Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 16

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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Schedule of Changes in Operating Assets and Liabilities 

    2025  
    2024 
  
    Decrease (increase) in accounts
    receivable 
    $(253,372) 
    $(160,264)
  
    Decrease (increase) in other receivable 
     (58,358) 
     25,002 
  
    Decrease (increase) in inventory 
     (691,459) 
     (2,755,252) 
  
    Decrease (increase) in prepaid expenses
    and deposits 
     (470,641) 
     1,345,434 
  
    Increase (decrease)
    in accounts payable and accrued liabilities 
     469,362  
     115,586 
  
    Changes
    in operating assets and liabilities 
    $(1,004,468) 
    $(1,429,494)

11.
Investments

During
the six months ended June 30, 2025, $66,308 ($90,000 CAD) of the Company’s Guaranteed Investment Certificate (“GIC”) matured
and the Company received $2,500 ($3,604 CAD) in interest income. During the same period, the Company reinvested the principal amount of $66,308
($90,000 CAD) in a GIC. The GIC bears a variable interest rate and will mature on February 27, 2026. The anticipated earned interest on the GIC at maturity is $2,500 ($3,604 CAD). During the six
months ended June 30, 2025 the Company invested $56,373 ($77,000 CAD) in a second Guaranteed Investment Certificate (“GIC”)
bearing a variable interest rate and will mature on June 5, 2026. The anticipated earned interest on the GIC
at maturity is $1,270 ($1,730 CAD).

13

12.
Leases

During
the year ended December 31, 2022, the Company signed a lease agreement for approximately 20,296 square feet to be used as its primary
corporate office and R&D facility pursuant to a five-year lease, dated June 1, 2022, for a variable rate averaging $20,242 per month
over the lifetime of the lease not inclusive of additional fees, which also vary and average $5,033 per month in 2025 not inclusive of
taxes.

During
the year