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

Leases (Tables)

9 Months Ended

Sep. 30, 2023

The components of lease expense were as follows:

Schedule of Components of Lease Expense

	2023		2022
	For the Nine Months Ended
	September 30,
	2023		2022
Operating lease cost:
Amortization of right-of-use assets	$	34,391	$	33,431
Interest on lease liabilities		11,379		26,463
Lease payments on short term leases		1,290		12,590
Total operating lease cost	$	47,060	$	72,484

Supplemental balance sheet information related to leases was as follows:

	September 30,			December 31,
	2023			2022
Operating lease:
Operating lease assets	$	-		$	425,969

Current portion of operating lease liabilities	$	-			86,235
Noncurrent operating lease liabilities		-			341,680
Total operating lease liability	$	-		$	427,915

Weighted average remaining lease term:
Operating leases		None			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 Nine Months Ended
	September 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	31,940	$	38,725

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

Gain on early extinguishment of debt:	$	4,397	$	-