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

Leases (Tables)

9 Months Ended

Sep. 30, 2019

The components of lease expense were as follows:

	For the Nine
	Months Ended
	September 30, 2019
Finance lease cost:
Amortization of assets	$	30,184
Interest on lease liabilities		13,510
Total lease cost	$	43,694

Supplemental balance sheet information related to leases were as follows:

	September 30, 2019
Finance lease:
Right-of-use asset	$	278,725
Accumulated amortization		(30,184	)
Right-of-use asset, net	$	248,541

Current portion of finance lease liability	$	39,622
Long-term finance lease liability		212,167
Total finance lease liability	$	251,789

Weighted average remaining lease term:
Operating leases		N/A
Finance leases		5.1 years

Weighted average discount rate:
Operating leases		N/A
Finance leases		6.75	%

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

	For the Nine
	Months Ended
	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for finance leases	$	40,446

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	-
Total finance lease liabilities	$	251,789

The Company’s maturities of lease liabilities under finance leases as of September 30, 2019 are as follows:

	Finance
	Leases

2019	$	13,892
2020		55,824
2021		57,498
2022		59,223
2023		61,000
Thereafter		51,957
Total		299,394
Less interest		47,605
Present value of lease liabilities		251,789
Less current portion		39,622
Long-term lease liabilities	$	212,167