| Notes Payable, Related Party |
Note
13 – Notes Payable, Related Party
Notes
payable, related party, consists of the following at September 30, 2022 and December 31, 2021, respectively:
Schedule
of Notes Payable Related Party
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| 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 carried a 6% interest rate. |
|
$ |
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 carried a 6% interest rate. |
|
|
4,500 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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 carried a 6% interest rate. |
|
|
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 carried a 6% interest rate. |
|
|
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 carried a 6% interest rate. |
|
|
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 carried a 6% interest rate. |
|
|
20,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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 carried an 8% interest rate. |
|
|
200,000 |
|
|
|
200,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable. related party |
|
|
299,500 |
|
|
|
200,000 |
|
| Less: current maturities |
|
|
99,500 |
|
|
|
- |
|
| Notes payable, related party, long-term portion |
|
$ |
200,000 |
|
|
$ |
200,000 |
|
The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related party, in the amount of $13,538
for the nine months ended September 30, 2022.
ONE
WORLD PRODUCTS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The
Company recognized interest expense for the nine months ended September 30, 2022 and 2021, as follows:
Schedule of Interest Expenses
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Interest on convertible notes |
|
$ |
43,899 |
|
|
$ |
21,120 |
|
| Interest on notes payable |
|
|
51,345 |
|
|
|
8,434 |
|
| Interest on notes payable, related parties |
|
|
13,538 |
|
|
|
- |
|
| Finance cost on equity line of credit |
|
|
15,000 |
|
|
|
- |
|
| Amortization of debt discounts |
|
|
50,753 |
|
|
|
24,288 |
|
| Amortization of debt discounts, common stock |
|
|
106,894 |
|
|
|
273,594 |
|
| Amortization of debt discounts, warrants |
|
|
255,026 |
|
|
|
12,751 |
|
| 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 |
|
|
|
7,771 |
|
| Total interest expense |
|
$ |
886,837 |
|
|
$ |
347,958 |
|
|