Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

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Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

Note 4 – Related Party Transactions

 

Expense Reimbursements Owed to Officers and Directors

 

As of December 31, 2023, the Company owed a total of $17,782 to one of our Directors, Dr. Kenneth Perego, II, M.D., and $15,208 to the Company’s President, Mr. Joerg Sommer, for unreimbursed expenses, as presented within accounts payable on the Balance Sheet.

 

 

ONE WORLD PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Compensation Commitments and Common Stock Awards

 

As of December 31, 2023, the Company owed a total of $639,750 to its three Corporate Officers, of which $430,000 is owed to the Company’s CEO, Isiah L. Thomas, III, $168,750 is owed to the Company’s CFO, Timothy Woods, and $41,000 is owed to the Company’s President, Joerg Sommer. Mr. Sommer’s annual base salary will increase to $240,000 upon the closing of an offering of the Company’s equity securities that results in gross proceeds to the Company of at least $5,000,000. Mr. Sommer received 1,500,000 shares of the Company’s common stock upon his appointment as President; and is entitled to be issued an additional 1,500,000 shares of the Company’s common stock within 60 days of the closing of a Qualified Offering. Mr. Sommer will also be entitled to a bonus of up $380,000 upon the sale of the Company’s equity securities during the term of his employment, as set forth below;

 

$200,000 upon the Company raising $2 million

$80,000 upon the Company raising an additional $1 million

$60,000 upon the Company raising an additional $1 million

$40,000 upon the Company raising an additional $1 million