One World Products, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2022

The components of lease expense were as follows:

Schedule of Components of Lease Expense

	For the Three
	Months Ended
	March 31,
	2022
Operating lease costs:
Amortization of assets	$	33,431
Interest on lease liabilities		26,463
Lease payments on short term leases		12,590
Total lease cost	$	72,484

Supplemental balance sheet information related to leases was as follows:

	March 31,
	2022
Operating leases:
Operating lease assets	$	1,502,276

Current portion of operating lease liabilities	$	98,326
Noncurrent operating lease liabilities		1,410,883
Total operating lease liabilities	$	1,509,209

Weighted average remaining lease term:
Operating leases		8.75 years

Weighted average discount rate:
Operating leases		6.75	%

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

	For the Three
	Months Ended
	March 31,
	2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	26,497

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	1,535,706

Future minimum annual lease commitments under non-cancelable operating leases are as follows at March 31, 2022:

	Operating
	Leases

2022 (for the nine months remaining)	$	146,851
2023		201,640
2024		203,264
2025		200,496
2026 and thereafter		1,335,816
Total minimum lease payments		2,088,067
Less interest		578,858
Present value of lease liabilities		1,509,209
Less current portion		98,326
Long-term lease liabilities	$	1,410,883