Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 6

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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    Repayments on line of credit 
     (2,131,871) 
     - 
  
    Repayments on long-term debt 
     (47,394) 
     - 
  
    Proceeds from issuance of common share, net of issuance cost 
     179,137  
     3,195,201 
  
    Net cash received from financing activities 
     4,495,533  
     3,178,775 

    Change in cash 
     197,273  
     171,202 
  
    Cash, restricted cash and cash equivalents - beginning of period 
     4,883,099  
     3,365,778 
  
    Cash, restricted cash and cash equivalents end of period 
    $5,080,372  
    $3,536,980 

    Supplemental Disclosure of cash flow information 

    Income tax paid 
    $-  
    $- 
  
    Interest paid 
    $140,000  
    $144,000 

See
accompanying Notes to Condensed Consolidated Financial Statements which form an integral part of the Condensed Consolidated
Financial Statements.

6

Worksport
Ltd.

Notes
to the Condensed Consolidated Financial Statements

(Unaudited)

1.
Description of Business and Significant Accounting Policies

The
accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion
of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for
the interim period have been included. The results of operations for the three months ended March 31, 2025 are not necessarily indicative
of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction
with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended December 31, 2024. All references
to years in these financial statements are fiscal years.

Reclassifications
– Certain prior year amounts have been reclassified to conform to current year’s presentation. The Company reclassified research
and development of $369,601 and $381,000 for the three months ended March 31, 2025 and 2024, respectively, which