Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 233

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 233
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ATIVE DISCLOSURES ABOUT MARKET RISK

As
a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, we are not required to provide the information
in this Item.

41

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX
TO FINANCIAL STATEMENTS

    Report
    of Independent Registered Public Accounting Firm
    43
  
    Audited
    Consolidated Balance Sheets at December 31, 2024 and 2023
    45
  
    Audited
    Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023
    46
  
    Audited
    Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2024 and 2023
    47
  
    Audited
    Consolidated Statements of Cash Flow for the years ended December 31, 2024 and 2023
    48
  
    Notes
    to Audited Consolidated Financial Statements
    49

42

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The
Board of Directors and Shareholders

Worksport
Ltd.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of Worksport Ltd. and Subsidiaries (the Company) as of December 31, 2024 and
2023, and the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for the
years then ended, and the related notes to the consolidated financial statements (collectively referred to as the consolidated financial
statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial condition
of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance
with accounting principles generally accepted in the United States of America.

Going
Concern

The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2 to the consolidated financial statements, the Company has suffered recurring losses from operations and has an accumulated
deficit, that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters
are also described in Note 2. The consolidated financial statements do not include any adjustments that