Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 8

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 long-term debt 
     -  
     1,437,998 
  
    Repayments on line of credit 
     (10,910,449) 
     (3,450,785)
  
    Repayments on long-term debt 
     (148,337) 
     (5,300,000)
  
    Proceeds from issuance of common shares, net of issuance cost 
     497,635  
     3,195,201 
  
    Net cash provided by (used in) financing activities 
     11,136,030  
     6,951,879 

    Change in cash 
     (1,121,409) 
     (1,508,093)
  
    Cash and cash equivalents - beginning of period 
     4,883,099 
     3,365,778 
  
    Cash and cash equivalents - end of
    period 
    $3,761,690  
    $1,857,685 

    Supplemental Disclosure of cash flow information 

    Income tax paid 
    $-  
    $- 
  
    Interest paid 
    $301,000  
    $487,000 

See accompanying Notes to Condensed Consolidated Financial Statements which form an integral part of the 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 condensed consolidated 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 the three and nine months ended September 30,
2025 are not necessarily indicative of the results expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our Form
10-K for the fiscal year ended December 31, 2024. All references to years in these financial statements are fiscal years.

Reclassifications
– Certain prior year amounts have been reclassified to conform to current year’s presentation. The Company reclassified research
and development of