What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-03-28 compared with 2023-03-31 · 355 added, 307 removed, 197 unchanged (77% of the section changed)

Ltd., through its subsidiaries, designs, develops, manufactures, and owns the intellectual property (“IP”) on a portfolio

of tonneau cover, solar integration, portable power station, and NP (non-parasitic), hydrogen-based green energy products and solutions

for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries.

provide consumers with next-generation automotive aftermarket accessories while capitalizing on growing consumer interest in clean energy

solutions and power grid independence.

Worksport Ltd., through its subsidiaries, designs, develops, and manufactures

innovative products for various markets including automotive accessories, consumer electronics, and both residential and commercial HVAC

system markets.

Worksport is able to monetize and protect its products through a large and growing intellectual property (“IP”)

portfolio with patents and trademarks relating to, among other things, tonneau covers, solar integrated tonneau covers, portable power

stations, NP (non-parasitic) hydrogen-based green energy systems, residential heating and cooling systems (heat pumps), and electric vehicle-charging

Worksport seeks to provide consumers with next-generation automotive accessories through the production of our innovative line

of tonneau covers for light trucks while capitalizing on growing consumer interest in clean energy solutions and power grid independence

through the launch of its forthcoming solar tonneau cover (Worksport SOLIS) and mobile battery generator system (Worksport COR).

subsidiary, TerraVis Energy, is poised to revolutionize the local and global markets for efficient home and commercial heat pumps through

its groundbreaking TerraVis Energy Aetherlux.

This prototype heat pump, currently under rigorous development, showcases exceptional early

test results that underscore its remarkable efficiency in heating and cooling across both extreme hot and cold climates.

Company was incorporated in the State of Nevada on April 2, 2003 under the name Franchise Holdings International, Inc.

On December 16, 2014, FNHI acquired 100% of the outstanding equity of Worksport Ltd., a corporation formed in the Province of Ontario

on December 13, 2011, formerly known as Truxmart Ltd.

(“Worksport Ontario”), pursuant to which Worksport Ontario became a

wholly-owned subsidiary of FNHI.

In May 2020, FNHI changed its name from “Franchise Holding International Inc.” to “Worksport

In December 2014, FNHI acquired 100% of the outstanding equity of Worksport Ltd., an Ontario corporation formed in 2011 (“Worksport

Ontario”), pursuant to which Worksport Ontario became a wholly-owned subsidiary of FNHI.

In May 2020, FNHI changed its name to

Worksport Ltd.

May 21, 2021, the Board of Directors (“Board”) authorized the submission of a Certificate of Change/Amendment to the Nevada

Secretary of State in which the Company sought to affect a reverse split of its common stock at the rate of 1-for-20 for the purpose

of increasing the per share price for the Company’s stock in an effort to meet the minimum listing requirements of the Nasdaq.

The Certificate of Change was submitted to the Nevada Secretary of State on May 21, 2021, and the Financial Industry Regulatory Authority

(“FINRA”) corporate action was announced on August 3, 2021.

FINRA declared the 1-for-20 reverse stock split effective on

August 4, 2021.

of increasing the per share price for the Company’s stock in an effort to meet the minimum listing requirements of The Nasdaq Stock

Market LLC (“Nasdaq”).

The Certificate of Change was submitted to the Nevada Secretary of State on May 21, 2021, and the

Financial Industry Regulatory Authority (“FINRA”) corporate action was announced on August 3, 2021.

FINRA declared the 1-for-20

reverse stock split effective on August 4, 2021.

(“Terravis”) was incorporated in the State of Colorado on May 24, 2021.

On August 20, 2021, the Company was

issued 100 shares of common stock at par value of $0.0001 per share.

On January 20, 2022, Terravis issued an additional 9,999,900 shares

of Common Stock to Worksport Ltd.

On August 20, 2021, the Company was issued

100 shares of common stock at par value of $0.0001 per share.

On January 20, 2022, Terravis issued an additional 9,999,900 shares of

Common Stock to Worksport Ltd.

at a par value of $0.0001.

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51% voting power, regardless of how many shares of Series A Preferred Stock are outstanding.

Acquisition Corporation was incorporated in the State of Delaware on December 28, 2021.

On January 1, 2022, the Company was issued 1,000

shares of common stock at par value of $0.0001 per share, representing 100% of the outstanding equity of Worksport Acquisition Corporation.

USA Holding Corporation was incorporated in the State of Colorado on March 11, 2022.

On March 11, 2022, the Company was issued 1,000

shares of common stock at par value of $0.0001 per share, representing 100% of the outstanding equity of Worksport USA Holding Corporation.

USA Operations Corporation was incorporated in the State of Colorado on March 23, 2022.

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10,000 shares of common stock at par value of $0.0001 per share, representing 100% of the outstanding equity of Worksport New York Operations

August 6, 2021, we consummated an underwritten public offering (the “Public Offering”) of an aggregate of 3,272,727 units,

pursuant to a registration statement on Form S-1, as amended (File No.

333-256142) and a registration statement on Form S-1 (File No:

The Public Offering price was $5.50 per unit, and each u nit consisted of one

share of common stock and one warrant (“Public Warrant”) to purchase one share of common stock for $6.05 per share (110%

of the unit offering price) from the date of issuance until the third anniversary of the issuance date.

We received gross proceeds of

approximately $18.0 million from the Public Offering, and after deducting the underwriting commissions, discounts, and offering expenses

payable by us, we received net proceeds of approximately $16.1 million.

We used the net proceeds for working capital, research &

development, marketing, and equipment.

Worksport Acquisition

Corporation was incorporated in the State of Delaware on December 28, 2021.

On January 1, 2022, the Company was issued 1,000 shares of

common stock at par value of $0.0001 per share, representing 100% of the outstanding equity of Worksport Acquisition Corporation.

August 8, 2023, this corporation was dissolved due to lack of operations and activity.

Worksport USA Holding

Corporation was incorporated in the State of Colorado on March 11, 2022.

