Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 148

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 148
---

    of issuance cost 
     8,736,114  
     4,475,869 
  
    Proceeds from warrant exercise (Note 15) 
     3,746,435  
     - 
  
    Proceeds from line of credit 
     10,349,670  
     - 
  
    Repayments on line of credit 
     (6,758,422) 
     - 
  
    Proceeds from long-term debt 
     1,437,998  
     - 
  
    Related party loan 
     (2,192) 
     (43,904)
  
    Repayments on short term
    and long-term debt 
     (5,325,249) 
     - 
  
    Net
    cash provided by financing activities 
     12,184,354  
     4,431,965 

    Change in cash 
     1,517,321  
     (11,254,979)
  
    Cash
    and cash equivalents - beginning of year 
     3,365,778  
     14,620,757 
  
    Cash
    and cash equivalents end of year 
    $4,883,099  
    $3,365,778 
  
    Supplemental disclosure
    of non-cash activities 

    Shares issued for purchase of intangible assets 
    $-  
    $72,466 
  
    Supplemental
    disclosure of cash flow information 

    Income tax paid 
    $-  
    $- 
  
    Interest paid 
    $669,000  
    $626,000 

See
accompanying Notes to Consolidated Financial Statements.

48

Worksport
Ltd.

Notes
to the Consolidated Financial Statements

December
31, 2024 and 2023

1.
Description of Business and Significant Accounting Policies

The
Company’s corporate history and business overview are described in detail in our most recent registration statement on Form S-1,
filed with the SEC on July 3, 2024, which is incorporated herein by reference. For a description of material developments the Company
has undertaken since that time, see   Corporate History of Part I Item 1, Business of this report.

Basis
of presentation – The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting
princip