One World Products, Inc. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Dec. 31, 2019

The components of lease expense were as follows:

	For the
	Year Ended
	December 31,
	2019
Operating lease cost:
Amortization of assets	$	45,510
Interest on lease liabilities		22,235
Total lease cost	$	67,745

Supplemental balance sheet information related to leases was as follows:

	December 31,
	2019
Operating leases:
Operating lease assets	$	502,706

Current portion of operating lease liabilities	$	55,101
Noncurrent operating lease liabilities		453,251
Total operating lease liabilities	$	508,352

Weighted average remaining lease term:
Operating leases		9.75 years

Weighted average discount rate:
Operating leases		6.75%

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

	For the
	Year Ended
	December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	39,864

Leased assets obtained in exchange for lease liabilities:
Total operating lease liabilities	$	548,216

Future minimum annual lease commitments under non-cancelable operating leases are as follows at December 31, 2019:

	Operating
	Leases

2020	$	160,858
2021		80,877
2022		34,528
2023		35,909
2024		37,345
Thereafter		198,669
Total minimum lease payments		548,186
Less interest		39,834
Present value of lease liabilities		508,352
Less current portion		55,101
Long-term lease liabilities	$	453,251