| 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:
Schedule
of Notes Payable Related Party
| |
|
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:
Schedule of Interest Expenses
| |
|
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 |
|
|