Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 509

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 509
---
 
    $35,740  
    $5,215 
  
    Insurance 
     65,938  
     - 
  
    Deposits 
     90,514  
     1,492,034 
  
    Prepaid expenses
    and deposits 
    $192,192  
    $1,497,249 

Deposits
include prepayments for manufacturing equipment and raw materials used in the production of finished goods.

7.
Shareholders’ Equity 

During
year ended December 31, 2024, the following transactions occurred:

During
the year ended December 31, 2024, the Company sold 758,995 shares of common stock for a total net proceeds of $6,032,789. The sale of shares was
in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to issue up to $30,000,000
of common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common stock that may be issued
and sold under an At The Market Offering Agreement dated as of September 30, 2022.

The
Company recognized consulting expense of $747,366 to share subscriptions payable from restricted shares and stock options to be issued. As
of December 31, 2024, the restricted shares have not been issued. As of December 31, 2024, the Company issued 84,594 restricted shares with
a value of $438,992.

During the year ended December 31, 2024, in
connection with the sale of 237,224 shares of common stock, the Company also sold 147,789 pre-funded warrants and issued 770,026
warrants exercisable for a total of 770,026 shares of common stock for $0.001 and $7.40, respectively, per share. The Company
received net proceeds of $1,093,492 associated with the sale of the pre-funded warrants. The pre-funded warrants are immediately
exercisable until all the pre-funded warrants are exercised. During the period, 147,790 warrants were exercised for 147,790 shares
of common stock for $150. Refer to Note 15, Warrants.

During
the year ended December 31, 2024, the Company closed a sale of 95,000 shares of common stock for proceeds of $380,000