Quarterly report pursuant to Section 13 or 15(d)

Convertible Note Payable, Related Party

v3.23.2
Convertible Note Payable, Related Party
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Convertible Note Payable, Related Party

Note 13 – Convertible Note Payable, Related Party

 

Convertible note payable, related party consists of the following at June 30, 2023 and December 31, 2022, respectively:

 

    June 30,     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, an affiliate investor. The unsecured note matures on September 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 note payable, related party     750,000       750,000  
Less: current maturities     -       -  
Convertible note payable, related party, long-term portion   $ 750,000     $ 750,000  

 

 

ONE WORLD PRODUCTS, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

The Company recorded interest expense pursuant to the stated interest rates on the convertible note, related party in the amount of $29,753 for both the six months ended June 30, 2023 and 2022.