Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 5

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 5
---

     64,685,693 
  
    Share subscriptions receivable 
     (1,577) 
     (1,577)
  
    Share subscriptions payable 
     2,115,064  
     1,814,152 
  
    Accumulated deficit 
     (64,476,966) 
     (48,313,177)
  
    Cumulative translation
    adjustment 
     (8,580) 
     (8,580)
  
    Total
    shareholders’ equity 
     17,413,631  
     18,178,543 
  
    Total
    liabilities and shareholders’ equity 
    $25,736,660  
    $25,953,916 

See
accompanying Notes to Consolidated Financial Statements.

45

Worksport
Ltd.

Consolidated
Statements of Operations and Comprehensive Loss

December
31, 2024 and 2023

    2024  
    2023 

    Net sales 
    $8,484,379  
    $1,529,632 
  
    Cost of sales 
     7,578,729  
     1,289,118 
  
    Gross
    profit 
     905,650  
     240,514 

    Operating expenses 

    Research and development 
     2,289,940  
     1,669,318 
  
    General and administrative 
     8,678,994  
     7,974,362 
  
    Sales and marketing 
     2,386,504  
     1,483,054 
  
    Professional fees 
     3,030,931  
     3,853,134 
  
    Gain
    on foreign exchange 
     (14,885) 
     (2,693)
  
    Total
    operating expenses 
     16,371,484  
     14,977,175 
  
    Loss
    from operations 
     (15,465,834) 
     (14,736,661)

    Other income (expense) 

    Interest expense 
     (726,095) 
     (616,214)
  
    Interest income 
     37,492  
     239,353 
  
    Rental income (Note 17) 
     76,413