Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 62

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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    $
    731,633

    $
    595,415

    Current
    lease liability
     
    $
    323,698

    $
    246,535

    Long-term
    lease liability
     
    $
    437,266

    $
    368,472

The
following is a summary of the Company’s total lease costs during the six months ended June 30, 2025 and 2024:

Schedule
of Lease Cost 

    June 30, 2025  
    June 30, 2024 
  
    Operating lease cost 
    $ 172,000  
    $252,000 

The
following is a summary of cash paid during the six months ended June 30, 2025 and 2024 for amounts included in the measurement of lease
liabilities:

Schedule
of Measurement of Lease Liabilities 

    June 30, 2025  
    June 30, 2024 
  
    Operating cashflow 
    $173,000  
    $248,000 

    14

The
following are future minimum annual lease payments as of June 30, 2025:

 Schedule
of Future Minimum Annual Lease Payments

    2025 
    $204,000 
  
    2026 
     393,000 
  
    2027 
     235,000 
  
    2028 
     34,000 
  
    Total future minimum lease payments 
     866,000 
  
    Less: amount representing
    interest 
     (68,683)
  
    Present value of future payments 
     797,317 
  
    Current portion 
     323,698 
  
    Long term portion 
    $437,266 

13.
Indebtedness

Long-term
debt consists of:

Schedule of Long Term Debt 

    June 30, 2025  
    December
    31, 2024 
  
    Revolving Credit Facility (a) 
    $1,126,961  
    $3,808,025 
  
    Other (b) 
     1,351,458  
     1,456,485 
  
    Long-term debt 
     2,478,419  
     5,264,510 
  
    Less deferred debt issuance cost 
     (149,191)