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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

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

 

For the quarterly period ended June 30, 2021

 

OR

 

 

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

 

For the transition period from ____________ to ____________

 

Commission file number: 333-200529

 

 

ONE WORLD PHARMA, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   61-1744826

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

     
3471 W. Oquendo Road, Suite 301, Las Vegas, NV   89118
(Address of principal executive offices)   (zip code)

 

(800) 605-3210

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

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

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

  Yes   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

  Yes   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

  Yes   No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

 

The number of shares of registrant’s common stock outstanding as of August 12, 2021 was 61,975,983.

 

 

 

 

 

 

TABLE OF CONTENTS

 

  Page
PART I - FINANCIAL INFORMATION 1
ITEM 1.   FINANCIAL STATEMENTS (Unaudited) 1
    Condensed Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and December 31, 2020 1
    Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited) 2
    Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited) 3
    Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (Unaudited) 4
    Notes to the Condensed Consolidated Financial Statements (Unaudited) 5
ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19
ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 24
ITEM 4.   CONTROLS AND PROCEDURES 24
PART II - OTHER INFORMATION 25
ITEM 1.   Legal Proceedings 25
ITEM 1A.   RISK FACTORS 25
ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 25
ITEM 3.   DEFAULTS UPON SENIOR SECURITIES 25
ITEM 4.   MINE SAFETY DISCLOSURES 25
ITEM 5.   OTHER INFORMATION 25
ITEM 6.   EXHIBITS 26
    SIGNATURES 27

 

 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

ONE WORLD PHARMA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   June 30,   December 31, 
   2021   2020 
   (Unaudited)      
Assets          
           
Current assets:          
Cash  $1,811,897   $28,920 
Accounts receivable   28,731    5,636 
Inventory   413,866    267,152 
Other current assets   140,551    118,911 
Total current assets   2,395,045    420,619 
           
Right-of-use assets   172,393    195,029 
Security deposits   67,353    65,114 
Fixed assets, net   927,744    726,820 
           
Total Assets  $3,562,535   $1,407,582 
           
Liabilities and Stockholders’ Equity (Deficit)          
           
Current liabilities:          
Accounts payable  $559,227   $734,554 
Accrued expenses   450,372    550,535 
Dividends payable   72,079    37,236 
Current portion of lease liabilities   47,691    45,271 
Notes payable, net of discounts of $106,181 at June 30, 2021   478,093    334,841 
Total current liabilities   1,607,462    1,702,437 
           
Long-term lease liability   131,720    156,254 
           
Total Liabilities   1,739,182    1,858,691 
          
Series A convertible preferred stock, $0.001 par value, 500,000 shares authorized; 95,233 and 150,233 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively   952,330    1,502,330 
Series B convertible preferred stock, $0.001 par value, 300,000 shares authorized; 205,169 and -0- shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively   3,077,535    - 
           
Stockholders’ Equity (Deficit):          
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively   -    - 
Common stock, $0.001 par value, 300,000,000 shares authorized; 61,915,983 and 53,085,305 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively   61,916    53,085 
Additional paid-in capital   15,715,598    14,103,672 
Subscriptions payable, consisting of 750,000 at December 31, 2020   -    75,000 
Accumulated other comprehensive loss   (58,289)   (52,870)
Accumulated (deficit)   (17,925,737)   (16,132,326)
Total Stockholders’ Equity (Deficit)   (2,206,512)   (1,953,439)
           
Total Liabilities and Stockholders’ Equity (Deficit)  $3,562,535   $1,407,582 

 

See accompanying notes to financial statements.

 

1
 

 

ONE WORLD PHARMA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

                 
   For the Three Months Ended   For the Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
                 
Revenues  $42,323   $60,786   $65,605   $60,786 
Cost of goods sold   173    16,751    7,752    16,751 
Gross profit   

42,150

    44,035    57,853    44,035 
                     
Operating expenses:                    
General and administrative   

368,146

    2,214,022    1,108,572    2,499,163 
Professional fees   306,194    2,204,501    525,657    3,090,855 
Depreciation expense   13,114    8,298    22,998    14,210 
Total operating expenses   

687,454

    4,426,821    1,657,227    5,604,228 
                     
Operating loss   (645,304)   (4,382,786)   (1,599,374)   (5,560,193)
                     
Other income (expense):                    
Sublease income   7,500    -    14,500    - 
Interest income   1,244    -    1,558    - 
Interest expense   (116,634)   (10,545)   (210,095)   (21,054)
Total other expense   (107,890)   (10,545)   (194,037)   (21,054)
                     
Net loss  $(753,194)  $(4,393,331)  $(1,793,411)  $(5,581,247)
                     
Other comprehensive loss:                    
Loss on foreign currency translation  $(5,779)  $(6,844)  $(5,419)  $(28,203)
                     
Net other comprehensive loss  $(758,973)  $(4,400,175)  $(1,798,830)  $(5,609,450)
Series A convertible preferred stock declared ($0.60 per share)   12,616    -    (34,843)   - 
Net loss attributable to common shareholders  $(746,357)  $(4,400,175)  $(1,833,673)  $(5,609,450)
                     
Weighted average number of common shares outstanding - basic and fully diluted   59,329,167    46,426,789    58,721,432    46,343,690 
                     
Net loss per share - basic and fully diluted  $(0.01)  $(0.09)  $(0.03)  $(0.12)
                     
Dividends declared per share of common stock  $0.00   $0.00   $0.00   $0.00 

 

See accompanying notes to financial statements.

