One World Products, Inc 10-Q for FY2024 Q3

One World Products, Inc. (OWPC)

10-Q 2024-11-14 For: 2024-09-30

Added on April 09, 2026

About this 10-Q

One World Products, Inc filed this 10-Q on November 14, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1517; down 74.3% from $5906 a year earlier
Net loss: $734.6K; compared with a net loss of $450.31K a year earlier
Diluted EPS: -$0.01; compared with -$0.01 a year earlier

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Nevada		61-1744826
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6605 Grand Montecito Pkwy, Suite 100, Las Vegas, Nevada 89149		89149
(Address of principal executive offices)		(zip code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

		Page
PART I - FINANCIAL INFORMATION		1
ITEM 1.	FINANCIAL STATEMENTS (Unaudited)	1
	Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	2
	Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	28
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	34
ITEM 4.	CONTROLS AND PROCEDURES	34
PART II - OTHER INFORMATION		35
ITEM 1.	Legal Proceedings	35
ITEM 1A.	RISK FACTORS	35
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	35
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	36
ITEM 4.	MINE SAFETY DISCLOSURES	36
ITEM 5.	OTHER INFORMATION	36
ITEM 6.	EXHIBITS	37
	SIGNATURES	39

	September 30,			December 31,
	2024			2023
		(Unaudited)
Assets
Current assets:
Cash	$	81,630		$	726
Accounts receivable		179			-
Inventory		16,633			-
Prepaid expenses		16,741			13,156
Total current assets		115,183			13,882

Security deposits		85,000			85,000
Licenses		75,000			-

Total Assets	$	275,183		$	98,882

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:
Accounts payable	$	574,967		$	528,645
Accrued expenses		1,055,535			939,368
Dividends payable		241,649			196,734
Convertible note payable, related party, current maturities		-			750,000
Notes payable, related parties, current maturities		-			1,146,500
Notes payable, net of $237,468 and $24,136 of debt discounts at September 30, 2024 and December 31, 2023, respectively		1,397,532			310,864
Notes payable		1,397,532			310,864
Total current liabilities		3,269,683			3,872,111

Notes payable, related parties, long-term portion, net of $3,861 of debt discounts at September 30, 2024		2,090,120			-

Total Liabilities		5,359,803			3,872,111

Series A convertible preferred stock, $0.001 par value, 500,000 shares authorized; 114,733 shares issued and outstanding at September 30, 2024 and December 31, 2023		1,147,330			997,330
Series B convertible preferred stock, $0.001 par value, 600,000 shares authorized; 238,501 shares issued and outstanding at September 30, 2024 and December 31, 2023		3,577,515			3,577,515
Convertible preferred stock value		3,577,515			3,577,515

Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		-			-
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 105,890,570 and 79,827,618 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		105,891			79,828
Additional paid-in capital		20,315,010			18,414,456
Subscriptions payable		-			45,000
Accumulated other comprehensive income		-			42,328
Accumulated (deficit)		(30,230,366	)		(26,929,686	)
Total Stockholders’ Equity (Deficit)		(9,809,465	)		(8,348,074	)

Total Liabilities and Stockholders’ Equity (Deficit)	$	275,183		$	98,882

	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Payable			Income (Loss)		Deficit			(Deficit)
	For the Three Months Ended September 30, 2024
	Series A Convertible				Series B Convertible								Additional						Accumulated Other					Total Stockholders’
	Preferred Stock				Preferred Stock				Common Stock				Paid-In			Subscriptions			Comprehensive		Accumulated			Equity
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Payable			Income (Loss)		Deficit			(Deficit)
Balance, June 30, 2024		99,733	$	997,330		238,501	$	3,577,515		104,329,919	$	104,330	$	20,175,359		$	57,473		$	-	$	(29,495,767	)	$	(9,158,605	)
Series A Convertible Preferred Stock sold for cash, Director		15,000		150,000		-		-		-		-		-			-			-		-			-
Cancellation of subscriptions payable		-		-		-		-		-		-		45,000			(45,000	)		-		-			-
Common stock issued for services		-		-		-		-		1,560,651		1,561		54,833			(12,473	)		-		-			43,921
Amended warrants		-		-		-		-		-		-		51,008			-			-		-			51,008
Amortization of common stock options issued for services		-		-		-		-		-		-		3,893			-			-		-			3,893
Series A convertible preferred stock dividend declared ($0.60 per share)		-		-		-		-		-		-		(15,083	)		-			-		-			(15,083	)
Net loss		-		-		-		-		-		-		-			-			-		(734,599	)		(734,599	)
Balance, September 30, 2024		114,733	$	1,147,330		238,501	$	3,577,515		105,890,570	$	105,891	$	20,315,010		$	-		$	-	$	(30,230,366	)	$	(9,809,465	)

