Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 62

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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808  
    $3,373,704 
  
    Finished goods 
     1,988,117  
     1,343,006 
  
    Work in progress 
     708,566  
     473,344 
  
    Inventories, net 
    $6,835,491  
    $5,190,054 

    10

4.
Property and Equipment

Property
and equipment consist of:

Schedule of Property and Equipment 

    September 30, 2025  
    December 31, 2024 
  
    Building 
    $6,079,410  
    $6,079,410 
  
    Manufacturing equipment 
     6,390,593  
     5,830,999 
  
    Land 
     2,239,405  
     2,239,405 
  
    Leasehold improvements 
     873,759  
     862,504 
  
    Product molds 
     524,476  
     524,476 
  
    Warehouse equipment 
     522,128  
     512,700 
  
    Electrical equipment 
     185,261  
     185,261 
  
    Automobile 
     242,642  
     172,645 
  
    Furniture 
     154,065  
     154,065 
  
    Computers 
     98,594  
     114,786 
  
    Property and equipment, at cost 
     17,310,333  
     16,676,251 
  
    Less: Accumulated depreciation 
     (4,102,170) 
     (3,032,025)
  
    Property and equipment, net 
    $13,208,163  
    $13,644,226 

Depreciation
expense for the three months ended September 30, 2025 and 2024 was $374,195 and $403,267, respectively. Depreciation expense for the nine months
ended September 30, 2025 and 2024 was $1,070,145 and $1,017,988, respectively.

5.
Intangible Assets

Intangible assets consist of patents, trademarks, copyrights, licenses, and software owned by Worksport and its subsidiaries. The Company’s utility patents and design registrations were issued between
2014 and 2025. The patents and software are