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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 September 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 November 12, 2021 was 61,925,983.

 

 

 

 
 

 

TABLE OF CONTENTS

 

  Page
PART I - FINANCIAL INFORMATION  
ITEM 1.   FINANCIAL STATEMENTS (Unaudited) 1
    Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020 1
    Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited) 2
    Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited) 3
    Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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  
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

 

   September 30,   December 31, 
   2021   2020 
    (Unaudited)      
Assets          
           
Current assets:          
Cash  $698,667   $28,920 
Accounts receivable   28,923    5,636 
Inventory   526,680    267,152 
Other current assets   220,720    118,911 
Total current assets   1,474,990    420,619 
           
Right-of-use assets   160,792    195,029 
Security deposits   1,224,561    65,114 
Fixed assets, net   947,543    726,820 
           
Total Assets  $3,807,886   $1,407,582 
           
Liabilities and Stockholders’ Equity (Deficit)          
           
Current liabilities:          
Accounts payable  $463,378   $734,554 
Accrued expenses   453,155    550,535 
Dividends payable   86,482    37,236 
Current portion of lease liabilities   48,932    45,271 
Notes payable, net of discounts of $558,696 at September 30, 2021   360,578    334,841 
Total current liabilities   1,412,525    1,702,437 
           
Long-term lease liability   119,140    156,254 
           
Total Liabilities   1,531,665    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 September 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; 238,502 and -0- shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively   3,577,530    - 
Convertible preferred stock value          
           
Stockholders’ Equity (Deficit):          
Preferred stock, $0.001 par value, 9,200,000 shares authorized; no shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively   -    - 
Common stock, $0.001 par value, 300,000,000 shares authorized; 61,675,983 and 53,085,305 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively   61,676    53,085 
Additional paid-in capital   16,191,828    14,103,672 
Subscriptions payable, consisting of 1,250,000 and 750,000 at September 30, 2021 and December 31, 2020, respectively   150,062    75,000 
Accumulated other comprehensive loss   (63,789)   (52,870)
Accumulated (deficit)   (18,593,416)   (16,132,326)
Total Stockholders’ Equity (Deficit)   (2,253,639)   (1,953,439)
           
Total Liabilities and Stockholders’ Equity (Deficit)  $3,807,886   $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 Nine Months Ended 
   September 30,   September 30, 
   2021   2020   2021   2020 
                 
Revenues  $7,845   $42,598   $73,450   $103,384 
Cost of goods sold   7,058    7,682    14,810    24,433 
Gross profit   787    34,916    58,640    78,951 
                     
Operating expenses:                    
General and administrative   358,382    793,846    1,466,954    3,293,009 
Professional fees   153,484    364,111    679,141    3,454,966 
Depreciation expense   6,939    9,496    29,937    23,706 
Total operating expenses   518,805    1,167,453    2,176,032    6,771,681 
                     
Operating loss   (518,018)   (1,132,537)   (2,117,392)   (6,692,730)
                     
Other income (expense):                    
Sublease income   5,000    -    19,500    - 
Interest income   765    -    2,323    - 
Loss on disposal of fixed assets   (17,563)   -    (17,563)   - 
Interest expense   (137,863)   (7,517)   (347,958)   (28,571)
Total other expense   (149,661)   (7,517)   (343,698)   (28,571)
                     
Net loss  $(667,679)  $(1,140,054)  $(2,461,090)  $(6,721,301)
                     
Other comprehensive loss:                    
Loss on foreign currency translation  $(5,500)  $(497)  $(10,919)  $(28,700)
                     
Net other comprehensive loss  $(673,179)  $(1,140,551)  $(2,472,009)  $(6,750,001)
Series A convertible preferred stock declared ($0.60 per share)   (14,403)    

(14,870

)    (49,246)   

(14,870

)
Net loss attributable to common shareholders  $(687,582)  $(1,155,421)  $(2,521,255)  $(6,764,871)
                     
Weighted average number of common shares outstanding - basic and fully diluted   61,662,287    48,588,395    

59,712,489

    47,982,936 
                     
Net loss per share - basic and fully diluted  $(0.01)  $(0.02)  $(0.04)  $(0.14)
                     
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 September 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, June 30, 2020   40,000   $400,000         -   $        -    50,360,305   $  50,360   $  12,952,647   $-   $(44,451)  $  (13,748,413)  $(789,857)
                                                        
Series A Convertible Preferred Stock units sold for cash   107,833    1,078,330    -    -    -    -    -    -    -    -    - 
                                                        
Common stock issued for services   -    -    -    -    875,000    875    331,625    -    -    -    332,500 
                                                        
Common stock payable for services   -    -    -    -    -    -    -    45,000    -    -    45,000 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    326,424    -    -    -    326,424 
                                                        
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (14,870)   -    -    -    (14,870)
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (497)   -    (497)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (1,140,054)   (1,140,054)
                                                        
Balance, September 30, 2020   147,833   $  1,478,330    -   $-    51,235,305   $51,235   $13,595,826   $45,000   $(44,948)  $(14,888,467)  $(1,241,354)

 

                                             
   For the Three Months Ended September 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, 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)
                                                        
Series B convertible preferred stock sold for cash to our CEO   -    -    33,333    499,995    -    -    -    -    -    -    - 
                                                        
Adjustment of common stock issued for services   -    -    -    -    (300,000)   (300)   (50,700)   -    -    -    (51,000)
                                                        
Commitment shares issued pursuant to promissory note   -    -    -    -    -    -    -    150,062    -    -    150,062 
                                                        
Exercise of cashless options   -    -    -    -    60,000    60    (60)   -    -    -    - 
                                                        
Warrants issued as a debt discount   -    -    -    -    -    -    358,017    -    -    -    358,017 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    183,376    -    -    -    183,376 
                                                        
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (14,403)   -    -    -    (14,403)
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (5,500)   -    (5,500)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (667,679)   (667,679)
                                                        
Balance, September 30, 2021   95,233   $952,330    238,502   $3,577,530    61,675,983   $61,676   $16,191,828   $150,062   $(63,789)  $(18,593,416)  $(2,253,639)

 

                                             
   For the Nine Months Ended September 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   147,833    1,478,330    -    -    -    -    -    -    -    -    - 
                                                        
Common stock sold for cash   -    -    -    -    500,000    500    249,500    (250,000)   -    -    - 
                                                        
Common stock issued for services   -    -    -    -    5,931,000    5,931    3,335,569    -    -    -    3,341,500 
                                                        
Common stock payable for services   -    -    -    -    -    -    -    45,000    -    -    45,000 
                                                        
Amortization of common stock options issued for services   -    -    -    -    -    -    1,875,623    -    -    -    1,875,623 
                                                        
Series A convertible preferred stock dividend declared ($0.60 per share)   -    -    -    -    -    -    (14,870)   -    -    -    (14,870)
                                                        
Loss on foreign currency translation   -    -    -    -    -    -    -    -    (28,700)   -    (28,700)
                                                        
Net loss   -    -    -    -    -    -    -    -    -    (6,721,301)   (6,721,301)
                                                        
Balance, September 30, 2020   147,833   $  1,478,330    -   $-    51,235,305   $51,235   $  13,595,826   $45,000   $(44,948)  $(14,888,467)  $(1,241,354)

 

                                             
   For the Nine Months Ended September 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)