As of September 30, 2024, One World Products, Inc. reported total assets of $275.2 million, a significant increase from $98.9 million at the end of 2023. Current assets also rose sharply to $115.2 million from $13.9 million. However, total liabilities surged to $5.4 million from $3.9 million, leading to a total stockholders’ equity deficit of $(9.8 million), worsening from $(8.3 million) at the end of the previous fiscal year.

Revenue for the three months ended September 30, 2024, was $1.5 thousand, a 74% decline from $5.9 thousand in the same period of 2023. For the nine months, revenue decreased by 62% to $3.1 thousand from $8.1 thousand. The company reported a net loss of $(734.6 thousand) for the third quarter, compared to $(450.3 thousand) in the prior year, and a net loss of $(3.3 million) for the nine months, up from $(1.5 million) in 2023.

General and administrative expenses increased to $203.2 thousand for the third quarter, a 43% rise from $142.5 thousand in 2023. Total operating expenses for the quarter were $372.8 thousand, slightly down from $387.9 thousand in the previous year. The operating loss for the third quarter was $(371.6 thousand), a modest improvement from $(382.7 thousand) in 2023.

The company has made strategic moves, including the acquisition of Pétalo Pharmaceutical, S.A.S. for $75 thousand, which holds licenses for cannabis cultivation and production. This acquisition is part of a broader strategy to enhance operational capabilities and product offerings. Additionally, One World Products launched a CBD-based product, Pro-11, in March 2024, and is developing industrial hemp solutions for the automotive market.

Cash on hand as of September 30, 2024, was $81.6 thousand, with negative working capital of $(3.2 million) and an accumulated deficit of $(30.2 million). The company has expressed substantial doubt about its ability to continue as a going concern without raising additional funds.

In terms of financing, the company reported net cash provided by financing activities of $1.2 million for the nine months ended September 30, 2024, compared to $874.5 thousand in the same period of 2023. This included proceeds from notes payable and preferred stock sales. The company’s financial statements reflect ongoing challenges, including a loss on deconsolidation of foreign subsidiaries amounting to $(242.6 thousand) for the nine months ended September 30, 2024.