Annual report pursuant to Section 13 and 15(d)

Fixed Assets

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Fixed Assets
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Fixed Assets

Note 10 – Fixed Assets

 

Fixed assets consist of the following at December 31, 2023 and 2022, respectively:

 

    December 31,     December 31,  
    2023     2022  
Land   $ -     $ 138,248  
Buildings     -       473,971  
Office equipment     -       30,902  
Furniture and fixtures     -       6,495  
Equipment and machinery     -       423,547  
Fixed assets, gross     -       1,073,163  
Less: accumulated depreciation     -       (84,627 )
Total   $ -     $ 988,536  

 

On October 1, 2023, the Company, through its wholly-owned subsidiary, One World Pharma, S.A.S., disposed of furniture and fixtures that were abandoned. No proceeds were received on the disposal, resulting in a loss on disposal of fixed assets of $4,282, which represented the net book value at the time of disposal.

 

On October 1, 2023, the Company, through its wholly-owned subsidiary, One World Pharma, S.A.S., sold a truck previously used at the Popayán farm. The Company received proceeds of $9,157 on the sale, resulting in a gain on disposal of fixed assets of $992.

 

On August 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., sold its office furniture and equipment with a net book value of $15,391 for gross proceeds of $6,350, resulting in a loss on the disposal of fixed assets of $9,041, which represented the proceeds received, less the net book value at the time of disposal.

 

Depreciation and amortization expense totaled $34,266 and $42,287 for the years ended December 31, 2023 and 2022, respectively.

 

 

ONE WORLD PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS