| Notes Payable, Related Parties |
Note
14 – Notes Payable, Related Parties
Notes
payable, related party, consists of the following at September 30, 2023 and December 31, 2022, respectively:
Schedule
of Notes Payable Related Party
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September 30, |
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December 31, |
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2023 |
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2022 |
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| On September 11, 2023, the Company received an advance of $52,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. |
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$ |
52,000 |
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$ |
- |
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| On August 31, 2023, the Company received an advance of $4,000 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. |
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4,000 |
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- |
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| On August 14, 2023, the Company received an advance of $6,000 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. |
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6,000 |
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- |
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| 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. |
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50,000 |
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50,000 |
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| 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. |
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4,500 |
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4,500 |
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| On June 13, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. |
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100,000 |
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100,000 |
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| 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. |
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5,000 |
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5,000 |
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| 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. |
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10,000 |
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10,000 |
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| 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. |
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10,000 |
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10,000 |
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| 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. |
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20,000 |
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20,000 |
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| On March 1, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $400,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. |
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400,000 |
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400,000 |
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| On February 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $200,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 1, 2024, that carries an 8% interest rate. |
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200,000 |
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200,000 |
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| On December 29, 2021, the Company received an advance of $200,000 from Dr. Kenneth Perego, II, M.D., our Vice Chairman of the Board pursuant to an unsecured promissory note due January 1, 2024 that carries an 8% interest rate. |
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200,000 |
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200,000 |
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| Total notes payable, related party |
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1,061,500 |
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999,500 |
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| Less: current maturities |
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1,061,500 |
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99,500 |
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| Notes payable, related party, long-term portion |
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$ |
- |
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$ |
900,000 |
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The
Company recorded interest expense pursuant to the stated interest rates on the notes payable, related parties, in the amount of $58,804
and $43,763 for the nine months ended September 30, 2023 and 2022, respectively.
ONE WORLD PRODUCTS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
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