Quarterly report pursuant to Section 13 or 15(d)

Convertible Notes Payable

v3.23.2
Convertible Notes Payable
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Convertible Notes Payable

Note 12 – Convertible Notes Payable

 

Convertible notes payable consists of the following at March 31, 2023 and December 31, 2022, respectively:

 

    March 31,     December 31,  
    2023     2022  
On September 27, 2022,   $ 750,000     $ 750,000  
On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe. The unsecured note matures on 16, 2024 (the “Maturity Date”), bears interest at a rate of 8% per annum, and the principal and interest is convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share.   $ 750,000     $ 750,000  
                 
Total convertible notes payable     750,000       750,000  
Less: unamortized debt discounts     -       -  
Convertible note payable, net of discounts   $ 750,000     $ 750,000  

 

The Company recorded interest expense pursuant to the stated interest rates on the convertible note in the amount of $14,795 for both the three months ended March 31, 2023 and 2022.

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)