Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 7

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 the Condensed Consolidated Financial
Statements.

6

Worksport
Ltd. 

Condensed
Consolidated Statements of Cash Flows

For
the Nine Months Ended September 30, 2025 and 2024

(Unaudited)

    2025  
    2024 
  
    Operating Activities 

    Net loss 
    $(13,123,627) 
    $(11,862,973)
  
    Adjustments to reconcile net loss to net cash from operating activities: 

    Shares, options and warrants issued for services 
     2,139,566  
     3,105,869 
  
    Depreciation and amortization 
     1,359,522  
     1,019,867 
  
    Change in operating lease 
     (19,650) 
     3,966 
  
    Adjustments to reconcile net income loss to cash provided
    by (used in) operating activities  
     (9,644,189) 
     (7,733,271)
  
    Changes in operating assets and liabilities (Note 10) 
     (1,545,993) 
     (225,941)
  
    Net cash used in operating activities 
     (11,190,182) 
     (7,959,212)

    Cash Flows from Investing Activities 

    Purchase of intangible assets 
     (376,802) 
     - 
  
    Purchase of property and equipment 
     (634,082) 
     (500,760)
  
    Purchase of investments 
     (56,373) 
     - 
  
    Net cash used in investing activities 
     (1,067,257) 
     (500,760)

    Financing Activities 

    Net change in related party loan 
     -  
     (16,495)
  
    Proceeds from warrant exercise 
     6,384,840  
     3,746,435 
  
    Proceeds from issuance of preferred stock, net of issuance cost 
     2,082,013  
     - 
  
    Proceeds from issuance of warrants, net of issuance cost 
     4,387,189  
     - 
  
    Proceeds from line of credit 
     8,843,139  
     7,339,525 
  
    Proceeds from