| 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
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Assets |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash |
|
$ |
8,472 |
|
|
$ |
1,660 |
|
| Inventory |
|
|
37,393 |
|
|
|
45,791 |
|
| Other current assets |
|
|
15,971 |
|
|
|
2,687 |
|
| Total current assets |
|
|
61,836 |
|
|
|
50,138 |
|
| |
|
|
|
|
|
|
|
|
| Other assets |
|
|
207,928 |
|
|
|
226,542 |
|
| Fixed assets, net |
|
|
2,306,501 |
|
|
|
2,346,281 |
|
| |
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
2,576,265 |
|
|
$ |
2,622,961 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
331,121 |
|
|
$ |
392,403 |
|
| Accrued expenses |
|
|
481,277 |
|
|
|
482,587 |
|
| Notes payable |
|
|
168,099 |
|
|
|
183,148 |
|
| Intercompany liabilities owed to OWP Ventures, Inc. |
|
|
7,737,202 |
|
|
|
7,348,034 |
|
| Total current liabilities |
|
|
8,717,699 |
|
|
|
8,406,172 |
|
| |
|
|
|
|
|
|
|
|
| Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
| Accumulated other comprehensive income |
|
|
62,311 |
|
|
|
- |
|
| Accumulated (deficit) |
|
|
(6,203,745 |
) |
|
|
(5,783,211 |
) |
| Total Stockholders’ Equity (Deficit) |
|
|
(6,141,434 |
) |
|
|
(5,783,211 |
) |
| |
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders’ Equity (Deficit) |
|
$ |
2,576,265 |
|
|
$ |
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 Nine |
|
| |
|
Months Ended |
|
|
Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2024 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Revenues |
|
$ |
- |
|
|
$ |
- |
|
| Cost of goods sold |
|
|
- |
|
|
|
- |
|
| Gross profit |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| General and administrative |
|
|
67,115 |
|
|
|
208,062 |
|
| Professional fees |
|
|
12,121 |
|
|
|
44,250 |
|
| Depreciation expense |
|
|
13,260 |
|
|
|
39,780 |
|
| Total operating expenses |
|
|
92,496 |
|
|
|
292,092 |
|
| |
|
|
|
|
|
|
|
|
| Operating loss |
|
|
(92,496 |
) |
|
|
(292,092 |
) |
| |
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(48,329 |
) |
|
|
(128,442 |
) |
| Total other expense |
|
|
(48,329 |
) |
|
|
(128,442 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(140,825 |
) |
|
$ |
(420,534 |
) |
| Other comprehensive loss: |
|
|
|
|
|
|
|
|
| Gain on foreign currency translation |
|
$ |
3,625 |
|
|
$ |
62,311 |
|
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(137,200 |
) |
|
$ |
(358,223 |
) |
FOREIGN
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
| |
|
For the Nine |
|
| |
|
Months Ended |
|
| |
|
September 30, |
|
| |
|
2024 |
|
| Cash flows from operating activities |
|
|
|
|
| Net loss |
|
$ |
(420,534 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
| Depreciation and amortization expense |
|
|
39,780 |
|
| Decrease (increase) in assets: |
|
|
|
|
| Inventory |
|
|
8,398 |
|
| Other current assets |
|
|
(13,284 |
) |
| Other assets |
|
|
18,614 |
|
| Increase (decrease) in liabilities: |
|
|
|
|
| Accounts payable |
|
|
(61,282 |
) |
| Accrued expenses |
|
|
(16,359 |
) |
| Accrued interest on intercompany loans |
|
|
104,210 |
|
| Net cash used in operating activities |
|
|
(340,457 |
) |
| |
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
| Proceeds received from intercompany loan |
|
|
284,958 |
|
| Net cash provided by financing activities |
|
|
284,958 |
|
| |
|
|
|
|
| Effect of exchange rate changes on cash |
|
|
62,311 |
|
| |
|
|
|
|
| Net increase (decrease) in cash |
|
|
6,812 |
|
| Cash - beginning |
|
|
1,660 |
|
| Cash - ending |
|
$ |
8,472 |
|
| |
|
|
|
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
|
$ |
- |
|
| Income taxes paid |
|
$ |
- |
|
|