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

Leases (Tables)

3 Months Ended

Mar. 31, 2023

The components of lease expense were as follows:

Schedule of Components of Lease Expense

	2023		2022
	For the Three Months Ended
	March 31,
	2023		2022
Operating lease cost:
Amortization of right-of-use assets	$	22,242	$	33,431
Interest on lease liabilities		7,105		26,463
Lease payments on short term leases		-		12,590
Total operating lease cost	$	29,347	$	72,484

Supplemental balance sheet information related to leases was as follows:

	March 31,			December 31,
	2023			2022
Operating lease:
Operating lease assets	$	403,727		$	425,969

Current portion of operating lease liabilities	$	88,612			86,235
Noncurrent operating lease liabilities		318,556			341,680
Total operating lease liability	$	407,168		$	427,915

Weighted average remaining lease term:
Operating leases		4 years			4.25 years

Weighted average discount rate:
Operating lease		6.75	%		6.75	%

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

	2023		2022
	For the Three Months Ended
	March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	20,747	$	26,497

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	-	$	1,535,706

Future minimum annual lease commitments under non-cancelable operating leases are as follows at March 31, 2023:

	Operating
	Leases

2023 (for the nine months remaining)	$	84,656
2024		107,632
2025		99,186
2026		102,162
2027		78,336
Total minimum lease payments		471,972
Less interest		64,804
Present value of lease liabilities		407,168
Less current portion		88,612
Long-term lease liabilities	$	318,556