| Notes Payable |
Note
13 – Notes Payable
Schedule of Notes Payable
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March 31, |
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December 31, |
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2023 |
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2022 |
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| On September 15, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 55,488,000 COP, or approximately $12,243, on a loan with a face value of 70,000,000 COP, or approximately $15,445, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $3,202 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $317 due to foreign currency translation adjustments. |
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$ |
15,128 |
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$ |
14,552 |
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| On June 17, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 230,400,000 COP, or approximately $55,821, on a loan with a face value of 240,000,000 COP, or approximately $58,147, from an individual pursuant to an unsecured promissory note, bearing interest at 4% per month, or 48% per annum, due on demand. The debt discount of $2,326 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $3,955 due to foreign currency translation adjustments. |
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51,866 |
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49,894 |
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| On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from an individual pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. |
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100,000 |
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100,000 |
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| On May 31, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received proceeds of 314,640,000 COP, or approximately $76,231, on a loan with a face value of 360,000,000 COP, or approximately $87,220, from an individual pursuant to promissory note, security by equipment, bearing interest at 2.1% per month, or 25% per annum, which matured on November 28, 2022 and is currently past due. The debt discount of $10,990 was expensed as finance costs at the time of origination. The face value of the note has been adjusted by $9,420 due to foreign currency translation adjustments. |
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77,800 |
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74,841 |
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| On May 30, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 20,000,000 COP, or approximately $4,846, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $524 due to foreign currency translation adjustments. |
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4,322 |
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4,158 |
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| On April 29, 2022, the Company, through its wholly-owned subsidiary, One World Pharma, SAS, received a non-interest bearing loan of 10,000,000 COP, or approximately $2,423, from an individual pursuant to an unsecured promissory note, due on demand. The face value of the note has been adjusted by $262 due to foreign currency translation adjustments. |
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2,161 |
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2,079 |
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| On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $400,000 from an individual pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. |
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400,000 |
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400,000 |
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| On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from an individual pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. |
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200,000 |
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200,000 |
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| Total notes payable |
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851,277 |
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845,524 |
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| Less: current maturities |
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151,277 |
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145,524 |
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| Notes payable, long-term portion |
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$ |
700,000 |
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$ |
700,000 |
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The
Company recorded interest expense pursuant to the stated interest rates on the notes payable in the amount of $37,808 and $3,888 for
the three months ended March 31, 2023 and 2022, respectively.
ONE
WORLD PRODUCTS, INC.
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
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