 

2
 

 

ONE WORLD PHARMA, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

 

                                                
   For the Three Months Ended June 30, 2020 
   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, March 31, 2020   -   $-    -   $-    45,710,305   $45,710   $8,962,376   $-   $(37,607)  $(9,355,082)  $(384,603)
                                                        
Series A Convertible Preferred Stock units sold for cash   40,000    400,000    -    -    -    -    -    -    -    -    - 
                                                        
Common stock sold for cash   -    -    -    -    -    -    -    -    -    -    - 
                                                        
Common stock issued for services   -    -    -    -    4,650,000    4,650    2,582,350    -    -    -    2,587,000 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    1,407,921    -    -    -    1,407,921 
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (6,844)   -    (6,844)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (4,393,331)   (4,393,331)
                                                        
Balance, June 30, 2020   40,000   $400,000    -   $-    50,360,305   $50,360   $12,952,647   $-   $(44,451)  $(13,748,413)  $(789,857)

 

   For the Three Months Ended June 30, 2021 
   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, March 31, 2021   125,233   $1,252,330    101,835   $1,527,525    57,335,305   $57,335   $14,998,510   $100,000   $(52,510)  $(17,172,543)  $(2,069,208)
                                                        
Series B convertible preferred stock sold for cash to our CEO   -    -    103,334    1,550,010    -    -    -    -    -    -    - 
                                                        
Conversion of series A convertible preferred stock   (30,000)   (300,000)   -    -    4,000,000    4,000    396,000    (100,000)   -    -    300,000 
                                                        
Common stock issued for services   -    -    -    -    580,678    581    107,215    -    -    -    107,796 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    226,489    -    -    -    226,489 
                                                        
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (12,616)   -    -    -    (12,616)
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (5,779)   -    (5,779)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (753,194)   (753,194)
                                                        
Balance, June 30, 2021   95,233   $952,330    205,169   $3,077,535    61,915,983   $61,916   $15,715,598   $-   $(58,289)  $(17,925,737)  $(2,206,512)

 

   For the Six Months Ended June 30, 2020 
   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, 2019   -   $-    -   $-    44,804,305   $44,804   $8,150,004   $250,000   $(16,248)  $(8,167,166)  $261,394 
                                                        
Series A convertible preferred stock units sold for cash   40,000    400,000    -    -    -    -    -    -    -    -    - 
                                                        
Common stock sold for cash   -    -    -    -    500,000    500    249,500    (250,000)   -    -    - 
                                                        
Common stock issued for services   -    -    -    -    5,056,000    5,056    3,003,944    -    -    -    3,009,000 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    1,549,199    -    -    -    1,549,199 
                                                        
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    -    -    -    -    - 
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (28,203)   -    (28,203)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (5,581,247)   (5,581,247)
                                                        
Balance, June 30, 2020   40,000   $400,000    -   $-    50,360,305   $50,360   $12,952,647   $-   $(44,451)  $(13,748,413)  $(789,857)

 

   For the Six Months Ended June 30, 2021 
   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, 2020   150,233   $1,502,330    -   $-    53,085,305   $53,085   $14,103,672   $75,000   $(52,870)  $(16,132,326)  $(1,953,439)
                                                        
Series B convertible preferred stock sold for cash to our CEO   -    -    170,001    2,550,015    -    -    -    -    -    -    - 
                                                        
Series B convertible preferred stock sold for cash   -    -    35,168    527,520    -    -    (25)   -    -    -    (25)
                                                        
Common stock sold for cash   -    -    -    -    750,000    750    74,250    (75,000)   -    -    - 
                                                        
Conversion of series A convertible preferred stock   (55,000)   (550,000)   -    -    5,500,000    5,500    544,500    -    -    -    550,000 
                                                        
Common stock issued for services   -    -    -    -    580,678    581    107,215    -    -    -    107,796 
                                                        
Commitment shares issued pursuant to promissory note   -    -    -    -    2,000,000    2,000    266,250    -    -    -    268,250 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    654,579    -    -    -    654,579 
                                                        
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (34,843)   -    -    -    (34,843)
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (5,419)   -    (5,419)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (1,793,411)   (1,793,411)
                                                        
Balance, June 30, 2021   95,233   $952,330    205,169   $3,077,535    61,915,983   $61,916   $15,715,598   $-   $(58,289)  $(17,925,737)  $(2,206,512)

 

See accompanying notes to financial statements.

 

3
 

 

ONE WORLD PHARMA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

         
   For the Six Months Ended 
   June 30, 
   2021   2020 
Cash flows from operating activities          
Net loss  $(1,793,411)  $(5,581,247)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization expense   22,998    14,210 
Amortization of debt discounts   13,786    - 
Amortization of stock-based debt discounts   170,033    - 
Stock-based compensation   107,796    3,009,000 
Amortization of options issued for services   654,579    1,549,199 
Decrease (increase) in assets:          
Accounts receivable   (23,095)   - 
Inventory   (146,714)