Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 111

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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 our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our principal executive
officer and principal financial officer concluded that, as of the end of the quarter covered in this report, our disclosure controls
and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the required time and is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required
disclosure due to a material weakness in internal control over financial reporting.

Material
Weaknesses

A
material weakness is a deficiency, or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board
Auditing Standard AS 2201, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. We had the following
material weakness in internal control over financial reporting, characterized by the following:

    ●
    We
    have not designed written policies and procedures at a sufficient level of precision to support the operating effectiveness of the
    controls to prevent and timely detect potential errors.

    ●
    We
    did not maintain adequate documentation to evidence the operating effectiveness of certain control activities.

    ●
    We
    did not maintain appropriate access to certain systems and did not maintain appropriate segregation of duties related to processes
    associated with those systems.

To
address the material weaknesses, we performed additional analysis and other post-closing procedures in an effort to ensure our consolidated
financial statements included in our periodic reports filed with the SEC are prepared in accordance with generally accepted accounting
principles. Management believes that the financial statements included in this report fairly present in all material respects our financial
condition, results of operations and cash flows for the periods presented.

Changes
in Internal Control Over Financial Reporting

There
were no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.

30

PART
II OTHER INFORMATION

Item
1. Legal Proceedings

From
time to time, we are involved in lawsuits, claims, investigations, and proceedings