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

Leases (Tables)

6 Months Ended

Jun. 30, 2020

The components of lease expense were as follows:

	For the Six
	Months Ended
	June 30,
	2020
Operating lease cost:
Amortization of assets	$	30,319
Interest on lease liabilities		15,901
Total lease cost	$	46,220

Supplemental balance sheet information related to leases was as follows:

	June 30,
	2020
Operating leases:
Operating lease assets	$	446,137

Current portion of operating lease liabilities	$	56,933
Noncurrent operating lease liabilities		398,906
Total operating lease liabilities	$	455,839

Weighted average remaining lease term:
Operating leases		9.25 years

Weighted average discount rate:
Operating leases		6.75	%

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

	For the Six
	Months Ended
	June 30,
	2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	52,513

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	451,195

Future minimum annual lease commitments under non-cancelable operating leases are as follows at June 30, 2020:

	Operating
	Leases

2020	$	92,800
2021		80,877
2022		34,528
2023		35,909
2024		37,345
Thereafter		198,669
Total minimum lease payments		480,128
Less interest		24,289
Present value of lease liabilities		455,839
Less current portion		56,933
Long-term lease liabilities	$	398,906