| Nature of Business and Significant Accounting Policies (Policies) (OWP Ventures, Inc.) | 6 Months Ended | 9 Months Ended |
| Jun. 30, 2019 | Dec. 31, 2018 |
| Nature of Business | Nature
of Business One
World Pharma, Inc. (formerly Punto Group, Corp.) was incorporated in Nevada on September 2, 2014. On February 21, 2019, One World
Pharma, Inc. (“One World Pharma,” the “Company,” “we,” “our” or “us”)
entered into an Agreement and Plan of Merger with OWP Merger Subsidiary, Inc., our wholly-owned subsidiary, and OWP Ventures,
Inc. (“OWP Ventures”), which is the parent company of One World Pharma SAS, a Colombian company (“OWP Colombia”).
Pursuant to the Merger Agreement, we acquired OWP Ventures (and indirectly, OWP Colombia) by the merger of OWP Merger Subsidiary
with and into OWP Ventures, with OWP Ventures being the surviving entity as our wholly-owned subsidiary (the “Merger”).
As a result of the Merger (a) holders of the outstanding capital stock of OWP Ventures received an aggregate of 39,475,398 shares
of our Common Stock; (b) options to purchase 825,000 shares of common stock of OWP Ventures at an exercise price of $0.50 automatically
converted into options to purchase 825,000 shares of our Common Stock at an exercise price of $0.50; (c) the outstanding principal
and interest under a $300,000 convertible note issued by OWP Ventures became convertible, at the option of the holder, into shares
of our Common Stock at a conversion price equal to the lesser of $0.424 per share or 80% of the price we sell our Common Stock
in a future “Qualified Offering”; (d) 875,000 shares of our Common Stock owned by OWP Ventures prior to the Merger
were cancelled; and (e) OWP Ventures’ chief operating officer became our chief operating officer and two of OWP Ventures’
directors became members of our board of directors. The Company’s headquarters are located in Las Vegas, Nevada, and all
of its customers are expected to be outside of the United States. On January 10, 2019, the Company changed its name from Punto
Group, Corp. to One World Pharma, Inc. OWP
Ventures is a holding company formed in Delaware on March 27, 2018 to enter and support the cannabis industry, and on May 30,
2018, it acquired OWP Colombia. OWP Colombia is a licensed cannabis cultivation, production and distribution (export) company
located in Popayán, Colombia (nearest major city is Cali). We plan to be a producer of raw cannabis and hemp plant ingredients
for both medical and industrial uses across the globe. We have received licenses to cultivate, produce and distribute the raw
ingredients of the cannabis and hemp plant for medicinal, scientific and industrial purposes. Specifically, we are one of the
only companies in Colombia to receive seed, cultivation, extraction and export licenses from the Colombian government. Currently,
we own approximately 30 acres and have a covered greenhouse built specifically to cultivate high-grade cannabis and hemp. In addition,
we have entered into agreements with local farming co-operatives that include small farmers and indigenous tribe members, under
which they will cultivate cannabis on up to approximately 140 acres of land using our seeds and propagation techniques, and sell
their harvested products to us on an exclusive basis. We planted our first crop of cannabis in 2018, which we began harvesting
in the first quarter of 2019 for the purpose of further research and development activities and quality control testing of the
cannabis we have produced. To date, we have not yet generated any revenues from our activities. The
Merger was accounted for as a reverse merger (recapitalization) with OWP Ventures deemed to be the accounting acquirer. Accordingly,
the financial statements included in this Quarterly Report on Form 10-Q reflect the historical operations of OWP Ventures
and its wholly-owned subsidiary OWP SAS prior to the Merger, and that of the combined company following the Merger. The historical
financial information for One World Pharma, Inc. (formerly Punto Group Corp.) prior to the Merger has been omitted. | |
| Basis of Presentation | Basis
of Presentation The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts
and transactions have been eliminated. The
unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report
on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated
Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial
Statements, and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in
the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and Current Report on Form 8-K with
respect to the Merger originally filed with the SEC on February 25, 2019, as amended and restated on July 12, 2019. The interim
Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K and Current Report
on Form 8-K. Results for the interim periods presented are not necessarily indicative of the results that might be expected for
the entire fiscal year. | |
| Principles of Consolidation | Principles
of Consolidation The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common
control and ownership at June 30, 2019:
State
of
Name
of Entity Incorporation Relationship
One
World Pharma, Inc. (1) Nevada Parent
OWP
Ventures, Inc. (2) Delaware Subsidiary
One
World Pharma S.A.S. (3) Colombia Subsidiary (1) (2) (3) The
consolidated financial statements herein contain the operations of the wholly-owned subsidiaries listed above. The Company’s headquarters
are located in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia. | |
