| Notes Payable, Related Parties |
Note
15 – Notes Payable, Related Parties
Notes
payable, related parties, consists of the following at December 31, 2023 and 2022, respectively:
Schedule
of Notes Payable Related Party
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December
31, |
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December
31, |
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2023 |
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2022 |
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On November
28, 2023, the Company received an advance of $60,000
from Dr. Kenneth Perego, II, M.D., our Vice
Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 10%
interest rate.
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$ |
60,000 |
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$ |
- |
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On October 11, 2023, the
Company received an advance of $25,000
from the Company’s President, Joerg
Sommer, pursuant to an unsecured promissory note due on demand that carries a 10%
interest rate.
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25,000 |
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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.
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52,000 |
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- |
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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.
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4,000 |
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- |
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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.
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6,000 |
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- |
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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 L. 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 L. 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 L. 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 $200,000
from Dr. Kenneth Perego, II, M.D., our Vice
Chairman of the Board pursuant to an unsecured promissory note due January
1, 2024 that carries an 8%
interest rate.
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200,000 |
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200,000 |
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| Total notes payable, related
party |
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1,146,500 |
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999,500 |
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| Less:
current maturities |
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1,146,500 |
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99,500 |
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| Notes
payable, related party, long-term portion |
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$ |
- |
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$ |
900,000 |
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The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $81,114
and $104,780
for the years ended December 31, 2023 and 2022,
respectively.
ONE
WORLD PRODUCTS, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
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