Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 529

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 529
---
No
asset information has been provided for the reported segments as the CODM does not regularly review asset information by reportable segment.
As of December 31, 2024 and 2023, assets held in the U.S. accounted for 88% and 80% of total assets, respectively.

19.
Legal Proceedings

There
are no legal proceedings except for routine litigation incidental to the business.

20.
Subsequent Events

The
Company has evaluated subsequent events through March 27, 2025, which is the date the financial statements were available to be issued.
The following events occurred after year-end:

    ●
    Through March 27, 2025, the Company has sold and issued 22,725 shares of
common stock in consideration for net proceeds of $185,875 under the ATM Agreement. 

    ●
    On February 27, 2025, the
    Company entered into a warrant inducement agreement (the “Inducement”) with the holder of existing warrants to purchase
    an aggregate 1,295,000 shares at a revised price of $5.20  in consideration for the Company to issue new warrants to purchase
    up to 1,424,500 additional shares of common stock at an exercise price of $6.502 each – resulting in gross proceeds of approximately
    $6,734,000 received by the Company. 

    ●
    On March 18, 2025, Worksport effectuated a 1-for-10 reverse stock split
of its common stock. The Company’s common stock continues to trade on the Nasdaq under the Company’s existing trading symbol,
“WKSP”, and a new CUSIP number, 98139Q308, was assigned as a result of the reverse stock split.

65

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM
9A. CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures.

We
maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Disclosure controls
and procedures are controls and other procedures designed to ensure that the information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms. Disclosure