Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 335

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 335
---
 $-  
     4,016,205  
    $4,016  
    $79,781,674  
    $(1,577) 
    $2,115,064  
    $(64,476,966) 
    $(8,580) 
    $17,413,631 

See
accompanying Notes to Consolidated Financial Statements.

47

Worksport
Ltd.

Consolidated
Statements of Cash Flows

December
31, 2024 and 2023

    2024  
    2023 
  
    Operating activities 

    Net loss 
    $(16,163,789) 
    $(14,928,958)
  
    Adjustments to reconcile
    net loss to net cash from operating activities: 

    Shares, options and warrants
    issued for services 
     2,916,328  
     5,754,717 
  
    Depreciation and amortization 
     1,753,285  
     1,109,742 
  
    Change in operating lease 
     (44) 
     (13,784)
  
    Credit
    losses 
     57,395  
     - 
  
    Adjustments to reconcile net income loss to cash provided
    by (used in) operating activities  
     (11,436,825) 
     (8,078,283)
  
    Changes in operating assets
    and liabilities (Note 10) 
     1,298,027  
     (3,852,297)
  
    Net
    cash used in operating activities 
     (10,138,798) 
     (11,930,580)

    Cash flows from investing
    activities 

    Investments 
     -  
     (66,308)
  
    Purchase of property and
    equipment 
     (528,235) 
     (3,690,056)
  
    Net
    cash used in investing activities 
     (528,235) 
     (3,756,364)

    Financing activities 

    Proceeds from issuance of common shares, net
    of issuance cost 
     8,736,114  
     4,475,869 
  
    Proceeds from warrant exercise (Note 15) 
     3,746,435  
     -