| Foreign Currency Translation | Foreign
Currency Translation The
functional currency of the Company is Columbian Peso (COP). The Company has maintained its financial statements using the functional
currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities
denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange
prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated
into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising
from foreign currency transactions are included in the determination of net income (loss) for the respective periods. | |
| Comprehensive Income | Comprehensive
Income The
Company has adopted ASC 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive
income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive
income represents the accumulated balance of foreign currency translation adjustments. | |
| Use of Estimates | Use
of Estimates The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. | |
| Segment Reporting | Segment
Reporting ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting.
The management approach model is based on the way a company’s management organizes segments within the company for making
operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure
requirements as it expands its operations. | |
| Fair Value of Financial Instruments | Fair
Value of Financial Instruments Under
FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted
accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant
measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements
as reflected herein. The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the
balance sheets are estimated by management to approximate fair value primarily due to the short term nature of the instruments. | |
| Cash and Cash Equivalents | Cash
and Cash Equivalents Cash
and cash equivalents include cash on hand, cash on deposit with various financial institutions in Columbia, and all highly-liquid
investments with original maturities of three months or less at the time of purchase. We have not held any cash equivalents to
date. | |
| Cash in Excess of FDIC Insured Limits | Cash
in Excess of FDIC Insured Limits The
Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed
by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, under current regulations. The Company didn’t have any
amounts in excess of FDIC insured limits at June 30, 2019, and has not experienced any losses in such accounts. | |
| Revenue Recognition | Revenue
Recognition The
Company has adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the sale of commercial sales of products, licensing agreements and contracts. For the comparative periods, revenue has not
been adjusted and continues to be reported under ASC 605 — Revenue Recognition. There
was no impact on the Company’s financial statements as a result of adopting ASC 606 for the six months ended June 30,
2019, or the year ended December 31, 2018. | |
| Basic and Diluted Loss Per Share | Basic
and Diluted Loss Per Share The
basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding.
Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by
the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential
dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. | |
| Recent Accounting Pronouncements | Adoption
of New Accounting Standards and Recently Issued Accounting Pronouncements In
June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In
February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive
Income In
May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In
February 2016, the FASB established Topic 842, Leases Targeted Improvements Codification Improvements to
Topic 842 Land Easement Practical Expedient for Transition to Topic 842 The
new standard became effective January 1, 2019. A modified retrospective transition approach is required, applying the new standard
to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the
beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity
chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date
of initial application and the effective date. The entity must also recast its comparative period financial statements and provide
the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on January 1, 2019
using the modified retrospective transition approach as of the effective date of the initial application. Consequently, financial
information will not be updated and the disclosures required under the new standard will not be provided for dates and periods
before January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Company elected
the “package of practical expedients”, which permits entities not to reassess under the new lease standard prior conclusions
about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight
or the practical expedient pertaining to land easements. The
most significant effects of the adoption of the new standard relate to the recognition of new ROU assets and lease labilities
on our balance sheet for office operating leases and providing significant new disclosures about our leasing activities. The
new standard also provides practical expedients for an entity’s ongoing accounting. The Company has also elected the short-term
leases recognition exemption for all leases that qualify. This means that the Company will not recognize ROU assets or lease liabilities,
and this includes not recognizing ROU assets and lease liabilities, for existing short-term leases of those assets in transition.
