Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 14

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 14
---
 up to $13,000,000 of
common stock that may be issued and sold under an At The Market Offering Agreement dated as of September 30, 2022.

The
Company recognized consulting expense of $22,017 to
share subscriptions payable from restricted shares and stock options to be issued. As of March 31, 2025, the restricted shares have
not been issued. During the three months ended March 31, 2025, the Company issued 1,000 restricted
shares with a value of $82,100.

During
the three months ended March 31, 2025, in connection with the inducement of 1,295,000
warrants at $5.198
per share, the Company also sold 1,424,500
warrants exercisable at $6.502
per share. The Company received proceeds of $6,731,410
before deducting placement agent fees of $346,570
and other offering expenses payable by the Company upon the exercise of the May 2024 Existing Warrants. 

    10

Refer
to Note 15, Warrants and Note 16, Equity Compensation for additional disclosures related to shareholders’ equity.

During
three months ended March 31, 2024, the following transactions occurred:

During
the three months ended March 31, 2024, the Company sold 50,492 shares of common stock for a total net proceeds of $566,118. The sale
of shares was in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to
issue up to $30,000,000 of common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common
stock that may be issued and sold under an At The Market Offering Agreement dated as of September 30, 2022.

The
Company recognized consulting expense of $407,621 to share subscriptions payable from restricted shares and stock options to be issued.
As of March 31, 2024, the Company issued 21,454 restricted shares with a value of $304,188.

During
the three months ended March 31, 2024, the Company closed a sale of 237,224 shares of common stock for net proceeds of $1,535,591. In
association with the sale of common stock, the Company issued 147,789 pre-funded warrants and