subscriptions   Comprehensive   Accumulated   Equity 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Payable   Income (Loss)   Deficit   (Deficit) 
Balance, December 31, 2022   70,233   $702,330    272,168   $4,082,520    67,202,907   $67,203   $17,123,603   $-   $(50,699)  $(22,976,365)  $(5,836,258)
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)
Gain 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)

 

See accompanying notes to condensed consolidated financial statements.

 

4
 

 

ONE WORLD PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   2024   2023 
   For the Nine Months Ended 
   September 30, 
   2024   2023 
Cash flows from operating activities          
Net loss  $(3,300,680)  $(1,513,374)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization expense   -    25,578 
(Gain) loss on early extinguishment of debt   724,086    (4,397)
Amortization of debt discounts   529,423    26,233 
Series A preferred stock issued for services   -    90,000 
Common stock issued for services   624,725    173,850 
Stock options issued for services   11,597    121,052 
Amended warrants   51,008    - 
Decrease (increase) in assets:          
Accounts receivable   (179)   (133)
Inventory   (16,633)   (258,583)
Other current assets   (3,585)   20,219 
Other assets   -    (33,666)
Right-of-use assets   -    34,391 
Increase (decrease) in liabilities:          
Accounts payable   46,322    17,774 
Accrued expenses   323,648    290,021 
Deferred revenues   -    (263)
Lease liability   -    (31,940)
Net cash used in operating activities   (1,010,268)   (1,043,238)
           
Cash flows from investing activities          
Purchase of fixed assets   -    (5,046)
Purchase of Pétalo Pharmaceutical, SAS   (75,000)   - 
Net cash used in investing activities   (75,000)   (5,046)
           
Cash flows from financing activities          
Proceeds from notes payable, related parties   347,000    62,000 
Repayments of notes payable, related parties   (357,000)   - 
Proceeds from notes payable   1,728,500    262,500 
Repayments of notes payable   (660,000)   - 
Proceeds from sale of preferred and common stock   150,000    550,000 
Net cash provided by financing activities   1,208,500    874,500 
           
Effect of exchange rate changes on cash   (42,328)   172,920 
           
Net increase in cash   80,904    (864)
Cash - beginning   726    11,016 
Cash - ending  $81,630   $10,152 
           
Supplemental disclosures:          
Interest paid  $147,996   $40,693 
Income taxes paid  $-   $- 
           
Non-cash investing and financing transactions:          
Dividends payable  $44,915   $43,808 
Deposit on equipment settled with note payable  $-   $35,000 
Value of debt discounts attributable to commitment shares to related parties  $9,839   $- 
Value of debt discounts attributable to commitment shares  $153,639   $42,175 
Value of debt discounts attributable to commitment warrants  $351,638   $- 

 

See accompanying notes to condensed consolidated financial statements.

 

5
 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 1 – Nature of Business and Significant Accounting Policies

 

Nature of Business

 

One World Products, Inc. (the “Company,” “we,” “our” or “us”) was incorporated in Nevada on September 2, 2014. On February 21, 2019, the Company entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., a wholly-owned subsidiary, and OWP Ventures, Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian Simplified Shares Company (“OWP SAS”). Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP SAS) by the merger of OWP Merger Subsidiary with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”). As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 shares of our common stock; (b) options to purchase 825,000 shares of common stock of OWP Ventures at an exercise price of $0.50 automatically converted into options to purchase 825,000 shares of our common stock at an exercise price of $0.50; (c) the outstanding principal and interest under a $300,000 convertible note issued by OWP Ventures became convertible, at the option of the holder, into shares of the Company’s common stock at a conversion price equal to the lesser of $0.424 per share or 80% of the price the Company sold its common stock in a future “Qualified Offering”; (d) 875,000 shares of our common stock owned by OWP Ventures prior to the Merger were cancelled; and (e) OWP Ventures’ chief operating officer became our chief operating officer and two of OWP Ventures’ directors became members of our board of directors. The Company’s headquarters are located in Las Vegas, Nevada, and 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 SAS. OWP SAS is a licensed cannabis cultivation, production and distribution (export) company located in Popayán, Colombia (nearest major city is Cali). The Company had intended to be a producer of and/or source raw and processed cannabis and hemp plant ingredients for both medical and industrial uses across the globe. The Company received licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, the Company was 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, the Company owns approximately 30 acres and has a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. During the first quarter of 2022, the Company made payments of approximately $1,400,000 for a state-of-the-art distillation machine that cleared customs and is currently located in a warehouse near Bogota.

