Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

Note 4 – Related Party Transactions

 

Related Party Debt Repayments

 

On April 22, 2024, the Company repaid an aggregate total of $257,446, consisting of $207,000 of principal and $50,446 of interest, of outstanding debts owed to Kenneth Perego, II, M.D., the Company’s Vice Chairman of the Board.

 

Common Stock Issued as Consideration for Related Party Debt Modifications

 

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., agreed to issue shares of common stock to officers and directors in consideration for extending the maturity dates and terms of previously received debt financing, as listed below. The aggregate fair value of the common stock was $724,086, based on the closing price of the Company’s common stock on the date of grant, which was recognized as a loss on early extinguishment of debt. The previously issued promissory notes were cancelled in exchange for promissory notes with a maturity date of March 1, 2027, bearing interest at 10% per annum, with the exception of the promissory note issued to Dr. John McCabe, which carries an interest rate of 7% per annum.

 

        Aggregate              
Name   Position   Debts Extended     Shares     Fair Value  
Isiah L. Thomas, III   Chairman and CEO   $ 27,467       138,000     $ 9,108  
Dr. Kenneth Perego, II   Vice Chairman     337,000       1,685,000       111,210  
Joerg Sommer   President     26,116       131,000       8,646  
Dr. John McCabe   >5% Shareholder     1,803,398       9,017,000       595,122  
        $ 2,193,981       10,971,000     $ 724,086  

 

Common Stock Issued for Services, Related Parties

 

On March 15, 2024, the Company issued shares of common stock to officers and directors for services provided, as listed below. The aggregate fair value of the common stock was $429,000, based on the closing price of the Company’s common stock on the date of grant. The shares were expensed upon issuance.

 

Name   Position   Shares     Fair Value  
Isiah L. Thomas, III   Chairman and CEO     2,000,000     $ 132,000  
Dr. Kenneth Perego, II   Vice Chairman     2,000,000       132,000  
Terry Buffalo   Director     2,000,000       132,000  
Joerg Sommer   President     500,000       33,000  
          6,500,000     $ 429,000