Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 18

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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the nine months ended September 30, 2025, the Company sold 110,619
shares of common stock for total net proceeds of $504,372.
The sale of shares was in connection with the Shelf Registration Statement and the ATM Agreement described in Note 2, Going Concern.

The
Company recognized consulting expense of $13,000
and marketing expense of $97,250 to share subscriptions payable from restricted shares and stock options to be issued. As of
September 30, 2025, the $110,250
of the restricted shares have not been issued. During the nine months ended September 30, 2025, the Company issued 94,670
restricted shares with a value of $465,100.

During
the nine months ended September 30, 2025, in connection with the inducement of 1,295,091 warrants at $5.198 per share, the Company also sold
1,424,500 warrants exercisable at $6.502 per share. The Company received proceeds of $6,731,410 before deducting placement agent fees of $346,570 and other
offering expenses payable by the Company upon the exercise of the May 2024 Existing Warrants.

During the nine months ended September 30, 2025,
in connection with the Regulation A offering of up to 3,100,000 Units at an offering price of $3.25 per Unit, the Company issued 2,349,202
Units, received proceeds of $6,469,202 (net of issuance costs of $665,905), and recognized share subscriptions receivable of $458,720 (net
of issuance costs of $41,130).

During the nine months ended September 30, 2025, certain Series C preferred
shareholders converted 1,977,418 shares into the Company’s common stock.

Refer
to Note 15, Warrants and Note 16, Equity Compensation for additional disclosures.

During
nine months ended September 30, 2024, the following transactions occurred:

During
the nine months ended September 30, 2024, the Company sold 504,921
shares of common stock for a total net proceeds of $566,118.
The sale of shares was in connection with the Shelf Registration Statement and the ATM Agreement dated as of September 30, 2022.

The
Company recognized consulting expense of $753,069 to share subscriptions payable from restricted shares and stock options to be issued