Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 5

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 from issuance of preferred stock, net of issuance cost 
     15,145  
     - 
  
    Proceeds from issuance of warrants, net of issuance cost 
     116,781  
     - 
  
    Proceeds from line of credit 
     3,449,736  
     - 
  
    Repayments on line of credit 
     (6,027,679) 
     - 
  
    Repayments on long-term debt 
     (96,826) 
     - 
  
    Proceeds from issuance of common share, net of issuance cost 
     185,874  
     3,195,201 
  
    Net cash received from (used in) financing activities 
     4,027,871  
     6,817,390 

    Change in cash 
     (3,489,959) 
     60,311 
  
    Cash, restricted cash and cash equivalents - beginning of period 
     4,883,099  
     3,365,778 
  
    Cash, restricted cash and cash equivalents end of period 
    $1,393,140  
    $3,426,089 
  
    Supplemental Disclosure of non-cash operating and investing activities 

    Fixed asset additions included in accounts payable 
    $-  
    $104,272 
  
    Supplemental Disclosure of non-cash operating and financing activities 

    Warrant inducement issuance costs included in accounts payable 
    $-  
    $255,000 
  
    Supplemental Disclosure of cash flow information 

    Income tax paid 
    $-  
    $- 
  
    Interest paid 
    $218,000  
    $290,000 

The
accompanying notes form an integral part of these condensed consolidated financial statements.

7

Worksport
Ltd. 

Notes
to the Condensed Consolidated Financial Statements

(Unaudited)

1.
Description of Business and Significant Accounting Policies

The
accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion
of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for
the interim period have been included. The results of operations for