Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 263

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 263
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    $328,229 
  
    Long-term lease liability 
    $368,472  
    $608,761 

The
following is a summary of the Company’s total lease costs:

 Schedule
of Lease Cost

    December
    31, 2024  
    December
    31, 2023 
  
    Operating
    lease cost 
    $409,464  
    $488,463 

The
following is a summary of cash paid in 2024 and 2023 for amounts included in the measurement of lease liabilities:

 Schedule
of Measurement of Lease Liabilities

    December
    31, 2024  
    December
    31, 2023 
  
    Operating
    cashflow 
    $412,933  
    $515,776 

Maturities
of lease liability are as follows:

Future
minimum lease payments as of December 31, 2024:

 Schedule of Future Minimum Lease Payments

    2025 
    $294,860 
  
    2026 
     279,883 
  
    2027 
     113,123 
  
    Total future minimum lease payments 
     687,866 
  
    Less: amount representing
    interest 
     (72,859)
  
    Present value of future payments 
     615,007 
  
    Current portion 
     246,535 
  
    Long term portion 
    $368,472 

    59

Worksport
Ltd.

Notes
to the Consolidated Financial Statements

December
31, 2024 and 2023

13.
Indebtedness

Long-term debt consists
of:

Schedule of Long Term Debt

    December 31, 2024  
    December 31, 2023 
  
    Secured Loan Agreement (a) 
    $-  
    $5,300,000 
  
    Revolving Credit Facility (b) 
     3,808,025  
     - 
  
    Other (c) 
     1,456,485  
     - 
  
    Long-term debt 
     5,264,510  
     5,300,000 
  
    Less deferred debt issuance cost 
     (260,513) 
     - 
  
    Less current installments 
     (222,992) 
     (5,300