Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 4

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 4
---
 $
    87,970,432

    $
    (1,577
    )
     
    $
    2,022,630

    $
    (72,671,914
    )
     
     $
    (8,580
    )
     
     $
    17,316,558

See
accompanying Notes to Condensed Consolidated Financial Statements which form an integral part of the Condensed Consolidated Financial
Statements.

6

Worksport
Ltd. 

Condensed
Consolidated Statements of Cash Flows

For
the Six Months Ended June 30, 2025 and 2024

(Unaudited)

    2025  
    2024 
  
    Operating Activities 

    Net Loss 
    $(8,194,948) 
    $(7,728,056)
  
    Adjustments to reconcile net loss to net cash from operating activities: 

    Shares, options and warrants issued for services 
     1,365,776  
     2,116,423 
  
    Depreciation and amortization 
     888,868  
     615,972 
  
    Change in operating lease 
     9,739  
     3,863 
  
    Adjustments to reconcile net income loss to cash provided
    by (used in) operating activities  
     (5,930,565) 
     (4,991,798)
  
    Changes in operating assets and liabilities (Note 10) 
     (1,004,468) 
     (1,429,494)
  
    Net cash used in operating activities 
     (6,935,033) 
     (6,421,292)

    Cash Flows from Investing Activities 

    Purchase of intangible assets 
     (256,579) 
     - 
  
    Purchase of property and equipment 
     (269,845) 
     (335,787)
  
    Purchase of investments 
     (56,373) 
     - 
  
    Net cash used in investing activities 
     (582,797) 
     (335,787)

    Financing Activities 

    Shareholder assumption of debt 
     -  
     (16,495)
  
    Proceeds from warrant exercise 
     6,384,840  
     3,638,684 
  
    Proceeds