$OWPC
One World Products, Inc.

2024 Q1 Form 10-Q Financial Statement

#000149315224023530 Filed on June 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $282.00 $2.100K
YoY Change -86.57% -79.31%
Cost Of Revenue $49.00 $970.00
YoY Change -94.95% -90.26%
Gross Profit $233.00 $1.130K
YoY Change -79.38% 494.74%
Gross Profit Margin 82.62% 53.81%
Selling, General & Admin $777.5K $451.2K
YoY Change 72.34% -18.33%
% of Gross Profit 333699.57% 39924.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $7.860K
YoY Change -100.0% -37.07%
% of Gross Profit 0.0% 695.58%
Operating Expenses $777.5K $459.0K
YoY Change 69.39% -18.75%
Operating Profit -$777.3K -$457.9K
YoY Change 69.76% -18.92%
Interest Expense $102.0K -$58.07K
YoY Change -275.61% -65.05%
% of Operating Profit
Other Income/Expense, Net -$923.7K -$58.07K
YoY Change 1490.73%
Pretax Income -$1.701M -$515.9K
YoY Change 229.69% -15.35%
Income Tax
% Of Pretax Income
Net Earnings -$1.701M -$515.9K
YoY Change 229.69% -15.35%
Net Earnings / Revenue -603199.29% -24568.57%
Basic Earnings Per Share -$0.02 -$0.01
Diluted Earnings Per Share -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 86.93M shares 68.70M shares
Diluted Shares Outstanding 86.93M shares 68.70M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.65K $84.71K
YoY Change -52.01% -0.82%
Cash & Equivalents $40.65K $84.71K
Short-Term Investments
Other Short-Term Assets $31.65K $73.29K
YoY Change -56.82% 99.05%
Inventory $26.26K $279.2K
Prepaid Expenses $31.65K
Receivables $282.00 $10.68K
Other Receivables $0.00 $0.00
Total Short-Term Assets $98.84K $447.9K
YoY Change -77.93% -28.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.789M
YoY Change 11.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.00K $237.4K
YoY Change -64.19% -84.66%
Total Long-Term Assets $85.00K $3.026M
YoY Change -97.19% -25.17%
TOTAL ASSETS
Total Short-Term Assets $98.84K $447.9K
Total Long-Term Assets $85.00K $3.026M
Total Assets $183.8K $3.474M
YoY Change -94.71% -25.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $619.0K $747.7K
YoY Change -17.22% 30.32%
Accrued Expenses $871.8K $1.208M
YoY Change -27.85% 87.72%
Deferred Revenue
YoY Change
Short-Term Debt $268.3K $1.001M
YoY Change -73.19% 108.42%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.971M $3.118M
YoY Change -36.78% 69.63%
LONG-TERM LIABILITIES
Long-Term Debt $2.441M $900.0K
YoY Change 171.25% 12.5%
Other Long-Term Liabilities $318.6K
YoY Change -77.42%
Total Long-Term Liabilities $2.441M $1.219M
YoY Change 100.34% -44.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.971M $3.118M
Total Long-Term Liabilities $2.441M $1.219M
Total Liabilities $4.412M $4.336M
YoY Change 1.75% 7.1%
SHAREHOLDERS EQUITY
Retained Earnings -$28.63M
YoY Change
Common Stock $111.1K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.803M -$862.0K
YoY Change
Total Liabilities & Shareholders Equity $183.8K $3.474M
YoY Change -94.71% -25.55%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.701M -$515.9K
YoY Change 229.69% -15.35%
Depreciation, Depletion And Amortization $0.00 $7.860K
YoY Change -100.0% -37.07%
Cash From Operating Activities -$249.8K -$562.0K
YoY Change -55.56% -13.22%
INVESTING ACTIVITIES
Capital Expenditures $5.050K
YoY Change -245.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.050K
YoY Change 45.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $450.0K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $332.0K 450.0K
YoY Change -26.22% -25.0%
NET CHANGE
Cash From Operating Activities -$249.8K -562.0K
Cash From Investing Activities -5.050K
Cash From Financing Activities $332.0K 450.0K
Net Change In Cash $39.92K -117.0K
YoY Change -134.11% 129.11%
FREE CASH FLOW
Cash From Operating Activities -$249.8K -$562.0K
Capital Expenditures $5.050K
Free Cash Flow -$249.8K -$567.0K
YoY Change -55.95% -11.97%

