In This Story
One World Products Inc (OWPC+0.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $1,517 compared to $5,906 in the same quarter the previous year. The decrease in revenue is attributed to a transition from cannabis seed sales to CBD product sales.
Cost of goods sold for the quarter was $310, compared to $767 in the same quarter of the previous year. The decrease in cost is due to the shift in product focus.
The company reported a gross loss of $1,207 for the quarter, compared to $5,139 in the previous year.
General and administrative expenses increased to $203,242 from $142,464, primarily due to increased salaries and wages.
Professional fees decreased to $169,596 from $236,139, due to reduced stock-based compensation issued to consultants.
Net loss for the quarter was $734,599, up from $450,306 in the previous year, primarily due to increased interest expense on debt financing.
Cash used in operating activities was $1,010,268, while cash provided by financing activities was $1,208,500.
One World Products had a working capital deficit of $3,154,500 as of September 30, 2024, raising substantial doubt about the company's ability to continue as a going concern.
The filing also details a liquidation proceeding for its Colombian subsidiary, One World Pharma S.A.S., under Colombian Law 1116 of 2006.
The company continues to focus on developing industrial hemp solutions for the automotive market and expanding its CBD product line.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the One World Products Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.