Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 42

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 42
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 controls and procedures include, without limitation, controls and procedures designed to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated
to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions
regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired
control objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls
and procedures.

Based
on our management’s evaluation (with the participation of the individuals serving as our principal executive officer and principal
financial officer) of our disclosure controls and procedures as required by Rules 13a-15 and 15d-15 under the Exchange Act, each of the
individuals serving as our principal executive officer and principal financial officer has concluded that our disclosure controls and
procedures were not effective at the reasonable assurance level as of December 31, 2024, the end of the period covered by
this Annual Report on Form 10-K.

Management’s
Report on Internal Control over Financial Reporting.

Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f)
and 15d-15(f) of the Exchange Act). Internal control over financial reporting is a process designed under the supervision and with the
participation of our management, including the individuals serving as our principal executive officer and principal financial officer,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in the United States of America.

A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a
timely basis.

Management
conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013 Framework). Based on
this assessment, our management concluded that, as of December 31, 2024, our internal control over financial reporting was not effective
based on those criteria due to material weaknesses in our internal control over financial