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

Leases (Tables)

9 Months Ended

Sep. 30, 2021

The components of lease expense were as follows:

Schedule of Components of Lease Expense

	For the Nine
	Months Ended
	September 30,
	2021
Operating lease cost:
Amortization of assets	$	34,237
Interest on lease liabilities		9,457
Lease payments on short term leases		31,841
Total lease cost	$	75,535

Supplemental balance sheet information related to leases was as follows:

	September 30,
	2021
Operating leases:
Operating lease assets	$	160,792

Current portion of operating lease liabilities	$	48,932
Noncurrent operating lease liabilities		119,140
Total operating lease liabilities	$	168,072

Weighted average remaining lease term:
Operating leases		3 years

Weighted average discount rate:
Operating leases		6.75	%

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

	For the Nine
	Months Ended
	September 30,
	2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	33,453

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

	Operating
	Leases

2021 (for the three months remaining)	$	14,589
2022		59,223
2023		61,000
2024		52,098
Total minimum lease payments		186,910
Less interest		18,838
Present value of lease liabilities		168,072
Less current portion		48,932
Long-term lease liabilities	$	119,140