Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 16

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
4 
  
    Decrease (increase) in accounts receivable 
    $(25,362) 
    $306,778 
  
    Decrease (increase) in other receivable 
     (27,015) 
     10,538 
  
    Decrease (increase) in inventory 
     (583,116) 
     (2,908,354)
  
    Decrease (increase) in prepaid expenses and deposits 
     (192,071) 
     1,155,090 
  
    Increase (decrease) in accounts payable and accrued liabilities 
     390,691  
     729,303 
  
    Changes in operating assets
    and liabilities 
    $(436,873) 
    $(706,645)

11.
Investments

a)During
                                            the three months ended March 31, 2025, $66,308 ($90,000 CAD) of the Company’s
                                            Guaranteed Investment Certificate (“GIC”) matured and the Company received $2,499
                                            ($3,603.69 CAD) in interest income. During the same period, the Company reinvested the principal
                                            amount of $66,308 ($90,000 CAD) in a GIC. The GIC bears a variable interest rate and will
                                            mature on February 27, 2026. The anticipated earned interest on the GIC at maturity is $2,499
                                            ($3,603.69 CAD). 

12.
Leases

During
the year ended December 31, 2022, the Company signed a lease agreement for approximately 20,296 square feet to be used as its primary
corporate office and research and development (“R&D”) facility pursuant to a five-year lease, dated June 1, 2022, for
a variable rate averaging $20,242 per month over the lifetime of the lease not inclusive of additional fees, which also vary and average
$5,033  per month in 2025 not inclusive of taxes.

During
the year ended December 31, 2023, the Company signed a lease agreement for office space to be used as an R&D facility pursuant to
a one-year lease with an option to extend the lease for an additional year, dated June 1, 2023, for a monthly rent of $3,350. The lease
was renewed effective June 1, 2024 at a rate of $3,600