Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 90

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 90
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 soft cover is fitted with a powder-coated, lightweight aluminum frame and rear cam
latches as well as ultra-violet (UV) protected, vinyl tri-layer material that seals around the truck bed with a rubber gasket designed
to protect cargo from moisture and debris.

Tri-fold
soft covers are a lower cost option when compared to quad-fold tonneau covers which have the additional benefit of enabling full truck
bed access by being foldable upwards toward the rear window of the truck. Worksport’s full bed access quad-fold soft cover is the
market’s only soft vinyl flip up cover that can be either folded against the truck’s rear window while avoiding obstruction
of the rear brake light on most truck models or secured like a traditional cover to avoid obstruction of the rear window.

Our
soft tonneau cover line includes:

    ●
    Developed

    ○
    The
    Worksport SC3 – soft tri-fold introduced in 2011, first Worksport Ltd. product;

    ○
    The
    Worksport SC4 – soft quad-fold with Quick Latch system.

    ●
    In
    Development

    ○
    The
    Worksport SCX – soft tri-fold with extendable frame.

Up
and Coming Products: Energy Products

We
are researching and developing various energy-based products, two of which are standalone items nearing production readiness - the Worksport
SOLIS tonneau cover (“SOLIS”) and the Worksport COR energy storage system (“COR”). The COR has a Maximum Power
Point Tracking (MPPT) system integrated into its design that allows for more flexible configurations of solar panels and our COR system,
meaning the COR will be usable with our SOLIS or with other solar panels on the market with varying voltage inputs. If a consumer purchases
our SOLIS without our COR, we will be able to offer similar flexibility by selling standalone MPPT units – allowing consumers to
pair our SOLIS with various energy storage systems. The SOLIS and COR, which are both designed to mount tightly to the bed of a pickup
truck, are unique in that, when paired, they have the capability of converting a pickup truck to a mobile microgrid power station –
allowing Worksport to compete within niche markets in each the automotive aftermarket accessory, solar energy, and portable power station
markets.

We
are additionally researching and developing heat pumps that operate more efficiently in cold climates than other commercially available
heat pumps. We have already developed and sold a first iteration