Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 0

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Worksport
Ltd.

Condensed
Consolidated Balance Sheets

(Unaudited)

    March 31, 2025  
    December 31, 2024 

    (Unaudited)  

    ASSETS 

    Current assets 

    Cash and cash equivalents 
    $5,080,372  
    $4,883,099 
  
    Accounts receivable, net 
     67,951  
     42,589 
  
    Other receivable 
     196,743  
     169,728 
  
    Inventory (Note 3) 
     5,725,592  
     5,190,054 
  
    Prepaid expenses and deposits (Note 6) 
     384,263  
     192,192 
  
    Total current assets 
     11,454,921  
     10,477,662 
  
    Investments (Note 11) 
     66,308  
     66,308 
  
    Property and equipment, net (Note 4) 
     13,497,178  
     13,644,226 
  
    Operating lease right-of-use assets (Note 12) 
     531,122  
     595,415 
  
    Intangible assets, net (Note 5) 
     1,113,473  
     953,049 
  
    Total assets 
    $26,663,002  
    $25,736,660 
  
    LIABILITIES AND SHAREHOLDERS’ EQUITY 

    Current liabilities 

    Accounts payable 
    $1,763,556  
    $1,526,630 
  
    Accrued liabilities and other 
     852,103  
     800,283 
  
    Accrued compensation 
     431,479  
     377,112 
  
    Long-term debt, current portion (Note 13) 
     227,056  
     222,992 
  
    Lease liability, current portion (Note 12) 
     244,477  
     246,535 
  
    Total current liabilities 
     3,518,671  
     3,173,552 
  
    Lease liability, excluding current portion (Note 12) 
     310,337  
     368,472