The Company also currently expects to elect the practical expedient to not separate lease and non-lease components for its leases.
The new standard did not have a material impact. In
May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers There
are no other recently issued accounting pronouncements that the Company has yet to adopt that are expected to have a material
effect on its financial position, results of operations, or cash flows. | |
| OWP Ventures, Inc. [Member] | | |
| Nature of Business | | Nature
of Business OWP
Ventures, Inc. was incorporated in Delaware on March 27, 2018. OWP Ventures, Inc. and its subsidiary (“OWP,” the “Company,”
“we,” “our” or “us”) is a holding company formed to enter and support the cannabis industry.
Through its subsidiary, One World Pharma S.A.S (“OWP SAS”), a licensed cannabis cultivation, production and distribution
(export) company located in Popayán, Colombia (nearest major city is Cali) plans to be a global leader in the distribution
of medical cannabis and cannabis extracts for medical and scientific purposes, which includes manufacture, acquisition in any
capacity, import, export, storage, transportation, marketing, and distribution of psychoactive and non-psychoactive cannabis derivatives. |
| Basis of Presentation | | Basis
of Presentation The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). The Company has adopted
a December 31 year-end. |
| Principles of Consolidation | | Principles
of Consolidation The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common
control and ownership at December 31, 2018:
State
of
Name
of Entity Incorporation Relationship
OWP
Ventures, Inc. (1) Delaware Parent
One
World Pharma, Inc. (2) Nevada Subsidiary
One
World Pharma S.A.S. (3) Colombia Subsidiary
(1) Holding
company in the form of a corporation as of December 31, 2018.
(2) Subsidiary
as of December 31, 2018, following November 22, 2018 purchase of 66.2% of the issued and outstanding shares of One World Pharma,
Inc. (f/k/a Punto Group, Corp.) by OWP Ventures, Inc. The shares were cancelled and returned to treasury pursuant to a merger
on February 21, 2019, by a wholly-owned subsidiary of One World Pharma, Inc. with and into OWP Ventures, Inc. Following the
merger, One World Pharma, Inc. is the parent company.
(3) Wholly-owned
subsidiary of OWP Ventures, Inc. since May 30, 2018, located in Colombia and legally constituted as a simplified stock company
registered in the Chamber of Commerce of Bogotá on July 18, 2017. Its sole headquarters is located in Bogotá. The
consolidated financial statements herein contain the operations of the wholly-owned subsidiary listed above. All significant inter-company
transactions have been eliminated in the preparation of these financial statements. The Company’s headquarters are located
in Las Vegas, Nevada and substantially all of its production efforts are within Popayán, Colombia. These
statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary
for fair presentation of the information contained therein. |
| Foreign Currency Translation | | Foreign
Currency Translation The
functional currency of the Company is Columbian Peso (COP). The Company has maintained its financial statements using the functional
currency, and translated those financial statements to the US Dollar (USD) throughout this report. Monetary assets and liabilities
denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange
prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated
into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising
from foreign currency transactions are included in the determination of net income (loss) for the respective periods. |
| Comprehensive Income | | Comprehensive
Income The
Company has adopted ASC 220, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive
income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive
income represents the accumulated balance of foreign currency translation adjustments. |
| Use of Estimates | | Use
of Estimates The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. |
| Segment Reporting | | Segment
Reporting ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting.
The management approach model is based on the way a company’s management organizes segments within the company for making
operating decisions and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure
requirements as it expands its operations. |
| Fair Value of Financial Instruments | | Fair
Value of Financial Instruments The
Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a three-level
valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The
three levels are defined as follows:
- Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
- Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial
instrument.
