Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 5

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 5
---
 
  
    Balance
 
     100  
     $-  
     4,795,521  
    $4,795  
     84,126,734  
    $(1,577) 
    $4,941,555  
    $68,937,430) 
    $(8,580) 
    $20,125,497 

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

5

Worksport
Ltd.

Condensed
Consolidated Statements of Cash Flows

For
the Three Months Ended March 31, 2025 and 2024

(Unaudited)

    2025  
    2024 
  
    Operating activities 

    Net loss 
    $(4,460,464) 
    $(3,714,657)
  
    Adjustments to reconcile net loss to net cash from operating activities: 

    Shares, options and warrants issued for services 
     608,353  
     1,241,563 
  
    Depreciation and amortization 
     444,966  
     383,147 
  
    Change in operating lease 
     4,100  
     1,988 
  
    Adjustments to reconcile net income loss to cash provided
    by (used in) operating activities  
     (3,403,045) 
     (2,087,959)
  
    Changes in operating assets and liabilities (Note 10) 
     (436,873) 
     (706,645)
  
    Net cash used in operating activities 
     (3,839,918) 
     (2,794,604)

    Cash flows from investing activities 

    Purchase of property and equipment 
     (201,459) 
     (212,969)
  
    Purchase of intangible assets 
     (256,883) 
     - 
  
    Net cash used in investing activities 
     (458,342) 
     (212,969)

    Financing activities 

    Shareholder assumption of debt 
     -  
     (16,495)
  
    Proceeds from warrant exercise 
     6,384,840  
     69 
  
    Proceeds from line of credit 
     110,821  
     -