Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 16

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 amount 
     1,727,438  
     1,350,636 
  
    Less: Accumulated amortization 
     (686,964) 
     (397,587)
  
    Intangible assets, net 
    $1,040,474  
    $953,049 

Amortization
expense for the three months ended September 30, 2025 and 2024 was $96,459 and $627, respectively. Amortization expense for the nine months
ended September 30, 2025 and 2024 was $289,377 and $1,879, respectively.

    11

Estimated
amortization of the patent and software over the next five calendar years and beyond September 30, 2025 is as follows:

 Schedule
of Estimated Amortization of the patent and Software

    2025 
    $97,000 
  
    2026 
    $386,000 
  
    2027 
    $3,000 
  
    2028 
    $3,000 
  
    2029 
    $2,000 
  
    Thereafter 
    $35,000 

6.
Prepaid Expenses and Deposits

As
of September 30, 2025 and December 31, 2024, prepaid expenses and deposits consist of the following:

Schedule of Prepaid Expenses and Deposits 

    September 30, 2025  
    December 31, 2024 
  
    Consulting, services, and advertising 
    $693,788  
    $35,740 
  
    Insurance 
     147,673  
     65,938 
  
    Deposits 
     214,510  
     90,514 
  
    Prepaid
    expenses and deposits 
    $1,055,971  
    $192,192 

7.
Shareholders’ Equity (Deficit)

The Company is authorized to issue up to 55,000,000
shares of capital stock, par value $0.001 per share. Capital stock is divided into two classes designated as common stock and preferred
stock.

Common stock –
The Company is authorized to issue up to 45,000,000
shares of common stock.

Preferred stock – The Company is authorized
to issue up to 10,000,000 shares of preferred stock. The board of directors may authorize, without further shareholder