| 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
| |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
| Assets |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash |
|
$ |
30,045 |
|
|
$ |
1,660 |
|
| Inventory |
|
|
42,253 |
|
|
|
45,791 |
|
| Other current assets |
|
|
47,814 |
|
|
|
2,687 |
|
| Total current assets |
|
|
120,112 |
|
|
|
50,138 |
|
| |
|
|
|
|
|
|
|
|
| Other assets |
|
|
208,738 |
|
|
|
226,542 |
|
| Fixed assets, net |
|
|
2,319,761 |
|
|
|
2,346,281 |
|
| |
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
2,648,611 |
|
|
$ |
2,622,961 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
349,456 |
|
|
$ |
392,403 |
|
| Accrued expenses |
|
|
442,134 |
|
|
|
482,587 |
|
| Notes payable |
|
|
168,754 |
|
|
|
183,148 |
|
| Intercompany liabilities owed to OWP Ventures, Inc. |
|
|
7,692,501 |
|
|
|
7,348,034 |
|
| Total current liabilities |
|
|
8,652,845 |
|
|
|
8,406,172 |
|
| |
|
|
|
|
|
|
|
|
| Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
| Accumulated other comprehensive income |
|
|
58,686 |
|
|
|
- |
|
| Accumulated (deficit) |
|
|
(6,062,920 |
) |
|
|
(5,783,211 |
) |
| Total Stockholders’ Equity (Deficit) |
|
|
(6,004,234 |
) |
|
|
(5,783,211 |
) |
| |
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders’ Equity (Deficit) |
|
$ |
2,648,611 |
|
|
$ |
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 |
|
|
For the Six |
|
| |
|
Months Ended |
|
|
Months Ended |
|
| |
|
June 30, 2024 |
|
|
June 30, 2024 |
|
| |
|
|
|
|
|
|
| Revenues |
|
$ |
- |
|
|
$ |
- |
|
| Cost of goods sold |
|
|
- |
|
|
|
- |
|
| Gross profit |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| General and administrative |
|
|
63,081 |
|
|
|
140,947 |
|
| Professional fees |
|
|
17,163 |
|
|
|
32,129 |
|
| Depreciation expense |
|
|
14,675 |
|
|
|
26,520 |
|
| Total operating expenses |
|
|
94,919 |
|
|
|
199,596 |
|
| |
|
|
|
|
|
|
|
|
| Operating loss |
|
|
(94,919 |
) |
|
|
(199,596 |
) |
| |
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(40,380 |
) |
|
|
(80,113 |
) |
| Total other expense |
|
|
(40,380 |
) |
|
|
(80,113 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(135,299 |
) |
|
$ |
(279,709 |
) |
| Other comprehensive loss: |
|
|
|
|
|
|
|
|
| Gain on foreign currency translation |
|
$ |
54,638 |
|
|
$ |
58,686 |
|
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(80,661 |
) |
|
$ |
(221,023 |
) |
FOREIGN SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| |
|
For the Six |
|
| |
|
Months Ended |
|
| |
|
June 30, 2024 |
|
| Cash flows from operating activities |
|
|
|
|
| Net loss |
|
$ |
(279,709 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
| Depreciation and amortization expense |
|
|
26,520 |
|
| Decrease (increase) in assets: |
|
|
|
|
| Inventory |
|
|
3,538 |
|
| Other current assets |
|
|
(45,127 |
) |
| Other assets |
|
|
17,804 |
|
| Increase (decrease) in liabilities: |
|
|
|
|
| Accounts payable |
|
|
(42,947 |
) |
| Accrued expenses |
|
|
(40,603 |
) |
| Accrued interest on intercompany loans |
|
|
81,867 |
|
| Net cash used in operating activities |
|
|
(278,657 |
) |
| |
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
| Proceeds received from intercompany loan |
|
|
262,600 |
|
| Net cash provided by financing activities |
|
|
262,600 |
|
| |
|
|
|
|
| Effect of exchange rate changes on cash |
|
|
44,442 |
|
| |
|
|
|
|
| Net increase (decrease) in cash |
|
|
28,385 |
|
| Cash - beginning |
|
|
1,660 |
|
| Cash - ending |
|
$ |
30,045 |
|
| |
|
|
|
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
|
$ |
- |
|
| Income taxes paid |
|
$ |
- |
|
|