| Notes Payable, Related Parties |
Note
14 – Notes Payable, Related Parties
Notes
payable, related party, consists of the following at June 30, 2023 and December 31, 2022, respectively:
Schedule
of Notes Payable Related Party
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June 30, |
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December 31, |
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2023 |
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2022 |
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| On August 5, 2022, the Company received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
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$ |
50,000 |
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$ |
50,000 |
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| 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. |
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4,500 |
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4,500 |
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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 Dr. John McCabe, an affiliate investor, 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 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. |
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5,000 |
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5,000 |
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| 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. |
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10,000 |
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10,000 |
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| 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. |
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10,000 |
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10,000 |
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| 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. |
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20,000 |
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20,000 |
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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 Dr. John McCabe, an affiliate investor, 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 Dr. John McCabe, an affiliate investor, 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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| On December 29, 2021, the Company received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate. |
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200,000 |
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200,000 |
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| Total notes payable, related party |
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999,500 |
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999,500 |
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| Less: current maturities |
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999,500 |
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99,500 |
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| Notes payable, related party, long-term portion |
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$ |
- |
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$ |
900,000 |
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ONE WORLD PRODUCTS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $38,764
and $26,336 for the six months ended June 30, 2023 and 2022, respectively.
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