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CY2024Q1 OWPC Value Of Debt Discounts Attributable To Commitment Shares
ValueOfDebtDiscountsAttributableToCommitmentShares
73454 usd
CY2024Q1 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
-97672 usd
CY2023 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
-1564823 usd
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_845_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zAmBdBSDItg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_z1jUMkv33R0c">Reclassifications</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zQsZQsWHTwK1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zBzL1cPhdbhe">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2024Q1 us-gaap Cash
Cash
40648 usd
CY2024Q1 OWPC Working Capital
WorkingCapital
-1871931 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-28630708 usd
CY2023Q4 us-gaap Proceeds From Issuance Of Financial Services Obligations
ProceedsFromIssuanceOfFinancialServicesObligations
1200000 usd
CY2024Q1 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
-97672 usd
CY2023 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
-1564823 usd
CY2024Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
724086 usd
CY2024Q1 us-gaap Investment Maturity Date
InvestmentMaturityDate
2027-03-01
CY2024Q1 us-gaap Percentage Of Interest Bearing Domestic Deposits To Deposits
PercentageOfInterestBearingDomesticDepositsToDeposits
0.10 pure
CY2024Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07 pure
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2193981 usd
CY2024Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
10971000 shares
CY2024Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
724086 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1500000 shares
CY2023Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
89850 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
126670 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
24136 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
26257 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
395000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
335000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
126670 usd
CY2024Q1 us-gaap Security Deposit
SecurityDeposit
85000 usd
CY2023Q4 us-gaap Security Deposit
SecurityDeposit
85000 usd
CY2024Q1 OWPC Accrued Compensation Current
AccruedCompensationCurrent
759917 usd
CY2023Q4 OWPC Accrued Compensation Current
AccruedCompensationCurrent
665417 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
111919 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
273951 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
871836 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
939368 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
9729 usd
CY2024Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
2441252 usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
1146500 usd
CY2024Q1 OWPC Amortization Of Debt Discounts
AmortizationOfDebtDiscounts
110 usd
CY2024Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
724086 usd
CY2024Q1 us-gaap Investment Maturity Date
InvestmentMaturityDate
2027-03-01
CY2024Q1 us-gaap Percentage Of Interest Bearing Domestic Deposits To Deposits
PercentageOfInterestBearingDomesticDepositsToDeposits
0.10 pure
CY2024Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07 pure
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2193981 usd
CY2024Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
10971000 shares
CY2024Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
724086 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
24136 usd
CY2024Q1 OWPC Fair Value Of Commitment Shares Issued As Debt Discount
FairValueOfCommitmentSharesIssuedAsDebtDiscount
73454 usd
CY2023 OWPC Fair Value Of Commitment Shares Issued As Debt Discount
FairValueOfCommitmentSharesIssuedAsDebtDiscount
42175 usd
CY2024Q1 OWPC Original Issue Discounts
OriginalIssueDiscounts
60000 usd
CY2023 OWPC Original Issue Discounts
OriginalIssueDiscounts
24000 usd
CY2024Q1 OWPC Legal And Brokerage Fees
LegalAndBrokerageFees
15000 usd
CY2023 OWPC Legal And Brokerage Fees
LegalAndBrokerageFees
13500 usd
CY2024Q1 OWPC Debt Discount
DebtDiscount
148454 usd
CY2023 OWPC Debt Discount
DebtDiscount
79675 usd
CY2024Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
21784 usd
CY2023 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
26233 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
126670 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
53442 usd
CY2024Q1 OWPC Debt Discount
DebtDiscount
148454 usd
CY2023Q1 OWPC Debt Discount
DebtDiscount
79675 usd
CY2024Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
45920 usd
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 usd
CY2024Q1 OWPC Investment Ownership Percentage
InvestmentOwnershipPercentage
0.0499 pure
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
15123 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
14795 usd
CY2024Q1 OWPC Interest Expense Related Party Short Term Borrowings
InterestExpenseRelatedPartyShortTermBorrowings
29576 usd
CY2023Q1 OWPC Interest Expense Related Party Short Term Borrowings
InterestExpenseRelatedPartyShortTermBorrowings
5467 usd
CY2024Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
11250 usd
CY2023Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
37808 usd
CY2024Q1 OWPC Amortization Of Debt Discounts Related Parties
AmortizationOfDebtDiscountsRelatedParties
110 usd
CY2024Q1 OWPC Amortization Of Debt Discounts Common Stock
AmortizationOfDebtDiscountsCommonStock
23555 usd
CY2024Q1 OWPC Amortization Of Beneficial Conversion Features
AmortizationOfBeneficialConversionFeatures
22365 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
101979 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
58070 usd
CY2024Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.06 pure
CY2024Q1 OWPC Series Convertible Preferred Stock Declared
SeriesConvertiblePreferredStockDeclared
-14916 usd
CY2023Q1 OWPC Series Convertible Preferred Stock Declared
SeriesConvertiblePreferredStockDeclared
-12773 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
111092849 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
111092849 shares
CY2024Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
724086 usd
CY2024Q1 us-gaap Investment Maturity Date
InvestmentMaturityDate
2027-03-01
CY2024Q1 us-gaap Percentage Of Interest Bearing Domestic Deposits To Deposits
PercentageOfInterestBearingDomesticDepositsToDeposits
0.10 pure
CY2024Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07 pure
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2193981 usd
CY2024Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
10971000 shares
CY2024Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
724086 usd
CY2024Q1 OWPC Amortization Of Common Stock Options Issued For Services
AmortizationOfCommonStockOptionsIssuedForServices
3852 usd
CY2023Q1 OWPC Amortization Of Common Stock Options Issued For Services
AmortizationOfCommonStockOptionsIssuedForServices
38130 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
0.14
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y11M26D
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3852 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
38130 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
14011650 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.29
CY2024Q1 OWPC Class Of Warrant Weighted Average Life
ClassOfWarrantWeightedAverageLife
P1Y7M28D
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
10507000 usd
CY2024Q1 OWPC Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
The net operating loss carry forwards, if not utilized, will begin to expire in 2025.

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