Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 62

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 the Black-Scholes option pricing model to determine fair value of stock options on the grant date.

During
the three months ended March 31, 2025, the Company issued 10,000 stock options to a director with an exercise price of $5.95 and an expiration
date of Marh 7, 2035.

On
July 23, 2024, the Company engaged in stock option repricing for certain employees, executive officers, and members of the board of directors
of the Company. 538,896 stock options’ exercise prices were repriced to $7.042, and all other criteria were unchanged. As a result
of the modification in exercise prices, the Company recognized additional expense of $93,140 on the date of modification.

During
the year ended December 31, 2024, the Company issued 84,860 stock options to employees and directors with exercise prices ranging from
$5.20 to $14.10 and expiration dates ranging from February 1, 2029 to November 19, 2034. Of these stock options, 2,040 were subsequently
cancelled.

Schedule
of Stock Options Activity

    March 31, 2025  
    December 31, 2024 

    Number of
                                                                  stock  
    Weighted
                                                                  average  
    Number of
                                                                  stock  
    Weighted
                                                                  average 

    options  
    price  
    options  
    price 
  
    Balance, beginning of year 
     579,936  
    $7.14  
     506,386  
    $19.62 
  
    Granted 
     10,000  
    $5.95  
     84,860  
    $7.70 
  
    Forfeited 
     (960) 
    $7.04  
     (11,310) 
    $(29.30)
  
    Balance, end of period 
     588,976  
    $7.10  
     579,936  
    $7.14 

 Schedule
of Share Based Payment Arrangement, Option, Exercise Price Range

    Range of
 Exercise  
       
    Weighted
 average  
    Weighted 
average  
    Exercisable on 

    prices  
    Outstanding  
    life (years)  
    exercise price