On March 11, 2022, the Company was issued 1,000 shares of common

stock at par value of $0.0001 per share, representing 100% of the outstanding equity of Worksport USA Holding Corporation.

2023, this corporation was dissolved due to lack of operations and activity.

2021 Public Offering;

Nasdaq Uplisting

August 6, 2021, we consummated a firm commitment underwritten public offering (the “Public Offering”) of an aggregate of

3,272,727 units pursuant to a registration statement on Form S-1, as amended (File No.

333-256142), and related registration

statement on Form S-1 filed pursuant Rule 462(b) (File No:

333-258429) under the Securities Act.

The Public Offering price was $5.50 per unit, and each unit

consisted of one share of common stock and one warrant (“Public Warrant”) to purchase one share of common stock for

$6.05 per share (110% of the unit offering price) from the date of issuance until the third anniversary of the issuance date.

received gross proceeds of approximately $18.0 million from the Public Offering, and after deducting the underwriting commissions,

discounts, and offering expenses payable by us, we received net proceeds of approximately $16.1 million.

We used the net proceeds

for working capital, research & development, marketing, and equipment.

connection with the Public Offering, our common stock and Public Warrant commenced trading on The Nasdaq Capital Market under the symbols

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the OTCQB Marketplace under the symbol “WKSP.”

following highlights recent material developments in our business:

May 2022, we closed on the purchase of a commercial property (the “Property”) for $8,125,000 in the town of West

Seneca, Erie County, New York (the “Acquisition”) pursuant to a Purchase and Sale Agreement that we entered into

with J&M Distributing, Inc.

We financed $5,300,000 in connection with the closing of the Acquisition pursuant to a Loan Agreement

that we entered into with Northeast Bank (“Lender”), of which we issued a Promissory Note to the Lender guaranteed

by Worksport Ltd.

and secured by the Property per a Mortgage and Security Agreement entered into with the Lender.

consists of two parcels of land:

(i) one parcel consisting of approximately 14 acres improved by a building containing approximately

152,847 square feet;

and (ii) a second parcel consisting of approximately four acres of vacant land.

Currently, our manufacturing

operations are in China.

With the acquisition of the Property, we plan to move our manufacturing operations to the United States.

We believe that by moving our manufacturing operations to the United States, we can (i) have better control over design and manufacturing

quality of our products, (ii) lessen supply chain risk, (iii) decrease shipping costs, and (iv) cut overall manufacturing costs.

September 30, 2022, we filed a shelf registration statement on Form S-3 (File No.

333-267696), which was declared effective by

the SEC on October 13, 2022 (the “Form S-3”), containing a base prospectus covering the offering, issuance and sale

by us of up to $30,000,000 of our common stock and prospectus supplement covering the offering, issuance and sale by us of up

to $13,000,000 of our common stock that may be issued and sold under an At The Market Offering Agreement dated as of September

2022 At-The-Market Sales Agreement

September 30, 2022, the Company filed a shelf registration statement on Form S-3, which was declared effective by the SEC on October

13, 2022 (“Form S-3 Registration Statement”), allowing the Company to issue up to $30,000,000 of

common stock and prospectus supplement covering the offering, issuance and sale of up to $ 13,000,000 of

common stock that may be issued and sold under an At The Market Offering Agreement dated September 30, 2022 (“ATM Agreement”),

Wainwright & Co., LLC, as the sales agent (“HCW”).

Pursuant to the ATM Agreement, HCW is entitled to a commission

equal to 3.0 % of the gross sales price of the shares of common stock sold.

As of December

30, 2023, the Company has sold and issued 604,048 shares of common stock in consideration for net proceeds of $ 812,551 under

the ATM Agreement.

Pursuant to the ATM Agreement, H.C.

Wainwright & Co., LLC (“Wainwright”)

is entitled to a commission equal to 3.0% of the gross sales price of the shares of common stock sold.

As of the filing date

of this Annual Report on Form 10-K, no securities have been sold pursuant to the Form S-3.

On November 14, 2022, our

shareholders approved the Worksport Ltd.

2022 Equity Incentive Plan (the “2022 Plan”).

A total of 750,000 shares of common

stock were initially reserved for the issuance of awards under the 2022 Plan.

The 2022 Plan contains an “evergreen formula”

pursuant to which the number of shares of common stock available for issuance under the 2022 Plan will automatically increase on

January 1 of each calendar year during the ten-year term of the 2022 plan, beginning with the calendar year 2023, by an amount of

shares of common stock so that the total amount of common stock available under the 2022 Plan is equal to 15% of the total number

of shares of common stock outstanding on December 31 st of the prior calendar year minus the total number of shares reserved

and available for issuance under the Worksport Ltd.

2015 Equity Incentive Plan and Worksport Ltd.

2021 Equity Incentive Plan.

January 1, 2023, the authorized number of shares of common stock of the 2022 Plan was 2,518,502.

November 18, 2022, we engaged Lumsden & McCormick, LLP to replace Haynie & Company as our independent registered public accounting

On February 23, 2023, our

subsidiary, Terravis, announced the installation of its proprietary electric vehicle fast charging stations with two direct current

(DC) fast chargers at our factory in West Seneca, New York.

Each station’s initial two charge points are rated at 120 kilowatt-hours

(kWh) and equipped with two CCS1 connectors (Combined Charging Standard:

A standard for charging electric vehicles that uses Combo

1 or Combo 2 connectors to provide power at up to 350 kilowatts), also known as pistols.

We are planning installations of additional

DC fast chargers in the near future as well, rated at a minimum of 240 kWh.

2023 Registered Direct Offering and Concurrent Private Offering

On November 2, 2023, we raised roughly $4.7 million from a registered direct

offering and concurrent private placement before deducting the placement agent’s fees and other estimated offering expenses payable by

The registered direct offering entailed the sale of 3,500,000 shares of common stock (or pre-funded warrants to purchase

shares of common stock in lieu thereof) to a single institutional investor.

The concurrent private placement entailed the issuance and

sale of warrants to purchase up to 7,000,000 shares of common stock to the same institutional investor.

The combined effective offering

price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant was $1.34.

