Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 142

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 142
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olidated
Balance Sheets

December
31, 2024 and 2023

    2024  
    2023 
  
    ASSETS 

    Current assets 

    Cash and cash
    equivalents 
    $4,883,099  
    $3,365,778 
  
    Accounts receivable, net 
     42,589  
     463,122 
  
    Other receivable 
     169,728  
     165,865 
  
    Inventories, net (Note
    3) 
     5,190,054  
     3,631,492 
  
    Prepaid
    expenses and deposits (Note 6) 
     192,192  
     1,497,249 
  
    Total
    Current assets 
     10,477,662  
     9,123,506 
  
    Investment (Note 11) 
     66,308  
     90,731 
  
    Property and equipment,
    net (Note 4) 
     13,644,226  
     14,483,436 
  
    Operating lease right-of-use
    assets (Note 12) 
     595,415  
     917,354 
  
    Intangible
    assets, net (Note 5) 
     953,049  
     1,338,889 
  
    Total
    assets 
    $25,736,660  
    $25,953,916 
  
    LIABILITIES AND SHAREHOLDERS’
    EQUITY 

    Current liabilities 

    Accounts payable 
    $1,526,630  
    $1,260,285 
  
    Accrued liabilities and
    other 
     800,283  
     190,896 
  
    Accrued compensation 
     377,112  
     85,010 
  
    Related party loan 
     -  
     2,192 
  
    Long-term debt, current
    portion (Note 13) 
     222,992  
     5,300,000 
  
    Lease
    liability, current portion (Note 12) 
     246,535  
     328,229 
  
    Total
    current liabilities 
     3,173,552  
     7,