Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 138

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 138
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,815 
  
    Total Contractual Obligations 
    $615,007  
    $1,142,134 

We
intend to fund our contractual obligations with working capital.

Off-Balance
Sheet Arrangements

We
do not have any material off balance sheet arrangements that have or are reasonably likely to have a material future effect on our financial
condition, results of operations or cash flows.

Recent
Accounting Pronouncements

See
Note 1, Description of Business and Summary of Significant Accounting Policies, included in Part II Item 8, Financial Statements and
Supplementary Data, of this report for further information regarding Financial Accounting Standards Board issued Accounting Standards
Updates (“ASU”).

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As
a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, we are not required to provide the information
in this Item.

41

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX
TO FINANCIAL STATEMENTS

    Report
    of Independent Registered Public Accounting Firm
    43
  
    Audited
    Consolidated Balance Sheets at December 31, 2024 and 2023
    45
  
    Audited
    Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023
    46
  
    Audited
    Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2024 and 2023
    47
  
    Audited
    Consolidated Statements of Cash Flow for the years ended December 31, 2024 and 2023
    48
  
    Notes
    to Audited Consolidated Financial Statements
    49

42

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The
Board of Directors and Shareholders

Worksport
Ltd.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of Worksport Ltd. and Subsidiaries (the Company) as of December 31, 2024 and
2023, and the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for the
years then ended, and the related notes to the consolidated financial statements (collectively referred to as the consolidated financial
statements). In our opinion, the