Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 15

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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     524,476  
     524,476 
  
    Warehouse equipment 
     522,128  
     512,700 
  
    Electrical equipment 
     185,261  
     185,261 
  
    Automobile 
     242,642  
     172,645 
  
    Furniture 
     154,065  
     154,065 
  
    Computers 
     98,594  
     114,786 
  
    Property and equipment, at cost 
     17,310,333  
     16,676,251 
  
    Less: Accumulated depreciation 
     (4,102,170) 
     (3,032,025)
  
    Property and equipment, net 
    $13,208,163  
    $13,644,226 

Depreciation
expense for the three months ended September 30, 2025 and 2024 was $374,195 and $403,267, respectively. Depreciation expense for the nine months
ended September 30, 2025 and 2024 was $1,070,145 and $1,017,988, respectively.

5.
Intangible Assets

Intangible assets consist of patents, trademarks, copyrights, licenses, and software owned by Worksport and its subsidiaries. The Company’s utility patents and design registrations were issued between
2014 and 2025. The patents and software are amortized on a straight-line basis over their useful life. The Company’s trademark,
licenses, and other indefinite life intangible assets are reassessed every year for impairment. The Company determined that impairment
is not necessary for the prior year ended December 31, 2024 and for the three and nine months ended September 30, 2025.

The
components of intangible assets are as follows:

Schedule of Components of Intangible Assets 

    September 30, 2025  
    December 31, 2024 
  
    Software 
    $1,150,000  
    $1,150,000 
  
    License 
     218,329  
     103,329 
  
    Patent 
     62,706  
     62,706 
  
    Trademark 
     5,150  
     5,150 
  
    Other 
     291,253  
     29,451 
  
    Intangible assets, gross carrying