	For the Nine Months Ended September 30, 2024
	Series A Convertible				Series B Convertible								Additional						Accumulated Other						Total Stockholders’
	Preferred Stock				Preferred Stock				Common Stock				Paid-In			Subscriptions			Comprehensive			Accumulated			Equity
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Payable			Income (Loss)			Deficit			(Deficit)
Balance, December 31, 2023		99,733	$	997,330		238,501	$	3,577,515		79,827,618	$	79,828	$	18,414,456		$	45,000		$	42,328		$	(26,929,686	)	$	(8,348,074	)
Series A Convertible Preferred Stock sold for cash, Director		15,000		150,000		-		-		-		-		-			-			-			-			-
Common stock issued pursuant to debt modifications		-		-		-		-		10,971,000		10,971		713,115			-			-			-			724,086
Common stock issued for services		-		-		-		-		10,341,952		10,342		614,383			-			-			-			624,725
Commitment shares issued pursuant to promissory note		-		-		-		-		4,750,000		4,750		158,728			-			-			-			163,478
Cancellation of subscriptions payable		-		-		-		-		-		-		45,000			(45,000	)		-			-			-
Amended warrants		-		-		-		-		-		-		51,008			-			-			-			51,008
Relative fair value of warrants issued for loan commitment		-		-		-		-		-		-		351,638			-			-			-			351,638
Amortization of common stock options issued for services		-		-		-		-		-		-		11,597			-			-			-			11,597
Series A convertible preferred stock dividend declared ($0.60 per share)		-		-		-		-		-		-		(44,915	)		-			-			-			(44,915	)
Loss on foreign currency translation		-		-		-		-		-		-		-			-			(42,328	)		-			(42,328	)
Net loss		-		-		-		-		-		-		-			-			-			(3,300,680	)		(3,300,680	)
Balance, September 30, 2024		114,733	$	1,147,330		238,501	$	3,577,515		105,890,570	$	105,891	$	20,315,010		$	-		$	-		$	(30,230,366	)	$	(9,809,465	)

	2024			2023
	For the Nine Months Ended
	September 30,
	2024			2023
Cash flows from operating activities
Net loss	$	(3,300,680	)	$	(1,513,374	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		-			25,578
(Gain) loss on early extinguishment of debt		724,086			(4,397	)
Amortization of debt discounts		529,423			26,233
Series A preferred stock issued for services		-			90,000
Common stock issued for services		624,725			173,850
Stock options issued for services		11,597			121,052
Amended warrants		51,008			-
Decrease (increase) in assets:
Accounts receivable		(179	)		(133	)
Inventory		(16,633	)		(258,583	)
Other current assets		(3,585	)		20,219
Other assets		-			(33,666	)
Right-of-use assets		-			34,391
Increase (decrease) in liabilities:
Accounts payable		46,322			17,774
Accrued expenses		323,648			290,021
Deferred revenues		-			(263	)
Lease liability		-			(31,940	)
Net cash used in operating activities		(1,010,268	)		(1,043,238	)

Cash flows from investing activities
Purchase of fixed assets		-			(5,046	)
Purchase of Pétalo Pharmaceutical, SAS		(75,000	)		-
Net cash used in investing activities		(75,000	)		(5,046	)

Cash flows from financing activities
Proceeds from notes payable, related parties		347,000			62,000
Repayments of notes payable, related parties		(357,000	)		-
Proceeds from notes payable		1,728,500			262,500
Repayments of notes payable		(660,000	)		-
Proceeds from sale of preferred and common stock		150,000			550,000
Net cash provided by financing activities		1,208,500			874,500

Effect of exchange rate changes on cash		(42,328	)		172,920

Net increase in cash		80,904			(864	)
Cash - beginning		726			11,016
Cash - ending	$	81,630		$	10,152

Supplemental disclosures:
Interest paid	$	147,996		$	40,693
Income taxes paid	$	-		$	-

Non-cash investing and financing transactions:
Dividends payable	$	44,915		$	43,808
Deposit on equipment settled with note payable	$	-		$	35,000
Value of debt discounts attributable to commitment shares to related parties	$	9,839		$	-
Value of debt discounts attributable to commitment shares	$	153,639		$	42,175
Value of debt discounts attributable to commitment warrants	$	351,638		$	-