The warrants will become

exercisable six months from issuance, expire five and a half years from the issuance date and have an exercise price of $1.34 per share.

The shares of common stock (or pre-funded warrants in lieu thereof) were offered by the Company pursuant to the Company’s Form S-3

Registration Statement.

The warrants issued in the concurrent private placement and the shares issuable upon exercise of such warrants

were offered in a private placement under Section 4(a)(2) and/or Rule 506 of Regulation D.

The 7,000,000 shares of common stock underlying

the warrants were registered for resale by the institutional investor on a registration statement on Form S-1 (File No.

333-276241) filed

with the SEC on December 22, 2023 and declared effective by the SEC on December 29, 2023.

If at time, there is no effective registration

statement available for the shares of common stock underlying the warrants, the warrants may be exercised via a “cashless exercise.”

We will not receive any proceeds from any warrants exercised by a “cashless exercise.”

March 2024 Direct Offering

and Concurrent Private Offering

18, 2024, we entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a certain institutional

investor (the “Purchaser”) pursuant to which we sold, in a registered direct offering, an aggregate of (i) 2,372,240 shares

(the “Shares”) of common stock and (ii) 1,477,892 pre-funded warrants (the “Pre-funded Warrants”) to purchase

up to 1,477,892 shares of Common Stock (the “Pre-funded Warrant Shares”).

The offering price per Share was $0.74 and the offering

price per Pre-funded Warrant was $0.7399.

Pre-funded Warrants and Pre-funded Warrants Shares were offered pursuant to our Form S-3 Registration as supplemented by a prospectus

supplement and accompanying base prospectus dated March 18, 2024, filed with the SEC on March 19, 2024 pursuant to Rule 424(b)(5) promulgated

under the Securities Act.

The registered direct offering closed on March 20, 2024.

received net proceeds of approximately $2.59 million from the offering, after deducting the estimated offering expenses payable by the

Company, including the tail fees payable to Maxim Group LLC.

The Company intends to use the net proceeds from the offering for general

corporate purposes, including working capital.

In a concurrent private placement, we issued the Purchaser warrants to purchase an aggregate of 7,700,264

shares of common stock for $0.74 per share.

warrants, we are obligated to register the shares underlying the warrants on a registration statement on Form S-3 (or other applicable

If at time, there is no effective registration statement available for the shares of common stock underlying the warrants, the

warrants may be exercised via a “cashless exercise.” We will not receive any proceeds from any warrants exercised by a “cashless

following highlights recent material developments in our business:

August 2023, we announced the successful dispatch of our first shipment of hard-folding tonneau covers, which are made in the U.S.

with domestic and imported components.

This major development follows our initiating manufacturing earlier that month and aligns

with recent sizable orders, notably a $700,000 order for soft-folding covers and a staggering $1,600,000 order for hard-folding covers,

both from a national U.S.

customer and reseller of automotive aftermarket accessories.

September 2023, we announced that we had found a top-tier solar panel provider for our highly anticipated SOLIS Solar Tonneau Cover.

We believe that this provider, renowned for its state-of-the-art solar panels and underlying technology, will help us set a new standard

in renewable energy tech for vehicles and provide the most durable and highest quality flexible solar panels.

September 2023, we announced significant strides in the development of our groundbreaking COR battery system, designed to complement

the launch of the SOLIS solar cover.

This cutting-edge duo is poised to empower remote power supply and extend the driving range

of electric pickup trucks, thereby underscoring our commitment to sustainability and innovation as a cleantech company.

September 19, 2023, we announced that we had secured a long-term supply agreement with an established, leading automotive aftermarket

reseller in the United States.

January 3, 2024, we announced our strategic arrangement with NeuronicWorks Inc., a Toronto-based high-tech custom electronic product

development and manufacturing company, to manufacture and assemble our COR battery system in preparation for the system’s anticipated

Alpha release.

February 7, 2024, we announced a collaboration with Infineon Technologies AG (FSE:

IFNNY) pursuant to which we will

use Infineon’s GaN power semiconductors GS-065-060-5-B-A in the converters for our portable power stations to increase efficiency

and power density.

February 23, 2024, we announced a new arrangement with Dix Performance North, Canada’s leading wholesaler of aftermarket car and

truck products, for Dix would include our tonneau covers in their catalog.

This strategic alliance is expected to make Worksport’s

range of covers widely available throughout Canada, accelerate our growth, and contribute to significant sales and revenue increases.

have developed a series of soft and hard folding tonneau covers as well as energy products.

Tonneau Covers

soft tonneau cover offering consists of vinyl wrapped tri- and quad-fold tonneau covers manufactured overseas in Meizhou, China.

versions of our vinyl tri-fold soft tonneau covers are now available for purchase and marketed under a “PRO” designation;

our quad-fold soft tonneau covers will soon have an upgraded “PRO” version available as well.

These upgraded versions include

our patented quick latch system, which allows the operator to open the cover by simply pulling a release cable – enabling single-sided

Each soft cover is fitted with a powder-coated, lightweight aluminum frame and rear cam latches as well as ultra-violet (UV)

protected, vinyl tri-layer material that seals around the truck bed with a rubber gasket designed to protect cargo from moisture and

soft covers are a lower cost option when compared to quad-fold tonneau covers.

Compared with Worksport tri-fold soft tonneau covers,

Worksport quad-fold covers have the additional benefit of enabling full truck bed access by being foldable upwards toward the rear window

of the truck.

As the market’s first quad-folding vinyl-wrapped cover that will provide full truck bed access utilizing Worksport’s

Intellectual Property, Worksport’s soft quad-fold covers are compact when folded parallel to the back window of the truck while

avoiding obstruction of the rear brake light on most truck models.

soft tonneau cover offering consists of vinyl wrapped tri- and quad-fold tonneau covers manufactured overseas in Meizhou, China and Foshan,

Enhanced versions of our vinyl tri- and quad-fold soft tonneau covers are now available for purchase and marketed under a “Pro”

These upgraded versions include our patented quick latch system, which allows the operator to open the cover by simply pulling

a release cable – enabling single-sided operation.

