General form of registration statement for all companies including face-amount certificate companies

Fair Value of Financial Instruments (Tables) (OWP Ventures, Inc.)

v3.19.3
Fair Value of Financial Instruments (Tables) (OWP Ventures, Inc.)
 6 Months Ended 9 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of June 30, 2019 and December 31, 2018, respectively:

 

    Fair Value Measurements at June 30, 2019  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 212,385     $ -     $ -  
Right-of-use asset     -       258,754       -  
Total assets     212,385       258,754       -  
Liabilities                        
Convertible note payable     -       -       300,000  
Advances from shareholders     -       307,141       -  
Notes payable     -       -       200,000  
Lease liability     -       260,919       -  
Total liabilities     -       (568,060 )     (500,000 )
    $ 212,385     $ (309,306 )   $ (500,000 )

 

    Fair Value Measurements at December 31, 2018  
    Level 1     Level 2     Level 3  
Assets                  
Cash   $ 125,846     $ -     $ -  
Total assets     125,846       -       -  
Liabilities                        
Convertible note payable     -       -       300,000  
Advances from shareholders     -       514,141       -  
Notes payable     -       -       200,000  
Total liabilities     -       (514,141 )     (500,000 )
    $ 125,846     $ (514,141 )   $ (500,000 )
 
OWP Ventures, Inc. [Member]    
Schedule of Valuation of Financial Instruments at Fair Value on a Recurring Basis  

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheet as of December 31, 2018:

 

    Fair Value Measurements at December 31, 2018  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 125,846     $ -     $ -  
Total assets     125,846       -       -  
Liabilities                        
Convertible note payable     -       -       300,000  
Advances from shareholders     -       514,141       -  
Notes payable     -       -       200,000  
Total liabilities     -       (514,141 )     (500,000 )
    $ 125,846     $ (514,141 )   $ (500,000 )