Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 441

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 441
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2026, and the stock option holder was issued an additional 40,000 restricted stock units.

    61

Worksport
Ltd.

Notes
to the Consolidated Financial Statements

December
31, 2023 and 2022

15.
Warrants (continued)

During
the year ended December 31, 2022, the Company and a warrant holder reached an agreement to extend the exercisable period of 30,000 warrants,
convertible to 2 shares of common stock each, for an additional 12 months.

During
the year ended December 31, 2021, the Company issued 13,091 representative warrants to the Company’s underwriters. The representative
warrants were not exercisable until January 30, 2022. The representative warrants were exercisable for 13,091 shares of common stock at
$60.50 per share until August 3, 2024. As of December 31, 2022, the Company recognized a value of $273,993 for the representative warrants
to share issuance cost. During the year ended December 31, 2024, these representative warrants expired.

As
of December 31, 2024, the Company has the following warrants outstanding:

  Schedule of Warrants Exercise Price

    Exercise
    price  
    Number
    outstanding  
    Remaining
    Contractual
    Life (Years)  
    Expiry
    date
  
    $24.00  
     6,250  
     0.22  
    March 20, 2025
  
    $40.00  
     30,000  
     2.00  
    December 31, 2026
  
    $7.40  
     770,026  
     4.72  
    September 20, 2029
  
    $4.00  
     190,000  
     4.73  
    September 21, 2029
  
    $5.20  
     1,295,000  
     4.91  
    November 26, 2029

     2,291,276  
     4.78  

The
average remaining contractual life of outstanding warrants that expire is 4.78 years.

Schedule
of Warrants Activity

    December
    31, 2024  
    December
    31,