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

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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451 
  
    Intangible assets, gross carrying amount 
     1,607,215  
     1,350,636 
  
    Less: Accumulated amortization 
     (590,505) 
     (397,587)
  
    Intangible assets,
    net 
    $1,016,710  
    $953,049 

Amortization
expense for the three months ended June 30, 2025 and 2024 was $96,459 and $627, respectively. Amortization expense for the six months ended
June 30, 2025 and 2024 was $192,918 and $1,253, respectively.

    11

Estimated
amortization of the patent and software over the next five calendar years and beyond June 30, 2025 is as follows:

 Schedule
of Estimated Amortization of the patent and Software

    2025 
    $193,000 
  
    2026 
    $386,000

    2027 
    $3,000 
  
    2028 
    $3,000 
  
    2029 
    $2,000 
  
    Thereafter 
    $37,000 

6.
Prepaid expenses and deposits

As
of June 30, 2025 and December 31, 2024, prepaid expenses and deposits consist of the following:

Schedule of Prepaid Expenses and Deposits 

    June
    30, 2025

    December
    31, 2024

    Consulting,
    services, and advertising
     
    $
    470,160

    $
    35,740

    Insurance

    69,208

    65,938

    Deposits

    152,924

    90,514

    Prepaid
    expenses and deposits
     
    $
    692,292

    $
    192,192

7.
Shareholders’ Equity (Deficit)

During
the six months ended June 30, 2025, the following transactions occurred:

During
the six months ended June 30, 2025, the Company sold 22,725 shares of common stock for total gross proceeds of $185,874. The sale of shares
was in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to issue up