Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 101

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 101
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ieve that open and honest communication among team members, managers, and leaders helps create an open, collaborative work environment,
where everyone can contribute, grow and succeed. Team members are encouraged to come to their managers with questions, feedback or concerns.

Health
and Safety

We
are committed to protecting our team members everywhere we operate and, as such, supporting employees with general safety training. We
have also taken additional health and safety measures during and after the COVID-19 pandemic.

Available
Information

Our
internet address is www.worksport.com. The information contained on or connected to our website is not incorporated by reference into
this Annual Report on Form 10-K and should not be considered part of this or any report filed with the SEC. We make our annual reports
on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and, if applicable, amendments to those reports, available
on the investor relations portion of our website. The reports are free of charge and are available as soon as reasonably possible after
they are filed with the SEC. The SEC maintains a website at www.sec.gov that contains reports, proxy statements and other information
regarding SEC registrants, including Worksport.  

15

ITEM
1A. RISK FACTORS

In
addition to the other information set forth in this report, you should carefully consider the following factors, which could materially
affect our business, financial condition or future results. The risks described below are not the only risks we face. Additional risks
and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial
condition or results of operations. The risks are listed below in no particular order.

Risks
Related to Our Business

Various factors raise substantial doubt about
the Company’s ability to continue as a going concern.

The
Company has incurred significant losses since its inception, including a net loss of $16,163,789 for the year ended December 31, 2024,
and has an accumulated deficit of $64,476,966 as of December 31, 2024. These factors, among others, raise substantial doubt about the
Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability
to generate positive cash flows from operations and to secure additional sources of equity and/or debt financing. Despite the Company’s
intent to fund operations through equity and debt financing arrangements, there