Each soft cover is fitted with a powder-coated, lightweight aluminum frame and

rear cam latches as well as ultra-violet (UV) protected, vinyl tri-layer material that seals around the truck bed with a rubber gasket

designed to protect cargo from moisture and debris.

Tri-fold soft covers are a lower cost option when compared to quad-fold

tonneau covers which have the additional benefit of enabling full truck bed access by being foldable upwards toward the rear window of

As the market’s only soft vinyl flip up cover that can be either folded against the truck’s rear window or secured

like a traditional cover to avoid obstruction of the rear window, Worksport’s full bed access quad-fold soft cover when folded parallel

to the back window of the truck while avoiding obstruction of the rear brake light on most truck models.

soft tonneau cover line includes:

Worksport SC3 – soft tri-fold introduced in 2011, first Worksport Ltd.

Worksport SC3 PRO –soft tri-fold with Smart Latch system introduced in 2012;

Worksport SC3 PRO –soft tri-fold with Quick Latch system introduced in 2012;

Worksport SC4 – soft quad-fold introduced in 2022;

Worksport SC4 PRO –soft quad-fold with Smart Latch system to be introduced in 2023.

In Development

Worksport SC4 PRO –soft quad-fold with Quick Latch system to be introduced in 2023.

Worksport SCX – soft tri-fold with extendable frame.

Tonneau Covers

hard line of tonneau covers includes tri- and quad-fold, aluminum flush-mounted and top-mounted folding tonneau covers.

Our entire line

of hard folding tonneau covers will be manufactured in the USA.

Our hard cover panels are designed with formed aluminum, ultra-strong

high temper formed alloy panels with a durable black surface.

These panels will have significant dent resistance over many other tonneau

covers as they use thicker aluminum on the exterior surface as opposed to the sandwich style of most covers today.

Designed to auto index

(center) in the truck bed and be only 7.5mm above the truck bed, it is a low profile, sleek look that is easy to install.

Our hard covers

will be offered with the XCX rail upgrade, allowing future accessories such as expandable cargo division and storage solutions.

to the soft cover line, our hard cover line products will each be available in upgraded versions utilizing our quick latch system, enabling

single-sided operation.

Our hard line of tonneau covers includes tri- and quad-fold, aluminum covers.

Our entire line of hard folding tonneau covers is manufactured in the USA and include our Quick Latch technology to allow single-sided

Our hard covers’ panels are made with ultra-thick, formed aluminum that provides superior dent resistance compared to

those of other hard covers, and we protect those panels with a proprietary ceramic paint technology that’s scratch- and dent-resistant.

Designed to auto index (center) in the truck bed and be only 7.5mm above the truck bed, the cover provides a low profile, sleek look and

yet is easy to install.

Our Tough Cover (TC) line will be purchasable with or without a rail system add-on, which provides enhanced utility

and enhanced weather-resistance/sealing.

hard tonneau cover line, all of which is in development, includes:

Worksport TC3 – top-mounted hard tri-fold;

Worksport TC3 PRO – top-mounted hard tri-fold with Smart Latch system;

Worksport FC3 – flush-mounted hard tri-fold;

Worksport FC4 – flush-mounted hard quad-fold;

Worksport FC4 PRO – flush-mounted hard quad-fold with Smart Latch system.

are researching and developing various energy-based products, two of which can be sold together as a kit:

the Worksport SOLIS tonneau

cover (“SOLIS”) and the Worksport COR energy storage system (“COR”).

Worksport TC3 – premium top-mounted hard tri-fold;

Worksport TC4 – premium top-mounted hard fold with full truck bed access;

Worksport AL3 – top-mounted hard tri-fold;

Worksport AL4 –top-mounted hard fold with full truck bed access

We are researching and developing various energy-based products, two of

which are standalone items - the Worksport SOLIS tonneau cover (“SOLIS”) and the Worksport COR energy storage system (“COR”)

- which can be sold together along with a Maximum Power Point Tracking (MPPT) system.

This kit will be available for both end-consumers

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aftermarket accessory, solar energy, and portable power station markets.

The MPPT within this kit may be sold alongside the SOLIS as a

paired offering, as we have designed a version of our MPPT with a lower voltage input to be used with generic solar panels with lower

voltage ratings than our COR energy storage system.

SOLIS, a tonneau cover with integrated solar panels, is a unique, folding tonneau cover design founded on our top-mounted tough cover

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of leading electric pickup trucks;

consequently, we have and will continue forging relationships with electric pickup truck manufacturers,

including but not limited to Workhorse, Atlis, Bollinger, and Hercules as well as Toyota, Stellantis, General Motors, Ford, Nissan, and

consequently, we have and will continue to forge and develop relationships with electric pickup truck

manufacturers, including but not limited to Workhorse, Rivian, and Tesla as well as Toyota, Stellantis, General Motors, Ford, Nissan,

Fisker, and Honda.

solar panels that we plan to integrate into the SOLIS cover are capable of generating 170-180 watts per square meter.

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tested outdoors, the SOLIS cover is capable of generating approximately 460 watts of power on a RAM 6’5” truck bed.

integrated into the design of an electric pickup truck, this power generation can be converted to additional vehicle mileage.

added mileage is dependent on many factors including but not limited to region of the world in which the vehicle is driven, weather conditions,

season, temperature, hours of sun light per day, and average irradiance.

For example, assuming a solar power density of 170 W/m 2 ,

battery capacity of 98 kWh, mileage range of 300 miles, average hours of sun per day of 6 hours, average irradiance per day of 700 W/m 2 ,

and surface area of 2.7 m 2 , the SOLIS cover is estimated to provide 5.6 additional miles of range to an electric pickup truck

COR or COR ESS (energy storage system) is a modular, portable power station uniquely designed to mount to the inside of a pickup truck

bed and enable battery swapping without an immediate drop in power output.

The COR built-in inverter with an output voltage of 120V AC

(frequency of 60Hz) is capable of powering loads up to 3000W.

