| Schedule of Deconsolidated Balance Sheets and Statement of Operations and Comprehensive Loss of Foreign Subsidiaries |
Schedule
of Deconsolidated Balance Sheets and Statement of Operations and Comprehensive Loss of Foreign Subsidiaries
FOREIGN
SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash |
|
$ |
3,804 |
|
|
$ |
1,660 |
|
| Inventory |
|
|
45,616 |
|
|
|
45,791 |
|
| Other
current assets |
|
|
48,231 |
|
|
|
2,687 |
|
| Total current assets |
|
|
97,651 |
|
|
|
50,138 |
|
| |
|
|
|
|
|
|
|
|
| Other assets |
|
|
225,348 |
|
|
|
226,542 |
|
| Fixed assets, net |
|
|
2,333,021 |
|
|
|
2,346,281 |
|
| |
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
2,656,020 |
|
|
$ |
2,622,961 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’
Equity (Deficit) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
396,773 |
|
|
$ |
392,403 |
|
| Accrued expenses |
|
|
472,606 |
|
|
|
482,587 |
|
| Notes payable |
|
|
182,183 |
|
|
|
183,148 |
|
| Intercompany
liabilities owed to OWP Ventures, Inc. |
|
|
7,528,031 |
|
|
|
7,348,034 |
|
| Total
current liabilities |
|
|
8,579,593 |
|
|
|
8,406,172 |
|
| |
|
|
|
|
|
|
|
|
| Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
| Accumulated other comprehensive
income |
|
|
5,463 |
|
|
|
- |
|
| Accumulated
(deficit) |
|
|
(5,929,036 |
) |
|
|
(5,783,211 |
) |
| Total Stockholders’
Equity (Deficit) |
|
|
(5,923,573 |
) |
|
|
(5,783,211 |
) |
| |
|
|
|
|
|
|
|
|
| Total Liabilities and
Stockholders’ Equity (Deficit) |
|
$ |
2,656,020 |
|
|
$ |
2,622,961 |
|
ONE
WORLD PRODUCTS, INC.
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
FOREIGN SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
| |
|
For the Three |
|
| |
|
Months Ended |
|
| |
|
March 31, |
|
| |
|
2024 |
|
| |
|
|
|
| Operating expenses: |
|
|
|
|
| General and
administrative |
|
$ |
77,866 |
|
| Professional fees |
|
|
14,966 |
|
| Depreciation
expense |
|
|
13,260 |
|
| Total
operating expenses |
|
|
106,092 |
|
| |
|
|
|
|
| Operating loss |
|
|
(106,092 |
) |
| |
|
|
|
|
| Other income (expense): |
|
|
|
|
| Interest
expense |
|
|
(39,733 |
) |
| Total
other expense |
|
|
(39,733 |
) |
| |
|
|
|
|
| Net loss |
|
$ |
(145,825 |
) |
| Other comprehensive loss: |
|
|
|
|
| Gain
on foreign currency translation |
|
$ |
5,463 |
|
| |
|
|
|
|
| Net loss |
|
$ |
(140,362 |
) |
FOREIGN
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
| |
|
For the Three |
|
| |
|
Months Ended |
|
| |
|
March 31, |
|
| |
|
2024 |
|
| Cash flows from operating activities |
|
|
|
|
| Net loss |
|
$ |
(145,825 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
| Depreciation and amortization expense |
|
|
13,260 |
|
| Decrease (increase) in assets: |
|
|
|
|
| Inventory |
|
|
175 |
|
| Other current assets |
|
|
(45,544 |
) |
| Other assets |
|
|
1,194 |
|
| Increase (decrease) in liabilities: |
|
|
|
|
| Accounts payable |
|
|
4,370 |
|
| Accrued expenses |
|
|
(10,131 |
) |
| Accrued interest on interCompany loans |
|
|
39,997 |
|
| Net cash used in operating activities |
|
|
(142,504 |
) |
| |
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
| Proceeds received from interCompany loan |
|
|
140,000 |
|
| Net cash provided by financing activities |
|
|
140,000 |
|
| |
|
|
|
|
| Effect of exchange rate changes on cash |
|
|
4,648 |
|
| |
|
|
|
|
| Net increase (decrease) in cash |
|
|
2,144 |
|
| Cash - beginning |
|
|
1,660 |
|
| Cash - ending |
|
$ |
3,804 |
|
| |
|
|
|
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
|
$ |
- |
|
| Income taxes paid |
|
$ |
- |
|
|