Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 238

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 238
---
 29,900,000
    shares authorized, 4,016,205 and 2,032,050 shares issued and outstanding, respectively (Note 7) 
     4,016  
     2,032 
  
    Additional paid-in capital 
     79,781,674  
     64,685,693 
  
    Share subscriptions receivable 
     (1,577) 
     (1,577)
  
    Share subscriptions payable 
     2,115,064  
     1,814,152 
  
    Accumulated deficit 
     (64,476,966) 
     (48,313,177)
  
    Cumulative translation
    adjustment 
     (8,580) 
     (8,580)
  
    Total
    shareholders’ equity 
     17,413,631  
     18,178,543 
  
    Total
    liabilities and shareholders’ equity 
    $25,736,660  
    $25,953,916 

See
accompanying Notes to Consolidated Financial Statements.

45

Worksport
Ltd.

Consolidated
Statements of Operations and Comprehensive Loss

December
31, 2024 and 2023

    2024  
    2023 

    Net sales 
    $8,484,379  
    $1,529,632 
  
    Cost of sales 
     7,578,729  
     1,289,118 
  
    Gross
    profit 
     905,650  
     240,514 

    Operating expenses 

    Research and development 
     2,289,940  
     1,669,318 
  
    General and administrative 
     8,678,994  
     7,974,362 
  
    Sales and marketing 
     2,386,504  
     1,483,054 
  
    Professional fees 
     3,030,931  
     3,853,134 
  
    Gain
    on foreign exchange 
     (14,885) 
     (2,693)
  
    Total
    operating expenses 
     16,371,484  
     14,977,175 
  
    Loss
    from operations 
     (15,465,834) 
     (14,736,661)