Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 13

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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     218,329  
     103,329 
  
    Patent 
     62,706  
     62,706 
  
    Trademark 
     5,150  
     5,150 
  
    Other 
     171,334  
     29,451 
  
    Intangible assets, gross carrying amount 
     1,607,519  
     1,350,636 
  
    Less accumulated amortization 
     (494,046) 
     (397,587)
  
    Intangible assets, net 
    $1,113,473  
    $953,049 

Amortization
expense for the three months ended March 31, 2025 and 2024 was $96,459
and $627, respectively.

Estimated
amortization of the patent and software over the next five calendar years and beyond March 31, 2025 is as follows:

    2025 
    $289,383 
  
    2026 
    $385,842 
  
    2027 
    $2,508 
  
    2028 
    $2,508 
  
    2029 
    $2,508 
  
    Thereafter 
    $35,911 

6.
Prepaid Expenses and Deposits

Prepaid
expenses and deposits consist of:

Schedule of Prepaid Expenses and Deposits 

    March 31, 2025  
    December 31, 2024 
  
    Consulting, services and advertising 
    $187,158  
    $35,740 
  
    Insurance 
     37,510  
     65,938 
  
    Deposits 
     159,595  
     90,514 
  
    Prepaid expenses and deposits 
    $384,263  
    $192,192 

7.
Shareholders’ Equity

During
three months ended March 31, 2025, the following transactions occurred:

During
the three months ended March 31, 2025, the Company sold 22,725 shares of common stock for total gross proceeds of $185,874.
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