Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 331

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 331
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4,781,005  
     - 
  
    Total
    liabilities 
     8,323,029  
     7,775,373 

    Shareholders’ equity 

    Series A & B Preferred Stock, $0.001 par
    value, 10,010 shares authorized, 100 Series A and 0 Series B issued and outstanding, respectively (Note 7) 
     -  
     - 
  
    Common stock, $0.001 par value, 29,900,000
    shares authorized, 4,016,205 and 2,032,050 shares issued and outstanding, respectively (Note 7) 
     4,016  
     2,032 
  
    Additional paid-in capital 
     79,781,674  
     64,685,693 
  
    Share subscriptions receivable 
     (1,577) 
     (1,577)
  
    Share subscriptions payable 
     2,115,064  
     1,814,152 
  
    Accumulated deficit 
     (64,476,966) 
     (48,313,177)
  
    Cumulative translation
    adjustment 
     (8,580) 
     (8,580)
  
    Total
    shareholders’ equity 
     17,413,631  
     18,178,543 
  
    Total
    liabilities and shareholders’ equity 
    $25,736,660  
    $25,953,916 

See
accompanying Notes to Consolidated Financial Statements.

45

Worksport
Ltd.

Consolidated
Statements of Operations and Comprehensive Loss

December
31, 2024 and 2023

    2024  
    2023 

    Net sales 
    $8,484,379  
    $1,529,632 
  
    Cost of sales 
     7,578,729  
     1,289,118 
  
    Gross
    profit 
     905,650  
     240,514 

    Operating expenses 

    Research and development 
     2,289,940  
     1,669,318 
  
    General and administrative 
     8,678,994  
     7,974,362 
  
    Sales and marketing 
     2,386,504