Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 86

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 86
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 Assignment Agreement with Amerisource Funding, Inc. for a revolving credit facility of $6 million. The facility
was used to refinance the Company’s mortgage on the Company’s West Seneca, New York property, with $937,000 remaining for
future financing at the Company’s discretion. The agreement also includes a guaranty from the company and its subsidiary, as well
as a security interest in assets and a springing equipment lien. The transaction closed on the same day and contains standard provisions
for such deals.

Business
Developments

The
following highlights recent material developments in our business:

    ●
    On
    February 13, 2025, we announced a strategic partnership with KULR Technology Group, Inc. (NASDAQ: KULR), focused on advancing battery
    technology and strengthening domestic manufacturing, including, without limitation, joint battery pack development, thermal runaway
    protection and AI-integrated battery management system software design.

    ●
    On
    February 11, 2025, Worksport announced two major breakthroughs cold climate heat pump technology developed by its subsidiary, Terravis
    Energy. These breakthroughs eliminate the need of defrost cycles, a common heat pump drawback, and allow the heat pump (the AetherLux
    heat pump system) to operate in temperatures as low as -57°F, which is lower than the operating capabilities of commercially
    available heat pumps.

    ●
    On
    January 28, 2025, we executed an agreement to appoint Coinbase as the official custodian for our cryptocurrency holdings.

    ●
    On
    January 22, 2025, our subsidiary Terravis Energy announced two major technological advancements in heat pump technology, with commercial
    product launches anticipated in 2025. 

    ●
    On
    December 6, 2024, we announced a collaboration with Fox Business Network, which provided a live showcase of our upcoming product
    innovations. The event featured our SOLIS Solar Tonneau Cover, COR Battery Generator, and latest premium tonneau covers, generating
    substantial media exposure and reinforcing brand visibility among potential investors, customers, and industry stakeholders.

    ●
    On
    December 5, 2024, we announced our decision to integrate Bitcoin and Ripple into our corporate treasury strategy, providing a hedge
    against inflationary risks and enhancing financial stability through diversified asset management.

5

    ●
    On
November 22, 2024,