Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 507

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 507
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 2024  
    2023 
  
    Raw materials 
    $3,373,704  
    $1,812,163 
  
    Finished goods 
     1,343,006  
     1,717,669 
  
    Work in progress 
     473,344  
     101,660 
  
    Inventories, net 
    $5,190,054  
    $3,631,492 

4.
Property and Equipment

Major
classes of property and equipment at December 31, 2024 and 2023 are as follows:

Schedule of Property and Equipment

    2024  
    2023 
  
    Building 
    $6,079,410  
    $6,079,410 
  
    Manufacturing equipment 
     5,830,999  
     5,390,014 
  
    Land 
     2,239,405  
     2,239,405 
  
    Leasehold improvements 
     862,504  
     861,332 
  
    Product molds 
     524,476  
     524,476 
  
    Warehouse equipment 
     512,700  
     469,502 
  
    Electrical equipment 
     185,261  
     185,261 
  
    Automobile 
     172,645  
     168,497 
  
    Furniture 
     154,065  
     146,049 
  
    Computers 
     114,786  
     84,070 
  
    Property and equipment,
    at cost 
     16,676,251  
     16,148,016 
  
    Less accumulated depreciation 
     (3,032,025) 
     (1,664,580)
  
    Property and equipment,
    net 
    $13,644,226  
    $14,483,436 

During
the years ended December 31, 2024 and 2023, the Company recognized depreciation expense of $1,367,445 and $1,107,292, respectively.

5.
Intangible Assets

Intangible
assets consist of costs incurred to establish the patent rights related to the quick latch and soft vinyl quad-fold tonneau cover technologies,
Worksport trademarks, licenses, and software costs. The Company’s utility patents and design registrations were issued between
2014 and 2024