Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 497

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 497
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 and warrants
    issued for services 
     2,916,328  
     5,754,717 
  
    Depreciation and amortization 
     1,753,285  
     1,109,742 
  
    Change in operating lease 
     (44) 
     (13,784)
  
    Credit
    losses 
     57,395  
     - 
  
    Adjustments to reconcile net income loss to cash provided
    by (used in) operating activities  
     (11,436,825) 
     (8,078,283)
  
    Changes in operating assets
    and liabilities (Note 10) 
     1,298,027  
     (3,852,297)
  
    Net
    cash used in operating activities 
     (10,138,798) 
     (11,930,580)

    Cash flows from investing
    activities 

    Investments 
     -  
     (66,308)
  
    Purchase of property and
    equipment 
     (528,235) 
     (3,690,056)
  
    Net
    cash used in investing activities 
     (528,235) 
     (3,756,364)

    Financing activities 

    Proceeds from issuance of common shares, net
    of issuance cost 
     8,736,114  
     4,475,869 
  
    Proceeds from warrant exercise (Note 15) 
     3,746,435  
     - 
  
    Proceeds from line of credit 
     10,349,670  
     - 
  
    Repayments on line of credit 
     (6,758,422) 
     - 
  
    Proceeds from long-term debt 
     1,437,998  
     - 
  
    Related party loan 
     (2,192) 
     (43,904)
  
    Repayments on short term
    and long-term debt 
     (5,325,249) 
     - 
  
    Net
    cash provided by financing activities 
     12,184,354  
     4,431,965 

    Change in cash 
     1,517,321  
     (11,254,979)
  
    Cash