	Jurisdiction of
Name of Entity	Incorporation	Relationship
One World Products, Inc.⁽¹⁾	Nevada	Parent
OWP Ventures, Inc.⁽²⁾	Delaware	Subsidiary
Pétalo Pharmaceutical, S.A.S.⁽³⁾	Colombia	Subsidiary

	For the Three			For the Nine
	Months Ended			Months Ended
	September 30,			September 30,
	2024			2024

Revenues	$	-		$	-
Cost of goods sold		-			-
Gross profit		-			-

Operating expenses:
General and administrative		67,115			208,062
Professional fees		12,121			44,250
Depreciation expense		13,260			39,780
Total operating expenses		92,496			292,092

Operating loss		(92,496	)		(292,092	)

Other income (expense):
Interest expense		(48,329	)		(128,442	)
Total other expense		(48,329	)		(128,442	)

Net loss	$	(140,825	)	$	(420,534	)
Other comprehensive loss:
Gain on foreign currency translation	$	3,625		$	62,311

Net loss	$	(137,200	)	$	(358,223	)

		Aggregate
Name	Position	Debts Extended		Shares		Fair Value
Isiah L. Thomas, III	Chairman and CEO	$	27,467		138,000	$	9,108
Dr. Kenneth Perego, II	Vice Chairman		337,000		1,685,000		111,210
Joerg Sommer	President		26,116		131,000		8,646
Dr. John McCabe	>5% Shareholder		1,803,398		9,017,000		595,122
		$	2,193,981		10,971,000	$	724,086

	Level 1		Level 2			Level 3
	Fair Value Measurements at September 30, 2024
	Level 1		Level 2			Level 3
Assets
Cash	$	81,630	$	-		$	-
Total assets		81,630		-			-
Liabilities
Convertible notes payable, related party		-		-			-
Notes payable, related parties, net of $7,153 of debt discounts		-		2,090,120			-
Notes payable, net of $434,289 of debt discounts		-		1,397,532			-
Total liabilities		-		(3,487,652	)		-
Fair Value, Net Asset (Liability)	$	81,630	$	(3,487,652	)	$	-

On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note in the amount of $27,467 to Isiah L. Thomas, III, our Chairman of the Board and CEO, maturing on March 1, 2027, that carries a 10% interest rate. The note was issued in exchange for the cancellation of another promissory note, consisting of $24,500 of principal and $2,967 of accrued interest.	27,467	-

On March 12, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $100,000 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. A total of $101,123, consisting of $100,000 of principal and $1,123 of interest, was repaid on April 22, 2024.	-	-

On March 1, 2024, 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 March 1, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	-

On February 26, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $27,000 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. A total of $27,414, consisting of $27,000 of principal and $414 of interest, was repaid on April 22, 2024.	-	-

On January 29, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $50,000 from Dr. John McCabe, an affiliate investor, pursuant to an unsecured promissory note, maturing on January 29, 2025, that carried an 8% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	-

On January 11, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 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. A total of $10,279, consisting of $10,000 of principal and $279 of interest, was repaid on April 22, 2024	-	-

On January 8, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 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. A total of $10,288, consisting of $10,000 of principal and $288 of interest, was repaid on April 22, 2024	-	-

On November 28, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $60,000 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. A total of $62,400, consisting of $60,000 of principal and $2,400 of interest, was repaid on April 22, 2024	-	60,000

On October 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $25,000 from the Company’s President, Joerg Sommer, pursuant to an unsecured promissory note due on demand that carries a 10% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	25,000

On September 11, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $2,650 of interest was repaid on April 22, 2024.	-	52,000

On August 31, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $130 of interest was repaid on April 22, 2024.	-	4,000

On August 14, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $211 of interest was repaid on April 22, 2024.	-	6,000

On August 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $4,833 of interest was repaid on April 22, 2024.	-	50,000

On August 2, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $4,500 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	4,500

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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	100,000

On July 7, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $507 of interest was repaid on April 22, 2024.	-	5,000

On June 3, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., received an advance of $10,000 from Isiah L. Thomas, III, our Chairman of the Board and CEO, pursuant to an unsecured promissory note due on demand that carries a 6% interest rate. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.	-	10,000

On May 5, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $2,236 of interest was repaid on April 22, 2024.		-		20,000

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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		400,000

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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above.		-		200,000

On December 29, 2021, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., 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. The note was cancelled on March 15, 2024, in exchange for the note maturing on March 1, 2027, listed above. A total of $35,375 of interest was repaid on April 22, 2024.		-		200,000