 

On December 22, 2023, OWP SAS, filed for protection under Colombian Law 1116 of 2006, which is the primary legislation governing business insolvency proceedings (restructuring and liquidation) (“Reorganization Proceedings”) in Colombia. The Reorganization Proceeds are similar to Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States, whereby the Company intended to restructure its debts and continue to operate, however, the Company amended its filing on October 1, 2024, to liquidate its assets.

 

In connection with the Reorganization Proceedings, OWP SAS paused production and sales of our cannabis operations in Colombia until the Court provided the Company with a plan of reorganization, at which time the Company intended to resume operations and satisfy its obligations in Colombia in accordance with the court’s plan, however, the Company now intends to have the Court liquidate its assets and pay its creditors out of the proceeds of the liquidation. As a result of these actions, OWP SAS has no revenue-producing operations. The Company’s primary operations during the fourth quarter of 2023, and to date in 2024, have consisted of activities associated with completing the Liquidation Proceedings, resolving substantial litigation, claims reconciliation, terminating operations and liquidating its assets, which primarily consist of the farm in Popayán and equipment.

 

6
 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

In accordance with ASC 810-10-15, the Company has deconsolidated its foreign subsidiaries to include the petitioning entity, OWP SAS, as well as the Company’s non-operating shell entities, Agrobase, S.A.S. and Hope Colombia, S.A.S., given the lack of independently identifiable operations. The deconsolidation resulted in a loss on deconsolidation of foreign subsidiaries in the amount of $242,631 and $1,564,823 for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively.

 

During March of 2024, the Company, through OWP Ventures, began to sell a CBD based product in the United States, called Pro-11. During the fourth quarter of 2024, the Company began to redesign the packaging and engaged a sales representative to focus greater resources on bringing this product to market.

 

On May 15, 2024, OWP Ventures, Inc., acquired Pétalo Pharmaceutical, S.A.S. (“Pétalo”), a Company located in Colombia and legally constituted as a simplified stock company that owns licenses to cultivate, produce and distribute the raw ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes from the free trade zone in Colombia. Pétalo had no operations, other than obtaining four licenses, including seed use, cultivation of non-psychoactive cannabis, cultivation of psychoactive cannabis, and manufacturing allowing for extraction and export from the free trade zone. The acquisition was accounted for as an asset purchase, and the $75,000 purchase price of Pétalo was allocated to the fair value of the licenses. The Company intends to establish an export business within the free trade zone using these licenses, but has yet to incur any substantive income or expenses.

 

During 2024, the Company has also been developing industrial hemp solutions for the automotive market. The Company intends to focus increased efforts on research and development in this area to help the automotive industry meet its goals of achieving carbon neutral manufacturing using renewable material solutions. In October of 2024, the Company, in collaboration with partners in the automotive industry, developed hemp-based molded containers for automotive part packaging applications and received an initial order for 1,400 units of these reusable totes, designed to move and protect automotive parts through the supply chain.

 

Basis of Presentation

 

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

 

The unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at September 30, 2024:

 

    Jurisdiction of    
Name of Entity   Incorporation   Relationship
One World Products, Inc.(1)   Nevada   Parent
OWP Ventures, Inc.(2)   Delaware   Subsidiary
Pétalo Pharmaceutical, S.A.S.(3)   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., acquired on May 15, 2024, located in Colombia and legally constituted as a simplified stock company. This company has yet to incur any substantive income or expenses.

 

The consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters are located in Las Vegas, Nevada.

 

7
 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

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 i