- Level
3 inputs to valuation methodology are unobservable and significant to the fair measurement. The
carrying value of cash, accounts receivable, accounts payables and accrued expenses are estimated by management to approximate
fair value primarily due to the short-term nature of the instruments. |
| Cash and Cash Equivalents | | Cash
and Cash Equivalents Cash
and cash equivalents include cash on hand, cash on deposit with various financial institutions in Columbia, and all highly-liquid
investments with original maturities of three months or less at the time of purchase. We have not held any cash equivalents to
date. |
| Cash in Excess of FDIC Insured Limits | | Cash
in Excess of FDIC Insured Limits The
Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed
by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, under current regulations. The Company did not have any funds
in excess of FDIC insured limits at December 31, 2018, and has not experienced any losses in such accounts. |
| Property and Equipment | | Property
and Equipment Property
and equipment are stated at cost, less accumulated depreciation, and we depreciate it on a straight-line basis over the estimated
useful lives of the assets. Additions and improvements (including interest costs for construction of qualifying long-lived assets)
are capitalized. Maintenance and repair expenses are charged to expense as incurred. The cost of property and equipment sold or
disposed of and the related accumulated depreciation are eliminated from the property and related accumulated depreciation accounts,
and any gain or loss is credited or charged to other income (expense). We
generally provide for depreciation over the following estimated useful service lives. Additionally, if there are indicators that
certain assets may be potentially impaired, we will analyze such assets in accordance with the related GAAP standard. The estimated
useful lives for significant property and equipment categories are as follows:
Software 3
years
Furniture
and Fixtures and Office Equipment 5
years
Machinery 7
years |
| Revenue Recognition | | Revenue
Recognition The
Company recognizes revenue when products are fully delivered, or services have been provided and collection is reasonably assured. The
Company has adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the commercial sales of products, licensing agreements and contracts by applying the following steps: (1) identify the contract
with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the
transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is
satisfied. We have not yet generated any revenue. |
| Basic and Diluted Loss Per Share | | Basic
and Diluted Loss Per Share The
basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding.
Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by
the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential
dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. |
| Income Taxes | | Income
Taxes The
Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets
and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be
recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such
assets to be more likely than not. |
| Uncertain Tax Positions | | Uncertain
Tax Positions In
accordance with ASC 740, “Income Taxes” (“ASC 740”), the Company recognizes the tax benefit from an uncertain
tax position only if it is more likely than not that the tax position will be capable of withstanding examination by the taxing
authorities based on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute
for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These
standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure,
and transition. Various
taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s
tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions.
In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records
allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established,
is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities. The
assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with
the Company’s various filing positions. Various
taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s
tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions.
In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records
allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established,
is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities. |
| Recent Accounting Pronouncements | | Recent
Accounting Pronouncements In
June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In
February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive
Income In
May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In
February 2016, the FASB established Topic 842, Leases Targeted Improvements Codification Improvements to
Topic 842 Land Easement Practical Expedient for Transition to Topic 842 The
new standard will be effective January 1, 2019. A modified retrospective transition approach is required, applying the new standard
to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the
beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity
chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date
of initial application and the effective date. The entity must also recast its comparative period financial statements and provide
the disclosures required by the new standard for the comparative periods. The Company expects to adopt the new standard on January
1, 2019 using the effective date as of initial application. Consequently, financial information will not be updated and the disclosures
required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a
number of optional practical expedients in transition. The Company expects to elect the “package of practical expedients”,
which permits entities not to reassess under the new lease standard prior conclusions about lease identification, lease classification
and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land
easements. While
the Company continues to assess all of the effects of adoption, it currently believes that most significant effects relate to
the recognition of new ROU assets and lease labilities on our balance sheet for office operating leases and providing significant
new disclosures about our leasing activities. The
new standard also provides practical expedients for an entity’s ongoing accounting. The Company currently expects to elect
the short-term leases recognition exemption for all leases that qualify. This means that the Company will not recognize ROU assets
or lease liabilities, and this includes not recognizing ROU assets and lease liabilities for existing short-term leases of those
assets in transition. The Company also currently expects to elect the practical expedient to not separate lease and non-lease
components for its leases. In
May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers There
are no other recently issued accounting pronouncements that the Company has yet to adopt that are expected to have a material
effect on its financial position, results of operations, or cash flows. |
