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

Leases (Tables)

9 Months Ended

Sep. 30, 2020

The components of lease expense were as follows:

	For the Nine
	Months Ended
	September 30,
	2020
Operating lease cost:
Amortization of assets	$	45,388
Interest on lease liabilities		23,149
Total lease cost	$	68,537

Supplemental balance sheet information related to leases was as follows:

	September 30,
	2020
Operating leases:
Operating lease assets	$	423,695

Current portion of operating lease liabilities	$	58,155
Noncurrent operating lease liabilities		377,170
Total operating lease liabilities	$	435,325

Weighted average remaining lease term:
Operating leases		9 years

Weighted average discount rate:
Operating leases		6.75	%

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

	For the Nine
	Months Ended
	September 30,
	2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	73,027

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	548,216

Future minimum annual lease commitments under non-cancelable operating leases are as follows at September 30, 2020:

	Operating
	Leases

2020	$	28,566
2021		80,877
2022		34,528
2023		35,909
2024		37,345
Thereafter		198,669
Total minimum lease payments		415,894
Less interest		19,431
Present value of lease liabilities		435,325
Less current portion		58,155
Long-term lease liabilities	$	377,170