Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 22

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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    $595,415 
  
    Current lease liability 
    $110,202  
    $246,535 
  
    Long-term lease liability 
    $189,116  
    $368,472 

The
following is a summary of the Company’s total lease costs during the nine months ended September 30, 2025 and 2024:

Schedule
of Lease Cost 

    September 30, 2025  
    September 30, 2024 
  
    Operating lease cost 
    $230,471  
    $331,057 

The
following is a summary of cash paid during the nine months ended September 30, 2025 and 2024 for amounts included in the measurement
of lease liabilities:

Schedule
of Measurement of Lease Liabilities 

    September 30, 2025  
    September 30, 2024 
  
    Operating cashflow 
    $229,282  
    $328,113 

    14

The
following are future minimum annual lease payments as of September 30, 2025:

 Schedule
of Future Minimum Annual Lease Payments

    2025 
    $37,138 
  
    2026 
     144,452 
  
    2027 
     134,284 
  
    2028 
     39,784 
  
    Total future minimum lease payments 
     355,658 
  
    Less: amount representing interest 
     (56,340)
  
    Present value of future payments 
     299,318 
  
    Current portion 
     110,202 
  
    Long term portion 
    $189,116 

13.
Indebtedness

Long-term
debt consists of:

Schedule of Long Term Debt 

    September 30, 2025  
    December 31, 2024 
  
    Revolving Credit Facility (a) 
    $1,586,032  
    $3,808,025 
  
    Other (b) 
     1,295,847  
     1,456,485 
  
    Long-term debt 
     2,881,879  
     5,264,510 
  
    Less deferred debt issuance cost 
     (93,529) 
     (260,513)
  
    Less current installments 
     (1,774,307) 
     (