Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 58

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 58
---
192

7.
Shareholders’ Equity (Deficit)

During
the six months ended June 30, 2025, the following transactions occurred:

During
the six months ended June 30, 2025, the Company sold 22,725 shares of common stock for total gross proceeds of $185,874. 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 $26,000
to share subscriptions payable from restricted shares and stock options to be issued. As of June 30, 2025, the $13,000 of the
restricted shares have not been issued. During the six months ended June 30, 2025, the Company issued 90,076
restricted shares with a value of $452,100.

During
the six months ended June 30, 2025, in connection with the inducement of 1,295,091 warrants at $5.198 per share, the Company also sold
1,424,500 warrants exercisable at $6.502 per share. The Company received proceeds of $6,731,410 before deducting placement agent fees of $346,570 and other
offering expenses payable by the Company upon the exercise of the May 2024 Existing Warrants.

Refer
to Note 15, Warrants and Note 16, Equity Compensation for additional disclosures related to shareholders’ equity.

During
six months ended June 30, 2024, the following transactions occurred:

During
the six months ended June 30, 2024, the Company sold 50,492 shares of common stock for a total net proceeds of $566,118. 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