Combined with its modular 48V batteries, it can store up to 6kWh of energy

When integrated into the design of an electric pickup truck, this power generation can be converted to additional vehicle mileage.

specific added mileage is dependent on many factors including but not limited to the region of the world in which the vehicle is driven,

weather conditions, season, temperature, hours of sun light per day, and average irradiance.

For example, assuming a solar power density

of 170 W/m 2 , battery capacity of 98 kWh, mileage range of 300 miles, average hours of sun per day of 6 hours, average irradiance

per day of 700 W/m 2 , and surface area of 2.7 m 2 , the SOLIS cover is estimated to provide 5.6 additional miles of

range to an electric pickup truck per day.

COR or COR ESS (energy storage system) is a modular, portable power station uniquely designed to mount to the inside of a pickup

truck bed and enable battery swapping without an immediate drop in power output.

The COR built-in inverter with an output voltage of

120V AC (frequency of 60Hz) is capable of powering loads up to 3000W.

Combined with its modular 48V batteries, it can store up to 6kWh

of energy on the go.

Each additional modular battery adds 1.5kWh of energy storage.

The COR main battery, a Lithium battery, boasts a capacity

of 1534Wh while its Hot Swap Lithium Iron Phosphate (Li-LFP) battery has a capacity of around 200Wh.

The system allows Bluetooth connection

for monitoring and controlling the COR system and its external batteries.

The COR main battery, a Lithium battery, boasts a

capacity of 1534Wh while its Hot Swap Nickel Manganese Cobalt (NMC) battery has a capacity of around 200Wh.

The system allows Bluetooth

connection for monitoring and controlling the COR system and its external batteries.

only does the COR system allow users to swap a depleted battery for a fully charged one, but it does so without a drop in power output

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Manufacturing

of December 31, 2022, all Worksport tonneau covers were manufactured in a facility located in Meizhou, China according to Worksport’s

of December 31, 2023, all Worksport soft tonneau covers were manufactured in a facility located in Meizhou, China according to Worksport’s

specifications, schematics and blueprints.

We believe production at the factory can be increased within 30 days to facilitate volumes

up to ten times the current output without any adverse effects on quality or craftsmanship.

We also began exploring and setting up production capabilities for additional soft covers

at a second outsourced manufacturing facility located in Foshan, China.

The newer facility in Foshan, China will have an output capacity

two times greater than that of the manufacturing facility in Meizhou, China.

We believe we will be able to scale production at this newer

facility without sacrificing quality or craftsmanship.

have purchased many production tools including injection molds, die cast molds, extrusion dies, and stamping dies – many of which

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within the USA.

We are concurrently diversifying this list raw material suppliers who can use our production tools to continue producing

our tonneau cover components, should trade with any particular or preferred raw material supplier become more expensive or difficult.

We are concurrently diversifying this list of raw material suppliers who can use our production tools to continue producing

our tonneau cover components in order to lower the risk that trade with any particular or preferred raw material supplier become more

expensive or difficult.

May of 2022, we purchased a 152,847 square foot production facility for domestic production, storage, and distribution, located in West

Seneca, New York.

We have received the majority of all manufacturing equipment deemed necessary to begin production, and we are in the

process of installing and testing those machines, as well as training personnel to use those machines.

Management believes that having

manufacturing capability in North America will increase quality control and production efficiency, as well as lower landed costs and

geopolitical risks.

Plant-Readiness Team believes that we will begin initial, basic manufacturing and/or assembly at our USA-based production facility within

the second quarter of fiscal year 2023, improving our process on an on-going basis.

We have received, installed, and tested all manufacturing equipment as well as trained all personnel necessary for

phase one production.

Management believes that having manufacturing capability in North America will increase quality control and production

efficiency, as well as lower landed costs and geopolitical risks.

In August of 2023,

we began early production of our first hard folding tonneau cover, the Worksport AL3 Pro.

We have continued to develop, improve, and

evolve our production methods and standards.

As of March 2024, we have begun consistent production of the AL3 Pro with high repeatably

and stable production quality.

The AL3 Pro tonneau cover model is in active production for most major makes and models of light trucks

in North America.

manufacturing engineering team is continuing to develop rigs and fixtures to increase the efficiency of our manufacturing process in

order to scale existing manufacturing lines before investing in additional lines and personnel, and we will continue to allocate resources

towards improving manufacturing efficiency and product quality on an on-going basis.

currently hold a broad collection of intellectual property rights relating to certain aspects of our parts and accessories and services.

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skills, technical competence and marketing abilities of our personnel.

of December 31, 2022, the Company’s patent portfolio consists of eight (8) issued U.S.

utility patents, one (1) issued Canadian

utility patent, and twenty-seven (27) pending patent applications:

eight (8) U.S.

utility applications, seven (7) U.S.

design applications,

three (3) PCT applications, six (6) Canadian utility applications, one (1) Chinese invention application, and two (2) Chinese design

applications.

The Company is also in the process of preparing and filing several other utility and design patent applications across

relevant countries and jurisdictions.

patents will expire between 2032 and 2036, excluding any patent term adjustment that might be available following the grant of the

If issued, pending applications would expire 20 years from the filing date of each application, excluding the filing date of

any provisional applications and excluding any patent term adjustment that might be available following the grant of the patent.

of December 31, 2022, the Company has 20 trademark registrations and 15 pending trademark applications in the United States, Canada,

China, and European Union.

of December 31, 2023, our patent portfolio consists of ten (10) issued U.S.

utility patents, three (3) issued Canadian utility patents,

and thirty-two (32) pending utility patent applications in various jurisdictions worldwide.

Our portfolio further includes seven (7)

design registrations in Europe and China, along with forty-five (45) pending design applications in various jurisdictions worldwide.

We are also in the process of preparing and filing several other utility and design patent applications across relevant countries and

jurisdictions.

utility patents will expire between 2032 and 2040, excluding any patent term adjustment that might be available following the grant

of the patent.

