Wed, Jun 12, 10:06 AM (87 days ago)
One World Products, Inc. filed its quarterly report for the period ending March 31, 2024. The company reported a significant decline in revenues, down 87% year-over-year to $282, primarily from CBD product sales. Operating expenses increased by 69% due to higher professional fees, notably stock-based compensation, despite a 43% reduction in general and administrative costs. The company recorded a net loss of $1.7 million, a 230% increase from the previous year, driven by a $724,086 loss on debt extinguishment and a $97,672 loss on deconsolidation of foreign subsidiaries. The company’s cash position improved to $40,648, but it remains in a precarious financial state with negative working capital of $1.87 million and an accumulated deficit of $28.63 million. The company is undergoing restructuring under Colombian Law 1116 and has deconsolidated its foreign subsidiaries. Future operations hinge on successful debt restructuring and capital raising efforts.