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

Leases (Tables)

6 Months Ended

Jun. 30, 2021

The components of lease expense were as follows:

Schedule of Components of Lease Expense

	For the Six
	Months Ended
	June 30,
	2021
Operating lease cost:
Amortization of assets	$	22,637
Interest on lease liabilities		6,493
Lease payments on short term leases		21,193
Total lease cost	$	50,323

Supplemental balance sheet information related to leases was as follows:

	June 30,
	2021
Operating leases:
Operating lease assets	$	172,393

Current portion of operating lease liabilities	$	47,691
Noncurrent operating lease liabilities		131,720
Total operating lease liabilities	$	179,411

Weighted average remaining lease term:
Operating leases		3.33 years

Weighted average discount rate:
Operating leases		6.75	%

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

	For the Six
	Months Ended
	June 30,
	2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	22,114

Future minimum annual lease commitments under non-cancelable operating leases are as follows at June 30, 2021:

	Operating
	Leases

2021 (for the six months remaining)	$	28,892
2022		59,223
2023		61,000
2024		52,098
Total minimum lease payments		201,213
Less interest		21,802
Present value of lease liabilities		179,411
Less current portion		47,691
Long-term lease liabilities	$	131,720