If issued, pending utility patent applications would expire 20 years from the filing date of each application, excluding

the filing date of any provisional applications and excluding any patent term adjustment that might be available following the grant

of the patent.

of December 31, 2023, the Company has 36 trademark registrations and 18 pending trademark applications in various jurisdictions worldwide.

primarily compete in the Automotive Aftermarket Accessories and New Energy industries with a focus on the Tonneau Cover and the Portable

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and retailer and dealer sales channels.

Some forms of tonneau covers include but are not limited to:

Some forms of tonneau cover include but are not limited to:

One Piece Caps and Lids;

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tonneau cover revenue stream is largely proportional to sales of pickup trucks.

Currently, there are 284.9 million vehicles in operation

in the USA 1 , 21%, or 59.5 million, of which are pickup trucks.

2 However, as a result of supply chain shortages,

rising interest rates, high prices, and slowing sales, it may take until 2025 for new-vehicle sales to return to pre-pandemic levels.

As of late 2022, there were 284.9 million vehicles in

operation in the USA 1 , roughly 21%, or 59.5 million, of which were pickup trucks.

2 However, as a result of recent

supply chain shortages, heightened interest rates, high prices, and slowing sales, it may take until 2025 for new-vehicle sales to return

to pre-pandemic levels.

1 While new vehicle sales have decreased, we are well-positioned to capitalize on new vehicle sales;

we offer tonneau covers for

each of the 10 most popular makes/models by projected 2022-2029 sales (including, for example, the Ford F-Series, RAM Pickups, and Chevrolet

Silverado), as well as the top 10 most accessorized pickup truck makes/models projected in 2022-2029.

2 Within the USA market,

pickup truck market revenue is expected to show a compound annual growth rate of 1.70% in 2023-2027.

3 Within this market,

pickup trucks are most popular within the southern region of the United States 2 , and the two largest state markets for pickup

trucks are by far Texas and California.

2 Globally, pickup truck market revenue is expected to show a compound annual growth

rate of 1.01% in 2023-2027.

pickup trucks are projected to gain a larger portion of the pickup truck market share each year through 2035 1 , as this submarket

is estimated to have a compound annual growth rate of 29.7% between 2022 and 2023.

5 However, a large headwind acting against

this trend is that pickup trucks tend to be more popular in areas with less-developed charging infrastructure 2 – a headwind

that the SOLIS cover directly addresses and positions us favorably for possible partnerships and deals with electric pickup truck manufacturers.

we offer tonneau covers for each of the 10 most popular makes/models by projected 2022-2029 sales (including, for example, the Ford F-Series,

RAM Pickups, and Chevrolet Silverado), as well as the top 10 most accessorized pickup truck makes/models projected in 2022-2029.

Within North America, the pickup truck market is expected to grow from $120 billion in 2022 to $160 billion by 2030, representing

a compound annual growth rate of 5.9% in 2023-2030.

3 Within this market, pickup trucks are most popular within the southern

region of the United States 2 , and the two largest state markets for pickup trucks are by far Texas and California.

Globally, the pickup truck market is expected to grow at a compound annual growth rate of 5.01% between 2023 and 2028, representing a

$102.91 billion increase.

pickup trucks are projected to gain a larger portion of the U.S.

pickup truck market share each year through 2035.

the electric pickup truck submarket within North America is estimated to grow from $16.66 billion in 2024 to $64.65 billion in 2029,

representing a compound annual growth rate of 31.15%.

5 However, a large headwind acting against this trend is that pickup

trucks tend to be more popular in areas with less-developed charging infrastructure 2 – a headwind that the SOLIS cover

directly addresses and positions us favorably for possible partnerships and deals with electric pickup truck manufacturers.

Specialty Equipment Aftermarket provides more specific insight into how often and for what reasons vehicle owners or renters are purchasing

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Truck bed covers are among the top product categories for aftermarket accessory purchases

in 2021 2 , and the size of the tonneau cover market within the USA was valued at $3 billion as of 2021.

in 2021 2 , and the size of the tonneau cover market within the USA is expected to grow at a compound annual growth rate of

8.6% from $3 billion in 2021 to $5 billion in 2027.

discretionary consumer goods, the specialty automotive part market is subject to consumer spending trends.

Per capita disposable income

fell 7.8% during 2022 as government stimulus ended;

however, it is expected to increase slowly during 2023.

8 Further, while

the Federal Reserve has projected unemployment rates to increase in 2023 and subsequent years 9 , recent unemployment rates

are the lowest they have been in recent decades.

fell 7.8% during 2022 as government stimulus ended, though it has since increased by 4.6%.

8 Further, the Bureau of Labor has

reported an increased unemployment rate in February 2024 relative to prior months 9 , and the Federal Reserve has projected

unemployment rates may increase in 2024 and 2025.

10 Together, these factors suggest consumer disposable income and unemployment

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online retailers.

For physical location sales, the most popular sales channels for truck bed covers include Specialty Retailers/Installers

and New Vehicle Dealerships, which constitute 17% and 11% of in-store sales, respectively.

6 For online sales, the most popular

sales channels for truck bed covers include Online Only General Retailer, Specialty Retailers/Installers, and Parts Manufacturers, which

constitute 23%, 19%, and 8% of online sales, respectively.

6 In the Fall of 2022, it was reported that roughly 59% of retailer

specialty equipment sales were sold through in-store/physical channels while the other 41% were sold through online channels.

It was further reported that roughly 50% of manufacturer specialty equipment sales were sold through in-store/physical channels

while the other 50% were sold through online channels.

11 Worksport aims to list its products on each of these highly-popular

in-person and online sales channels in order to maximize sales volumes.

For physical location sales, the most popular sales channels for truck bed covers include New Vehicle Dealerships and

Specialty Retailers/Installers, which constituted 17% and 14% of physical location sales, respectively, in 2023.

sales, the most popular sales channels for truck bed covers include Online Only General Retailer, Specialty Retailers/Installers, and

Direct from Parts Manufacturers, which constituted 22%, 19%, and 8% of online sales, respectively, in 2023.

