| Notes Payable, Related Party |
Note
14 – Notes Payable, Related Party
Notes
payable, related party, consists of the following at March 31, 2023 and December 31, 2022, respectively:
Schedule
of Notes Payable Related Party
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| On August 5, 2022, the Company received an advance of $50,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
| |
|
|
|
|
|
|
|
|
| On August 2, 2022, the Company received an advance of $4,500 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
|
|
4,500 |
|
|
|
4,500 |
|
| |
|
|
|
|
|
|
|
|
| On July 7, 2022, the Company received an advance of $5,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
|
|
5,000 |
|
|
|
5,000 |
|
| |
|
|
|
|
|
|
|
|
| On June 3, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
|
|
10,000 |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
| On May 5, 2022, the Company received an advance of $10,000 from Isiah Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
|
|
10,000 |
|
|
|
10,000 |
|
| |
|
|
|
|
|
|
|
|
| On May 5, 2022, the Company received an advance of $20,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. |
|
|
20,000 |
|
|
|
20,000 |
|
| |
|
|
|
|
|
|
|
|
| On December 29, 2021, the Company received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate. |
|
|
200,000 |
|
|
|
200,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable. related party |
|
|
299,500 |
|
|
|
299,500 |
|
| Less: current maturities |
|
|
99,500 |
|
|
|
99,500 |
|
| Notes payable, related party, long-term portion |
|
$ |
200,000 |
|
|
$ |
200,000 |
|
The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related party, in the amount of $5,467
and $3,967 for the three months ended March 31, 2023 and 2022, respectively.
The
Company recognized interest expense for the three months ended March 31, 2023 and 2022, as follows:
Schedule of Interest Expenses
| |
|
March 31, |
|
|
March 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Interest on convertible notes |
|
$ |
14,795 |
|
|
$ |
14,795 |
|
| Interest on notes payable |
|
|
37,808 |
|
|
|
3,888 |
|
| Interest on notes payable, related party |
|
|
5,467 |
|
|
|
3,967 |
|
| Amortization of debt discounts |
|
|
- |
|
|
|
17,569 |
|
| Amortization of debt discounts, common stock |
|
|
- |
|
|
|
37,002 |
|
| Amortization of debt discounts, warrants |
|
|
- |
|
|
|
88,278 |
|
| Interest on accounts payable |
|
|
- |
|
|
|
693 |
|
| Total interest expense |
|
$ |
58,070 |
|
|
$ |
166,192 |
|
ONE
WORLD PRODUCTS, INC.
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
|