Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 438

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 438
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                                            amount to refinance the Company’s mortgage on the Company’s real property located
                                            at 2500 North America Dr. in West Seneca, New York, and additionally drew approximately $330,000
                                            to fund operations. At December 31, 2024, the outstanding balance of this loan was $3,591,247
                                            (net of issuance costs of $216,778).
     
    For
    collateral, the lender holds a first position on the Company’s major asset classes (accounts receivable, the factory in New
    York, and inventory) other than the Company’s equipment. A non-usage fee of 0.25%
    is assessed quarterly and applied to the difference between the quarter’s average daily outstanding loan balance and the total
    credit facility amount. As of December 31, 2024, the Company had an available balance of $892,000 to borrow on the Revolving Credit Facility.

    c)
    On
September 4, 2024, the Company, through its wholly owned subsidiary, Worksport USA Operations Corporation, entered into a $1,487,200
credit and security agreement with an external
lending entity with a maturity date of September
1, 2027, which is 36
months from initial funding. Upon transaction
close, the Company received net proceeds of $1,412,750
(net of issuance costs of $43,735). The Company
and its wholly owned subsidiary, Worksport New York Operations Corporation, serve as guarantors on the loan.    For collateral,
the lender holds a first position on the Company’s equipment, which is primarily manufacturing and warehousing equipment. 

14.
Loss per Share

For
the year ended December 31, 2024, loss per share is $5.84 (basic and diluted) compared to that of the year ended December 31, 2023 of
$8.44 (basic and diluted) using the weighted average number of shares of 2,768,732 (basic and diluted) and 1,768,991 (basic and diluted),
respectively.

There
are 29,900,000
shares authorized with 4,016,205
and 2,032,050
shares issued and outstanding, at December 31, 2024 and 2023, respectively. The computation of loss per share is based on the
weighted average number of shares outstanding during the period in accordance with ASC Topic