Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 66

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 was originally recorded as a share subscription payable. During the twelve months ended December 31, 2024, the
Company issued 416,000 out of the 416,000 shares to be issued.

During
the year ended December 31, 2023, in connection with the sale of 192,500 shares of common stock the Company also sold 157,500 pre-funded
warrants and 700,000 warrants convertible for 857,500 shares of common stock at an exercise price of $0.001 and $13.40, respectively.
The Company received net proceeds of $2,110,342 associated with the sale of the pre-funded warrants. During the same period, 88,700 pre-funded
warrants were exercised for 88,700 shares of common stock for $89. During the year ended December 31, 2024, the remaining 68,800 pre-funded
warrants were exercised for 68,800 shares of common stock for $69.

During
the year ended December 31, 2023, the Company and a stock options holder agreed to cancel all 40,000 stock options in exchange for extending
the exercisable period of 30,000 warrants to December 31, 2024. Later in the year ended December 31, 2023, the expiration date for these
warrants was extended to December 31, 2026, and the stock option holder was issued an additional 40,000 restricted stock units.

    16

During
the year ended December 31, 2022, the Company and a warrant holder reached an agreement to extend the exercisable period of 30,000 warrants,
convertible to 2 shares of common stock each, for an additional 12 months.

During
the year ended December 31, 2021, the Company issued 13,091 representative warrants to the Company’s underwriters. The representative
warrants were not exercisable until January 30, 2022. The representative warrants were exercisable for 13,091 shares of common stock
at $60.50 per share until August 3, 2024. As of December 31, 2022, the Company recognized a value of $273,993 for the representative
warrants to share issuance cost. During the year ended December 31, 2024, these representative warrants expired.

As
of June 30, 2025, the Company has the following warrants outstanding:

Schedule of