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

Leases (Tables)

3 Months Ended

Mar. 31, 2021

The components of lease expense were as follows:

	For the Three
	Months Ended
	March 31,
	2021
Operating lease cost:
Amortization of assets	$	11,225
Interest on lease liabilities		3,339
Lease payments on short term leases		10,892
Total lease cost	$	25,456

Supplemental balance sheet information related to leases was as follows:

	March 31,
	2021
Operating leases:
Operating lease assets	$	183,804

Current portion of operating lease liabilities	$	46,471
Noncurrent operating lease liabilities		144,090
Total operating lease liabilities	$	190,561

Weighted average remaining lease term:
Operating leases		3.58 years

Weighted average discount rate:
Operating leases		6.75	%

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

	For the Three
	Months Ended
	March 31,
	2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	10,964

Future minimum annual lease commitments under non-cancelable operating leases are as follows at March 31, 2021:

	Operating
	Leases

2021 (for the nine months remaining)	$	43,195
2022		59,223
2023		61,000
2024		52,098
Total minimum lease payments		215,516
Less interest		24,955
Present value of lease liabilities		190,561
Less current portion		46,471
Long-term lease liabilities	$	144,090