Total notes payable, related parties		2,093,981		1,146,500
Less: unamortized debt discounts		3,861		-
Notes payable, related parties, net of discounts		2,090,120		1,146,500
Less: current maturities		-		1,146,500
Notes payable, related parties, long-term portion	$	2,090,120	$	-

On August 18, 2023, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., issued an unsecured promissory note of $35,000 to LDL8 Consulting, LLC for the purchase of equipment from another vendor. The promissory note bears interest at 10% per annum and is due on demand. In the event of default, the interest rate increases to 15% until repayment.		35,000		35,000

On June 23, 2023, the Company completed the sale of a Promissory Note in the principal amount of $300,000 (the “Third AJB Note”) to AJB Capital Investments LLC (“AJB Capital”) for an aggregate purchase price of $276,000, pursuant to a Securities Purchase Agreement between the Company and AJB Capital (the “Purchase Agreement”). The Company received net proceeds of $262,500 after deduction of an original issue discount of $24,000, $7,500 of legal fees and a $6,000 of broker fee, which were amortized as a debt discount over the life of the loan. The Third AJB Note matured on March 23, 2024 (the “Maturity Date”), carried interest at a rate of 12% per annum, and, following an event of default only, was convertible into shares of the Company’s common stock at a conversion price equal to the lesser of the Volume Weighted Average Price (“VWAP”) during (i) the 10-trading day period preceding the issuance date of the note, or (ii) the 10-trading day period preceding date of conversion of the Note. The Note was also subject to covenants, events of defaults, penalties, default interest and other terms and conditions customary in transactions of this nature. Pursuant to the Purchase Agreement, the Company paid a commitment fee to AJB Capital in the amount of $100,000 (the “Commitment Fee”) in the form of 1,666,667 shares of the Company’s common stock (the “Commitment Fee Shares”). During the period commencing on the six-month anniversary of the closing date and ending on the five-year anniversary of the closing date, AJB Capital is entitled to be issued additional shares of common stock or receive a cash payment to the extent AJB Capital’s sale of the Commitment Fee Shares has resulted in net proceeds in an amount less than the Commitment Fee. The Commitment Fee Shares resulted in a debt discount of $42,175 that was amortized over the life of the loan. In connection with the issuance of the Third AJB Note and Commitment Fee Shares, the Company entered into a Registration Rights Agreement with AJB Capital in which the Company agreed to file a registration statement with the SEC within 180 days of June 23, 2023, registering the shares of common stock issuable under the Third AJB Note and Purchase Agreement. The note was repaid on March 14, 2024 out of the proceeds received from the Sanguine Group Note.		-		300,000

Total notes payable		1,635,000		335,000
Less: unamortized debt discounts		237,468		24,136
Notes payable, net of discounts		1,397,532		310,864
Less: current maturities		1,397,532		310,864
Notes payable, long-term portion	$	-	$	-

Debt Holder	Commitment Shares or Warrants	Commitment Amounts

SDT Equities Note	8,666,667 warrants to purchase shares of the Company’s common stock *	$	520,000
Fourth AJB Note	2,000,000 shares of the Company’s common stock	$	120,000
Third AJB Note	1,666,667 shares of the Company’s common stock	$	100,000

	Three Months Ended September 30,						Increase /
	2024			2023			(Decrease)
Revenues	$	1,517		$	5,906		$	(4,389	)
Cost of goods sold		310			767			(457	)
Gross profit		1,207			5,139			(3,932	)

Operating expenses:
General and administrative		203,242			142,464			60,778
Professional fees		169,596			236,139			(66,543	)
Depreciation expense		-			9,274			(9,274	)
Total operating expenses:		372,838			387,877			(15,039	)

Operating loss		(371,631	)		(382,738	)		(11,107	)

Total other expense		(362,968	)		(67,568	)		295,400

Net loss	$	(734,599	)	$	(450,306	)	$	284,293

	Nine Months Ended September 30,						Increase /
	2024			2023			(Decrease)
Revenues	$	3,053		$	8,082		$	(5,029	)
Cost of goods sold		588			1,866			(1,278	)
Gross profit		2,465			6,216			(3,751	)

Operating expenses:
General and administrative		552,874			907,595			(354,721	)
Professional fees		971,934			413,651			558,283
Depreciation expense		-			25,578			(25,578	)
Total operating expenses:		1,524,808			1,346,824			177,984

