Annual report pursuant to Section 13 and 15(d)

Notes Payable, Related Party

v3.23.1
Notes Payable, Related Party
12 Months Ended
Dec. 31, 2022
Notes Payable Related Party  
Notes Payable, Related Party

Note 16 – Notes Payable, Related Party

 

Notes payable, related party, consists of the following at December 31, 2022 and 2021, respectively:

 

    December 31,     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 carries 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 carries 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 carries 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 carries 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 carries 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 carries 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 carries 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 $19,127 and $9,729 for the years ended December 31, 2022 and 2021, respectively.

 

 

ONE WORLD PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The Company recognized interest expense for the year ended December 31, 2022 and 2021, respectively, as follows:

 

    December 31,     December 31,  
    2022     2021  
             
Interest on convertible notes   $ 59,023     $ 17,260  
Interest on notes payable     85,653       18,945  
Interest on notes payable, related parties     19,127       9,729  
Amortization of debt discounts on convertible notes     50,753       42,247  
Amortization of debt discounts on convertible notes, common stock     106,894       311,418  
Amortization of debt discounts on convertible notes, warrants     255,026       102,991  
Finance cost on equity line of credit, issuances of series B preferred stock     205,005       -  
Finance cost on equity line of credit, issuances of common stock     134,128       -  
Finance cost on equity line of credit     30,000       -  
Interest on accounts payable     11,249       8,541  
Total interest expense   $ 956,858     $ 511,131