Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 55

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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    March 31, 2024 
  
    Operating lease cost 
    $78,407  
    $133,796 

The
following is a summary of cash paid during the three months ended March 31, 2025 and 2024 for amounts included in the measurement of
lease liabilities:

 Schedule
of Measurement of Lease Liabilities

    March 31, 2025  
    March 31, 2024 
  
    Operating cashflow 
    $78,471  
    $135,784 

The
following are future minimum lease payments as of March 31, 2025:

 Schedule of Future Minimum Lease Payments

    2026 
    $286,627 
  
    2027 
     279,815 
  
    2028 
     46,975 
  
    Total future minimum lease payments 
     613,417 
  
    Less: amount representing interest 
     (58,603)
  
    Present value of future payments 
     554,814 
  
    Current portion 
     244,477 
  
    Long term portion 
    $310,337 

13.
Indebtedness

Long-term
debt consists of:

Schedule of Long Term Debt

    March 31, 2025  
    December 31, 2024 
  
    Revolving Credit Facility (a) 
    $1,735,414  
    $3,808,025 
  
    Other (b) 
     1,404,991  
     1,456,485 
  
    Long-term debt 
     3,140,405  
     5,264,510 
  
    Less deferred debt issuance cost 
     (204,851) 
     (260,513)
  
    Less current installments 
     (227,056) 
     (222,992)
  
    Long-term debt 
    $2,708,497  
    $4,781,005 

    a)
    On
                                            July 19, 2024, the Company, as the guarantor, and Worksport New York Operations Corporation
                                            as well as Worksport USA Operations Corporation, entered into a $6,000,000 Revolving Financing
                                            and Assignment Agreement with an external lending entity with a maturity date of July 18,
                                            2026, or 24 months. Upon transaction close,