UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) Nevada 35-2696895 55 East Beaver Creek Rd #40 Richmond Hill, Ontario, Canada L4B 1E5 (Address of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) (State or Other Jurisdiction of (I.R.S. Employer Nevada 35-2696895 Incorporation or Organization) Iden ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) (State or Other Jurisdiction of (I.R.S. Emplo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) Nevada 35-2696895 (State or other jurisdiction of (I.R.S. Employer incorporation or organization ...

For Quarterly Period Ended: September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Nevada 35-2696895 (State or Other Jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 001-40681 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) (State or Other Jurisdiction of (I.R.S. Employ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended: March 31, 2021 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 000-27631 Worksport Ltd. (Exact Name of Small Business Issuer as specified in its charter) (State or Other Jurisdiction of (I.R.S. E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 000-27631 WORKSPORT LTD. (Exact name of registrant as specified in its charter) | Nevada | | --- | (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Ident ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended September 30, 2020 or [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ______________________ to _____________________ Commission File Number: 000-27631 Worksport Ltd. (formerly Franchise Holdings International, Inc) (Exact name of regis ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended June 30, 2020, show a significant revenue decline and increased net loss, primarily due to the COVID-19 pandemic, with a shareholders' deficit and going concern uncertainty [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2020, the company reported total assets of **$742,729** and a shareholders' deficit of **$782,622**, reflecting an increase in assets and a slight improvement in the deficit from December 31, 2019 Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2020 ($) | December 31, 2019 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $21,111 | $11,993 | | Total Current Assets | $519,498 | $253,685 | | Total Assets | $742,729 | $481,308 | | **Liabilities & Shareholders' Deficit** | | | | Total Current Liabilities | $1,452,715 | $1,324,684 | | Total Liabilities | $1,525,351 | $1,363,869 | | Total Shareholders' Deficit | $(782,622) | $(882,561) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2020, net sales significantly decreased to **$107,129**, resulting in a net loss of **$344,451**, primarily due to the COVID-19 pandemic Statement of Operations Summary (Unaudited) | Metric | Six Months Ended June 30, 2020 ($) | Six Months Ended June 30, 2019 ($) | | :--- | :--- | :--- | | Net Sales | $107,129 | $1,088,974 | | Gross Profit | $21,235 | $284,340 | | Loss from operations | $(257,732) | $(76,624) | | Net Loss | $(344,451) | $(128,220) | | Loss per Share (Basic and Diluted) | $(0.01) | $(0.00) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2020, the company used **$229,553** in cash from operating activities, offset by **$247,435** from financing, resulting in a slight increase in cash and cash equivalents to **$21,111** Cash Flow Summary (Unaudited) | Activity | Six Months Ended June 30, 2020 ($) | Six Months Ended June 30, 2019 ($) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(229,553) | $99,896 | | Net cash used in investing activities | $(8,764) | $(1,198) | | Net cash provided by financing activities | $247,435 | $25,688 | | **Change in cash** | **$9,118** | **$104,375** | | **Cash and cash equivalents – end of period** | **$21,111** | **$129,698** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, a going concern warning due to recurring losses and accumulated deficit, new financing agreements, a COVID-19 relief loan, high customer concentration, and prior period financial revisions - The company's financial statements have been prepared on a going concern basis, but recurring net losses (**$344,451** for the six months ended June 30, 2020) and a significant accumulated deficit (**$12,022,864**) raise substantial doubt about its ability to continue[23](index=23&type=chunk) - On February 25, 2020, the company issued a secured convertible promissory note to Leonite Capital for an aggregate principal amount of **$544,425**. As part of the deal, Leonite received **450,000** common shares and a five-year warrant to purchase **900,000** common shares[32](index=32&type=chunk) - The company received a **$28,397** (**$40,000 CDN**) interest-free loan from the Government of Canada under the COVID-19 small business relief program. **25%** of the loan may be forgiven if repaid by December 31, 2022[69](index=69&type=chunk) - Financial statements for prior periods were revised to correct an immaterial error related to the recognition of a deemed dividend from an anti-dilution feature triggered in March 2019[71](index=71&type=chunk)[72](index=72&type=chunk) Significant Customer Sales Concentration | Customer | 2020 (% of Sales) | 2019 (% of Sales) | | :--- | :--- | :--- | | Customer A | 55.7% | 3.9% | | Customer B | 11.3% | 2.0% | | Customer C | - | 86.5% | - Subsequent to June 30, 2020, the company issued a total of **4,100,000** common shares to a consultant, entered a new **$10,000** loan agreement, and issued a warrant to purchase **1,250,000** common shares[73](index=73&type=chunk)[74](index=74&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **90%** revenue