Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 49

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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 there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s
ability to continue as a going concern within one year after the date the financial statements are issued. Still, certain factors indicate
the existence of a material uncertainty that cast substantial doubt about the Company’s ability to continue as a going concern.
The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. These adjustments
could be material.

3.
Inventories

Inventories,
net of reserves, consists of:

Schedule of Inventory

    March 31, 2025  
    December 31, 2024 
  
    Raw materials 
    $3,462,797  
    $3,373,704 
  
    Finished goods 
     1,627,295  
     1,343,006 
  
    Work in progress 
     635,500  
     473,344 
  
    Inventories, net 
    $5,725,592  
    $5,190,054 

4.
Property and Equipment

Property
and equipment consist of:

Schedule of Property and Equipment

    March 31, 2025  
    December 31, 2024 
  
    Building 
    $6,079,410  
    $6,079,410 
  
    Manufacturing equipment 
     6,043,398  
     5,830,999 
  
    Land 
     2,239,405  
     2,239,405 
  
    Leasehold improvements 
     867,756  
     862,504 
  
    Product molds 
     524,476  
     524,476 
  
    Warehouse equipment 
     512,700  
     512,700 
  
    Electrical equipment 
     185,261  
     185,261 
  
    Automobile 
     172,645  
     172,645 
  
    Furniture 
     154,065  
     154,065 
  
    Computers 
     98,594  
     114,786 
  
    Property and equipment, at cost 
     16,877,710  
     16,676,251 
  
    Less accumulated depreciation 
     (3,380,532) 
     (3,032,025)
  
    Property and equipment, net 
    $13,497,