One World Products, Inc. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

The components of lease expense were as follows:

Schedule of Components of Lease Expense

	2023		2022
	For the Year Ended
	December 31,
	2023		2022
Operating lease cost:
Amortization of right-of-use assets	$	34,391	$	114,907
Interest on lease liabilities		11,379		83,702
Lease payments on short term leases		1,575		23,811
Total operating lease cost	$	47,345	$	222,420

Supplemental balance sheet information related to leases was as follows:

	December 31,			December 31,
	2023			2022
Operating lease:
Operating lease assets	$	-		$	425,969

Current portion of operating lease liabilities	$	-			86,235
Noncurrent operating lease liabilities		-			341,680
Total operating lease liability	$	-		$	427,915

Weighted average remaining lease term:
Operating leases		None			4.25 years

Weighted average discount rate:
Operating lease		6.75	%		6.75	%

Supplemental cash flow and other information related to operating leases was as follows:

	2023			2022
	For the Year Ended
	December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	31,940		$	96,253

Early extinguishment of lease:
Lease liabilities terminated	$	395,975		$	1,438,830
Right-of use assets terminated		(391,578	)		(1,418,682	)
Gain on early extinguishment of lease	$	4,397		$	20,148

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	-		$	1,962,998