6 In the Fall of

2022, it was reported that more than half of manufacturers within the specialty-equipment industry were realizing increasing sales through

their Direct Sales to Consumers online sales channel over the prior twelve months – a proportion greater than that of any other

online sales channel for specialty-equipment including Online Specialty Retailers, Online-Only Retailers, and Auto Parts Chains.

Worksport has begun selling in this sales channel and plans to invest further into doing so in the future.

Future Trends Report .

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Retrieved from www.sema.org

Pickup Trucks – Worldwide .

Retrieved from

https://www.statista.com/outlook/mmo/passenger-cars/pickup-trucks/united-states

Pickup Trucks – Worldwide .

Retrieved from

https://fr.statista.com/outlook/mmo/passenger-cars/pickup-trucks/worldwide

Electric Pickup Truck Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2022 – 2032 .

from https://www.marketdecipher.com/report/electric-pickup-trucks-market

2022 Market Report .

Global Pickup Truck Market Size, Share, Growth Analysis, By Truck Type (Small Size Pickup Truck, Mid-Size Pickup

Truck), By Propulsion Type (Diesel Pickup Truck, Gasoline Pickup Truck) - Industry Forecast 2023-2030 .

Retrieved from https://www.skyquestt.com/report/pickup-truck-market

GlobalNewswire.

Global Pickup Truck Market Poised for Growth, Set to Expand by USD 102.91 Billion with CAGR of 5.01% from 2023-2028 .

Retrieved from https://www.globenewswire.com/en/news-release/2024/01/26/2818014/28124/en/Global-Pickup-Truck-Market-Poised-for-Growth-Set-to-Expand-by-USD-102-91-Billion-with-CAGR-of-5-01-from-2023-2028.html

Intelligence.

North America Electric Truck Market Size & Share Analysis – Growth Trends & Forecasts up to 2029 .

Retrieved from https://www.mordorintelligence.com/industry-reports/north-america-electric-truck-market

SEMA Market Report .

Retrieved from www.sema.org

Tonneau Covers Market - Industry Outlook & Forecast 2022-2027 .

Retrieved from

https://www.arizton.com/market-reports/us-tonneau-covers-market

Retrieved from https://www.arizton.com/market-reports/us-tonneau-covers-market

Per Capita Disposable Income .

Retrieved from

https://www.ibisworld.com/us/bed/per-capita-disposable-income/33/#:

:text=Following%20the%20ending%20of%20government,when%20it%20may%20potentially%20hit.

Federal Reserve Board.

Retrieved from https://www.ibisworld.com/us/bed/per-capita-disposable-income/33/#:~ :text=Following%20the%20ending%20of%20government,when%20it%20may%20potentially%20hit.

of Labor Statistics.

The Employment Situation – February 2024 .

Retrieved from https://www.bls.gov/news.release/pdf/empsit.pdf

Reserve Board.

Summary of Economic Projections .

Retrieved from

https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20221214.pdf.

Bureau of Labor Statistics.

The Employment Situation – January 2023 .

Retrieved from

https://www.bls.gov/news.release/pdf/empsit.pdf

Retrieved from https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20231213.pdf.

State of the Industry Report 2022 Fall .

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Gas and diesel generators have long been

used by consumers to generate electricity when they could not rely on the grid, whether it be for grid damages or the lack of grid in

remote areas.

Unlike such generators, portable power stations do not generate electricity, themselves, but can also be used to provide

electricity during times of grid unreliability.

These portable power stations are often charged by the grid via home outlets or independent

of the grid via consumers’ vehicles or solar panels.

used by consumers to generate electricity when they could not rely on the grid, whether it be due to grid damage or the lack of grid

in remote areas.

Unlike such generators, portable power stations do not generate electricity themselves, but they too can be used to

provide electricity during times of grid unreliability.

These portable power stations are often charged by the grid via home outlets

or independent of the grid via consumers’ vehicles or solar panels.

Portable Power Station Market is large and growing.

At a compound annual growth rate of 3.9% between 2022 and 2031 1 , the global

Portable Power Station market size was valued at $4.0 billion in 2021.

1 Within this global market, the largest regional market

is the North American market.

2 The highest compound annual growth rates in this regional market is expected to be those power

stations utilizing lithium-ion batteries for off-grid power applications 2 , which matches the COR system’s battery type

as well as intended usage.

At a compound annual growth rate of 3.90% between 2023 and 2032, the global Portable

Power Station market size is currently valued at $4.49 billion and is expected to grow to $6.13 billion by 2032.

1 Within this

global market, the largest regional market is the North American market with the USA alone constituting $1.28 billion of the current

market share and having a compound annual growth rate of 3.8%.

1 The segments within the North American market with the largest

market share and highest compound annual growth rates are power stations utilizing lithium-ion batteries and those used for off-grid

power applications, 2 which matches the COR system’s battery type as well as intended usage.

Power stations with capacities

equal to or greater than 1500 Wh trail slightly behind batteries with capacities equal to or less than 500 Wh in both market size and

compound annual growth rate.

paired with the SOLIS cover, the COR energy storage system will be a market outlier in that it can be charged safely while mobile whereas

competing portable power stations are intended to be stationary during charging.

Allied Market Research.

Portable Power Station Market .

Retrieved from

https://www.alliedmarketresearch.com/portable-power-station-market-A11700

Markets And Markets.

Portable Power Station Market .

Retrieved from

https://www.marketsandmarkets.com/Market-Reports/portable-power-station-market-23592113.html

Retrieved from https://www.precedenceresearch.com/portable-power-station-market

Research Future.

Global Portable Power Station Market Research Report.

distribute our tonneau covers in Canada and the United States through an expanding network of wholesalers, private labels, distributors,

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businesses and retail consumers in their area and online.

Dealers purchase most of their products from their local distributor who deliver

Dealers purchase most of their products from their local distributor who delivers

to them regularly.

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Real Truck has acquired upwards of 16 independent tonneau cover brands in North America, allowing it to concurrently target many

different niche markets but also potentially cannibalizing its own sales.

different niche markets but also potentially causing it to cannibalize its own sales.

We compete directly with Real Truck.

