Annual report pursuant to Section 13 and 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.23.1
Nature of Business and Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2022
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 December 31, 2022:

 

Schedule of Common Control and Ownership Interest

    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.
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