Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 255

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 255
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 147,790 warrants were exercised for 147,790 shares
of common stock for $150. Refer to Note 15, Warrants.

During
the year ended December 31, 2024, the Company closed a sale of 95,000 shares of common stock for proceeds of $380,000. In connection
with the sale of common stock, the Company issued 190,000 warrants. Refer to Note 15, Warrants. As of December 31, 2024, the shares have not been
issued.

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

    54

Worksport
Ltd.

Notes
to the Consolidated Financial Statements

December
31, 2024 and 2023

7.
Shareholders’ Equity (continued)

During
year ended December 31, 2023, the following transactions occurred:

During
the year ended December 31, 2023, the Company sold 9,913 shares of common stock for a total net proceeds of $214,238. 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 $1,222,863 to share subscriptions payable from restricted shares and stock options to be issued.
As of December 31, 2023, the restricted shares have not been issued. During the same period, the Company issued 25,000 shares of common
stock for consulting services valued at $635,000.

During
the year ended December 31, 2023, the Company closed a sale of 192,500 shares of common stock for $2,579,500. The Company incurred share
issuance expense of $428,300. In association with the sale of common shares, the Company also issued 157,500 pre-funded warrants and
700,000 warrants.

For
the years ended December 31, 2024 and 2023, the Company was authorized to issue 29,900,000 shares of its common stock with a par value
of $0.