| Notes Payable, Related Parties |
Note
14 – Notes Payable, Related Parties
Notes
payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively:
Schedule
of Notes Payable Related Party
| |
|
September 30, |
|
|
December 31, |
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| |
|
2023 |
|
|
2022 |
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| |
|
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|
|
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| On September 11, 2023, the Company received an advance of $52,000 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 10% interest rate. |
|
$ |
52,000 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| On August 31, 2023, the Company received an advance of $4,000 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. |
|
|
4,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| On August 14, 2023, the Company received an advance of $6,000 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. |
|
|
6,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
50,000 |
|
|
|
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. |
|
|
4,500 |
|
|
|
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. |
|
|
100,000 |
|
|
|
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. |
|
|
5,000 |
|
|
|
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. |
|
|
10,000 |
|
|
|
10,000 |
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| |
|
|
|
|
|
|
|
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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. |
|
|
10,000 |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
20,000 |
|
|
|
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 |
|
|
|
400,000 |
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| |
|
|
|
|
|
|
|
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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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| |
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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. |
|
|
200,000 |
|
|
|
200,000 |
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| |
|
|
|
|
|
|
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| Total notes payable, related party |
|
|
1,061,500 |
|
|
|
999,500 |
|
| Less: current maturities |
|
|
1,061,500 |
|
|
|
99,500 |
|
| Notes payable, related party, long-term portion |
|
$ |
- |
|
|
$ |
900,000 |
|
The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $58,804
and $43,763 for the nine months ended September 30, 2023 and 2022, respectively.
ONE WORLD PRODUCTS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
|
Notes
Payable, Related Parties
Note
16 – Notes Payable, Related Party
Notes
payable, related party, consists of the following at December 31, 2022 and 2021, respectively:
Schedule
of Notes Payable Related Party
| |
|
December
31, |
|
|
December
31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
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.
|
|
$ |
50,000 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
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.
|
|
|
4,500 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
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.
|
|
|
5,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
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.
|
|
|
10,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
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.
|
|
|
10,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
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.
|
|
|
20,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
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.
|
|
|
200,000 |
|
|
|
200,000 |
|
| |
|
|
|
|
|
|
|
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| Total notes payable.
related party |
|
|
299,500 |
|
|
|
200,000 |
|
| Less:
current maturities |
|
|
99,500 |
|
|
|
- |
|
| Notes
payable, related party, long-term portion |
|
$ |
200,000 |
|
|
$ |
200,000 |
|
The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related party, in the amount of $19,127
and $9,729
for the years ended December 31, 2022
and 2021, respectively.
ONE
WORLD PRODUCTS, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
The
Company recognized interest expense for the year ended December 31, 2022 and 2021, respectively, as follows:
Schedule
of Interest Expenses
| |
|
December
31, |
|
|
December
31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Interest
on convertible notes |
|
$ |
59,023 |
|
|
$ |
17,260 |
|
| Interest on notes payable |
|
|
85,653 |
|
|
|
18,945 |
|
| Interest on notes payable,
related parties |
|
|
19,127 |
|
|
|
9,729 |
|
| Amortization of debt
discounts on convertible notes |
|
|
50,753 |
|
|
|
42,247 |
|
| Amortization of debt
discounts on convertible notes, common stock |
|
|
106,894 |
|
|
|
311,418 |
|
| Amortization of debt
discounts on convertible notes, warrants |
|
|
255,026 |
|
|
|
102,991 |
|
| Finance cost on equity
line of credit, issuances of series B preferred stock |
|
|
205,005 |
|
|
|
- |
|
| Finance cost on equity
line of credit, issuances of common stock |
|
|
134,128 |
|
|
|
- |
|
| Finance cost on equity
line of credit |
|
|
30,000 |
|
|
|
- |
|
| Interest
on accounts payable |
|
|
11,249 |
|
|
|
8,541 |
|
| Total
interest expense |
|
$ |
956,858 |
|
|
$ |
511,131 |
|
|