One World Products, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2020

The components of lease expense were as follows:

	For the Three
	Months Ended
	March 31, 2020
Operating lease cost:
Amortization of assets	$	58,891
Interest on lease liabilities		7,757
Total lease cost	$	66,648

Supplemental balance sheet information related to leases was as follows:

	March 31, 2020
Operating leases:
Operating lease assets	$	443,815

Current portion of operating lease liabilities	$	54,275
Noncurrent operating lease liabilities		396,920
Total operating lease liabilities	$	451,195

Weighted average remaining lease term:
Operating leases		9.5 years

Weighted average discount rate:
Operating leases		6.75	%

Supplemental cash flow and other information related to leases was as follows:

	For the Three
	Months Ended
	March 31,
	2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	57,157

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	451,195

Future minimum annual lease commitments under non-cancelable operating leases are as follows at March 31, 2020:

	Operating
	Leases

2020	$	115,934
2021		80,877
2022		34,528
2023		35,909
2024		37,345
Thereafter		198,669
Total minimum lease payments		503,262
Less interest		52,067
Present value of lease liabilities		451,195
Less current portion		54,275
Long-term lease liabilities	$	396,920