Operating loss		(1,522,343	)		(1,340,608	)		181,735

Total other expense		(1,778,337	)		(172,766	)		1,605,571

Net loss	$	(3,300,680	)	$	(1,513,374	)	$	1,787,306

	2024			2023
Operating Activities	$	(1,010,268	)	$	(1,043,238	)
Investing Activities		(75,000	)		(5,046	)
Financing Activities		1,208,500			874,500
Effect of Exchange Rate Changes on Cash		(42,328	)		172,920
Net Increase (Decrease) in Cash	$	80,904		$	(864	)

Exhibit		Description
2.1		Agreement and Plan of Merger dated February 21, 2019, among the Company, OWP Merger Subsidiary Inc. and OWP Ventures, Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2019)
3.1		Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on November 24, 2014)
3.2		Certificate of Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 8, 2019)
3.3		Certificate of Amendment to Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
3.4		Certificate of Designation of Series A Preferred Stock of the Company dated June 1, 2020 (incorporated by reference to Exhibit 3.4 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 26, 2020)
3.5		Bylaws of the Company (incorporated by reference to Exhibit 3.2 of the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on November 24, 2014)
3.6		Certificate of Designation of Series B Preferred Stock of the Company dated February 2, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 8, 2021)
3.7*		Certificate of Designation of Series C Special Preferred Stock
4.1		Promissory Note of the Company in the Principal Amount of $300,000 issued to AJB Capital Investments LLC, dated June 23, 2023 (incorporated by reference to Exhibit 4.1 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 5, 2023)
10.1+		2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
10.2+		Form of Stock Option Grant Notice for grants under the 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
10.3+		Form of Option Agreement for grants under the 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2020)
10.4+		Letter Agreement between the Company and Isiah L. Thomas, III, dated June 3, 2020 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 9, 2020)
10.5		Securities Purchase Agreement, dated as of June 23, 2023, between the Company and AJB Capital Investments LLC (incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 5, 2023)
10.6		Securities Purchase Agreement, dated as of February 7, 2021, between the Company and ISIAH International LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 8, 2021)
10.7		Registration Rights Agreement, dated June 23, 2023, between the Company and AJB Capital Investments LLC (incorporated by reference to Exhibit 10.7 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 5, 2023)
10.8		Commercial Lease Agreement dated November 26, 2021, between R&B Inversiones S.A.S. and One World Pharma S.A.S. (incorporated by reference to Exhibit 10.10 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 16, 2022)
10.9		Purchase Agreement, dated September 1, 2022, between the Company and Tysadco Partners, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2022)
10.10		Securities Purchase Agreement, dated September 1, 2022, between the Company and Tysadco Partners, LLC (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2022)
10.11		Registration Rights Agreement, dated September 1, 2022, between the Company and Tysadco Partners, LLC (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2022)
10.12		Convertible Promissory Note Purchase Agreement, dated September 16, 2022, between the Company and Dr. John McCabe (incorporated by reference to Exhibit 10.15 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission by One World Products, Inc. on November 14, 2022)

10.13		Convertible Note, dated September 16, 2022, between One World Products, Inc. and Dr. John McCabe (incorporated by reference to Exhibit 10.16 of the Form 10-Q filed with the Securities and Exchange Commission by on November 14, 2022)
10.14+		Offer Letter dated April 25, 2023 by and between the Company and Jeorg Sommer (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 1, 2023)
10.15+		Employment, Confidentiality and Proprietary Rights Agreement, dated July 1, 2024, between the Company and Todd Peterson (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 5, 2024)
10.16*		Exchange Agreement, dated November 8, between the Company and Isiah L. Thomas, III
31.1*		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)
31.2*		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)
32.1*		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Schema Document
101.CAL*		Inline XBRL Calculation Linkbase Document
101.DEF*		Inline XBRL Definition Linkbase Document
101.LAB*		Inline XBRL Labels Linkbase Document
101.PRE*		Inline XBRL Presentation Linkbase Document
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Date: November 14, 2024

	One World Products, Inc.

	/s/ Isiah L. Thomas III
	Isiah L. Thomas III
	Chief Executive Officer
	(Principal Executive Officer)

	/s/ Todd Peterson
	Todd Peterson
	Chief Financial Officer
	(Principal Financial Officer)

COMPANY:

ONE WORLD PRODUCTS, INC.

By:	/s/ Todd Peterson
	Todd Peterson,
	Chief Financial Officer

THOMAS:

/s/ Isiah L. Thomas, III
Isiah L. Thomas, III,
individually

1.	I have reviewed this quarterly report on Form 10-Q of One World Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2024

/s/ Isiah L. Thomas III
Name: Isiah L. Thomas III
Title: Chief Executive Officer

Date: November 14, 2024

/s/ Todd Peterson
Name: Todd Peterson
Title: Chief Financial Officer