Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 0

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Worksport
Ltd. 

Condensed
Consolidated Balance Sheets

(Unaudited)

    June 30, 2025 (Unaudited)  
    December 31, 2024 
  
    ASSETS 

    Current assets 

    Cash and cash equivalents 
    $1,393,140  
    $4,883,099 
  
    Accounts receivable, net 
     295,961  
     42,589 
  
    Other receivable 
     228,086  
     169,728 
  
    Inventory (Note 3) 
     5,881,513  
     5,190,054 
  
    Prepaid expenses and deposits (Note 6) 
     692,292  
     192,192 
  
    Total current assets 
     8,490,992  
     10,477,662 
  
    Investments (Note 11) 
     122,681  
     66,308 
  
    Property and equipment, net (Note 4) 
     13,218,121  
     13,644,226 
  
    Operating lease right-of-use assets (Note 12) 
     731,633  
     595,415 
  
    Intangible assets, net (Note 5) 
     1,016,710  
     953,049 
  
    Total assets 
    $23,580,137  
    $25,736,660 
  
    LIABILITIES AND SHAREHOLDERS’ EQUITY 

    Current liabilities 

    Accounts payable 
    $1,973,131  
    $1,526,630 
  
    Accrued liabilities and other 
     682,781  
     800,283 
  
    Accrued compensation 
     517,475  
     377,112 
  
    Long-term debt, current portion (Note 13) 
     235,865  
     222,992 
  
    Lease liability, current portion (Note 12) 
     323,698  
     246,535 
  
    Total current liabilities 
     3,732,950  
     3,173,552 
  
    Lease liability, excluding current portion (Note 12) 
     437,266  
     368,472 
  
    Long-term