Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 24

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 24
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 forwards 
    $10,029,000  
    $6,931,000 
  
    Differences in bases of depreciation of
property and equipment 
     465,000  
     120,000 
  
    Lease liability 
     -  
     (3,000)
  
    Share based compensation 
     1,352,000  
     1,415,000 

    Research and development credit

    180,000

    90,000

    Deferred tax asset, gross 
     12,026,000  
     8,553,000 
  
    Deferred tax assets not recognized 
     (12,026,000)  
     (8,553,000)
  
    Net deferred tax asset 
    $-  
    $- 

Deferred
income taxes within each jurisdiction on the balance sheets at December 31, 2024 and 2023 are as follows:

 Schedule of Deferred Income Taxes
Within Each Jurisdiction

    2024

    2023

    United
    States
     
    $
    7,488,000

    $
    4,291,000

    Canada

    4,538,000

    4,262,000

    Deferred income taxes

    12,026,000

    8,553,000 

    Valuation
    allowance

    (12,026,000
    ) 

    (8,553,000
    )
  
    Net deferred tax asset
     
    $
    -

    $
    -

c)
Cumulative Net Operating Losses

The
Company has non-capital losses carried forward of approximately $43,999,000 available to reduce future years’ taxable income. These losses
will expire as follows:

Schedule of Cumulative Non-capital Losses 

    United
    States  
    Canada  
    Total 
  
    2034 
    $53,000  
    $183,000  
    $236,000 
  
    2035 
     161,000  
     368,000  
     529,000 
  
    2036 
     868,000  
     262,000  
     1,130,000 
  
    2037 
     1,472,000  
     59,000  
     1,531,