Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 1

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 Long-term debt, excluding current portion (Note 13) 
     2,708,497  
     4,781,005 
  
    Total liabilities 
     6,537,505  
     8,323,029 

    Shareholders’ Equity 

    Series A & B Preferred Stock, $0.001 par value, 10,010 shares authorized, 100 Series A and 0 Series
    B issued and outstanding, respectively (Note 7) 
     -  
     - 
  
    Common stock, $0.001 par value, 29,900,000 shares authorized, 4,795,521 and 4,016,205 shares issued and
    outstanding, respectively (Note 7) 
     4,795  
     4,016 
  
    Additional paid-in capital 
     84,126,734  
     79,781,674 
  
    Share subscriptions receivable 
     (1,577) 
     (1,577)
  
    Share subscriptions payable 
     4,941,555  
     2,115,064 
  
    Accumulated deficit 
     (68,937,430) 
     (64,476,966)
  
    Cumulative translation adjustment 
     (8,580) 
     (8,580)
  
    Total shareholders’ equity 
     20,125,497  
     17,413,631 
  
    Total liabilities and shareholders’ equity 
    $26,663,002  
    $25,736,660 

See
accompanying Notes to Condensed Consolidated Financial Statements which form an integral part of the Condensed Consolidated
Financial Statements.

3

Worksport
Ltd.

Condensed
Consolidated Statements of Operations and Comprehensive Loss

For
the Three Months Ended March 31, 2025 and 2024

(Unaudited)

    2025  
    2024 

    Three Months ended March 31, 

    2025  
    2024 

    Net sales 
    $2,240,005  
    $512,637 
  
    Cost of sales 
     1,843,784  
     475,181 
  
    Gross profit 
     396,221  
     37,456 

    Operating expenses 

    Research and