Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 39

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 39
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 of both reporting segments are the same as those described
in Note 1, Description of Business and Summary of Significant Accounting Policies.

The
Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who regularly reviews financial information
presented on a consolidated basis for purposes of allocating resources and evaluating financial performance of the Company’s reporting
segments. The CODM primarily focuses on net income to evaluate its reporting segments. The CODM also uses net income for evaluating pricing
strategy and to assess the performance for determining the compensation of certain employees. Significant segment expenses reviewed,
which represent the differences between segment revenue and segment net loss, consist of the following:

 Schedule
of Revenue and Segment Net Loss

    Hard
    Tonneau Covers  
    Soft
    Tonneau Covers  
    Corporate
    / Eliminations  
    Consolidated  
    Hard
    Tonneau Covers  
    Soft
    Tonneau Covers  
    Corporate
    / Eliminations  
    Consolidated 

    For
    the year ended December 31, 2024  
    For
    the year ended December 31, 2023 

    Hard
    Tonneau Covers  
    Soft
    Tonneau Covers  
    Corporate
    / Eliminations  
    Consolidated  
    Hard
    Tonneau Covers  
    Soft
    Tonneau Covers  
    Corporate
    / Eliminations  
    Consolidated 
  
    Net sales 
    $5,171,201  
    $3,313,178  
    $-  
    $8,484,379  
    $-  
    $1,285,734 
    $243,898  
    $1,529,632 
  
    Less: 

    Cost of sales 
     (4,663,491) 
     (2,915,238) 
     -  
     (7,578,729) 
     -  
     (1,118,389) 
     (170,729) 
     (1,289,118)
  
    Selling, general and administrative 
     (5,918,555) 
     (4,762,105) 
     (3,937,539) 
     (14,618,199)  
     (912,827)