General form of registration statement for all companies including face-amount certificate companies

Nature of Business and Significant Accounting Policies (Tables)

v3.22.2.2
Nature of Business and Significant Accounting Policies (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
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 June 30, 2022:

 

      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 has yet to incur any substantive income or expenses.

The accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control and ownership at December 31, 2021:

 

Name of Entity   State of 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 has yet to incur any substantive income or expenses.
Schedule of Estimated Useful Lives of Fixed Assets  

 

Buildings   15 years  
Office equipment   5 years  
Furniture and fixtures   7 years  
Equipment and machinery   7 years  
Leasehold improvements   Term of lease