Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 347

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 347
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Estimated
amortization of the patent and software over the next five years and beyond December 31, 2024 is as follows:

Schedule
of Estimated
Amortization of Patent and Software

    2025 
    $385,842 
  
    2026 
    $385,842 
  
    2027 
    $2,508 
  
    2028 
    $2,508 
  
    2029 
    $2,508 
  
    Thereafter 
    $35,911 

6.
Prepaid Expenses and Deposits

As
of December 31, 2024 and 2023, prepaid expenses and deposits consists of the following:

Schedule of Prepaid Expenses and Deposits

    2024  
    2023 
  
    Consulting, services and advertising 
    $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