decline and widened net loss for H1 2020 to the COVID-19 pandemic, which disrupted operations and increased freight costs, while the company secured financing to support liquidity [COVID-19 Impact](index=21&type=section&id=COVID-19%20Impact) The company anticipates continued disruptions to manufacturing and sales due to the COVID-19 pandemic, leading to low consumer confidence and material uncertainty for future performance - The company anticipates disruptions to manufacturing and a significant reduction in sales due to lockdown orders and low consumer confidence resulting from the COVID-19 pandemic[79](index=79&type=chunk) - The pandemic and its impact on the global supply chain and financial markets present material uncertainty and risk to the company's performance, financial condition, and cash flows[80](index=80&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Revenue for H1 2020 plummeted **90%** to **$107,129**, increasing cost of sales as a percentage of sales and decreasing gross margin to **20%**, resulting in a **169%** increase in net loss to **$344,451** Revenue and Gross Margin Comparison (Six Months Ended June 30) | Metric | 2020 ($) | 2019 ($) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $107,129 | $1,088,974 | -90% | | Gross Margin % | 20% | 26% | -6 p.p. | | Net Loss | $(344,451) | $(128,220) | +169% | - The decrease in gross margin was primarily driven by increased freight costs, which accounted for **23%** of cost of sales in H1 2020, up from **4%** in H1 2019[86](index=86&type=chunk)[88](index=88&type=chunk) - Operating expenses decreased by **$81,997** for the six-month period, mainly due to lower professional fees and general and administrative expenses as a result of reduced operations during the pandemic[89](index=89&type=chunk)[91](index=91&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Cash decreased to **$21,111** by June 30, 2020, due to lower sales and operating cash usage, but liquidity was bolstered by a convertible promissory note and government relief loans - Cash used in operations was **$229,553**, a reversal from cash provided by operations of **$99,896** in the prior year, driven by lower sales and disruptions from COVID-19[14](index=14&type=chunk)[92](index=92&type=chunk) - Financing activities provided **$247,435** in cash, primarily from a convertible promissory note (**$182,500**), a third-party loan (**$32,439**), and a Canadian government COVID-19 relief loan (**$28,397**)[95](index=95&type=chunk) - The company has no off-balance sheet arrangements[96](index=96&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from providing quantitative and qualitative disclosures about market risk as a "smaller reporting company" - As a "smaller reporting company," the registrant is exempt from providing quantitative and qualitative disclosures about market risk[99](index=99&type=chunk) [Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of June 30, 2020, due to limited staff and the absence of a formal audit committee with a financial expert - The CEO and CFO concluded that the company's disclosure controls and procedures are not effective as of June 30, 2020[101](index=101&type=chunk) - The ineffectiveness is due to a limited number of employees, which prohibits segregation of duties, and the absence of a formal audit committee with a financial expert[102](index=102&type=chunk) - There were no changes in internal control over financial reporting during the period that materially affected, or are reasonably likely to materially affect, internal controls[103](index=103&type=chunk) [PART II OTHER INFORMATION](index=25&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings, nor are any currently contemplated or threatened - The company is not involved in any material legal proceedings[105](index=105&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Worksport Ltd. is not required to provide risk factor disclosures in its Form 10-Q and refers to its 2019 Form 10-K - The company is a smaller reporting company and is not required to provide this information. It refers to its 2019 Form 10-K for risk factors[106](index=106&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not complete any unregistered sales of equity securities during the six months ended June 30, 2020 - No unregistered sales of equity securities were completed during the six months ended June 30, 2020[107](index=107&type=chunk) [Defaults Upon Senior Securities](index=25&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities - There have been no defaults upon senior securities[108](index=108&type=chunk) [Other Information](index=25&type=section&id=Item%205.%20Other%20Information) As a "smaller reporting company," the registrant is exempt from providing information in this item - As a "smaller reporting company," the registrant is exempt from providing information in this item[110](index=110&type=chunk) [Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including corporate governance documents, officer certifications, and XBRL data files - Exhibits filed include corporate governance documents (Articles of Incorporation, By-Laws), officer certifications (302, 906), and XBRL financial data[111](index=111&type=chunk) [Signatures](index=27&type=section&id=SIGNATURES) [Signatures](index=27&type=section&id=Signatures) The quarterly report was signed on August 27, 2020, by CEO Steven Rossi and CFO Michael Johnston - The report was signed on August 27, 2020, by CEO Steven Rossi and CFO Michael Johnston[116](index=116&type=chunk)[117](index=117&type=chunk)