Other competitors in this

space include Truck Accessories Group (Primarily Leer), Agricover (primarily Access), Truck Covers USA, and Paragon.

Other competitors

in this space include Truck Accessories Group (Primarily Leer), Agricover (primarily Access), Truck Covers USA, and Paragon.

believe that being independent, innovative, operationally lean, and competitively priced will enable us to acquire a larger portion of

the existing market share.

In order to execute on this, we intend to have a small and effective sales team to forge strong business-to-business

relationships, while turning inventory regularly through direct-to-consumer sales supported by a strong customer support team.

above MAP (Minimum Advertised Price) and enforcing this policy will allow business customers to sell without competing with us and in

return support the growth of the distribution base.

Our innovative covers are designed to serve purposes that no other tonneau cover

is currently capable of, some of which are specifically geared towards improving margins for distributors.

In order to execute on this, we have a small and effective sales team to forge strong business-to-business

relationships as well as a small and effective customer support team to service both business-to-business and direct-to-consumer sales.

Selling above MAP (Minimum Advertised Price) and enforcing this policy will allow business customers to sell without competing with us

and, in return, support the growth of the distribution base.

Our innovative covers are designed to serve purposes that no other tonneau

cover is currently capable of, some of which are specifically geared towards improving margins for distributors.

Further, the SOLIS cover’s

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Some of these competitors offer a line of Portable Power Stations, each with different power

capacities, sizes, and price points.

Others specialize in few or even one Portable Power Station as to target a specific or niche submarket.

intend to be competitive by focusing on our portable power station’s biggest strengths – primarily it’s modularity

and Hot Swap battery.

Modularity allows consumers not only to determine themselves the ideal stored energy capacity and price point they

are seeking but also to upgrade their COR system overtime based on their evolving needs.

capacities, sizes, and price points, while others specialize in a few or even one Portable Power Station as to target a specific or niche

intend to be competitive in this space by focusing on one Portable Power Station while selling additional modular batteries to allow

consumers not only to determine for themselves their ideal stored energy capacity and price point but also to upgrade their COR system

overtime based on their evolving needs.

of Components

of our soft and hard cover product lines requires components including but not limited to injection molded plastics, rubber hinges, rubber

seals, foam corners, aluminum blanks, aluminum extrusions, and metal brackets.

seals, foam corners, aluminum coils, aluminum extrusions, and metal brackets.

We believe that we can source materials needed for soft

and hard tonneau cover production from other suppliers without major delay should any preferred supplier no longer be suitable.

our domestically-assembled products, we have developed an extensive network of suppliers based in a diverse range of countries, including

but not limited to the USA, China, Romania, Spain, Turkey, and Canada.

We are further diversifying our supply chain of tonneau cover

components by developing relationships with suppliers based in countries, including but not limited to Malaysia, Hungary, Czech Republic,

Estonia, Latvia, Slovakia, Bulgaria, Vietnam, Thailand, Poland, Finland, Italy, and Lithuania.

For our COR and SOLIS components, we are

establishing relationships with suppliers based in countries, including but not limited to China, Germany, Romania, Turkey, Philippines,

our domestically assembled products, we have developed an extensive network of suppliers based in a diverse range of countries,

including but not limited to the USA, China, Romania, Spain, Turkey, and Canada.

We are further diversifying our supply chain of tonneau

cover components by developing relationships with suppliers based in countries, including but not limited to Malaysia, Hungary, Czech

Republic, Estonia, Latvia, Slovakia, Bulgaria, Vietnam, Thailand, Poland, Finland, Italy, and Lithuania.

For our COR and SOLIS components,

we are establishing relationships with suppliers based in countries, including but not limited to the USA, Canada, China, Germany, Romania,

Turkey, Philippines, and India.

We actively seek to lower reliance on any country deemed a potential geo-political supply chain risk.

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in-house and third-party.

Our industrial engineers are based in both Canada and the United States, and they have developed and are further

Our design engineers are based in both Canada and the United States, and they have developed and are further

developing unique tonneau cover designs with enhanced user experience, cost-effective and sustainable materials, and automatable manufacturing

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SOLIS cover, as determined through deep product research and testing.

Concurrently, the electrical engineering department is researching

and developing more size- and cost-effective methods of portable energy storage in order to offer the market a competitive portable energy

storage system with distinguishable and unique product features.

subsidiary, Terravis, researches green energy solutions for home and community power as well as Electric Vehicle DC charging and heat-pump

Concurrently, the electrical engineering department continues to

research and develop more size- and cost-effective methods of portable energy storage in order to offer the market a competitive portable

energy storage system with distinguishable and unique product features.

subsidiary, Terravis Energy, Inc., researches green energy solutions for home and community power as well as Electric Vehicle DC charging

and heat-pump technology.

Programs, Incentives and Regulations

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and Incentives

have applied for and been granted tax, mortgage, wage, and energy cost relief in New York in addition to wage cost relief in Ontario.

These programs are provided by several agencies including the Erie County Industrial Development Agency, Empire State Development, NY

Power Authority, and The Canada Revenue Agency.

Each of these incentive programs includes its own set of guidelines and requirements,

including but not limited to timely eligibility reporting, environmental regulation compliance, and headcount projection realization

– each of which we have agreed to and must abide by in order to continue realizing said incentives.

have applied for and been granted tax, mortgage, wage, and energy cost relief in New York in addition to wage cost and R&D cost relief

These programs are provided by several agencies including the Erie County Industrial Development Agency, Empire State

Development, NY Power Authority, and The Canada Revenue Agency.

Each of these incentive programs includes its own set of guidelines and

requirements, including but not limited to timely eligibility reporting, environmental regulation compliance, and headcount projection

realization – each of which we have agreed to and must abide by in order to continue realizing said incentives.

continue to seek additional incentives and grants in order to lower our operational costs as well as commit less capital to new product

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Costs of environmental regulatory compliance are not expected to be significant.

As of December

31, 2022, we had a total of 25 employees, of which included 16 full-time employees in Canada and five full-time and four temporary

employees in the USA.

We intend to hire additional employees as operations grow – particularly within our West Seneca, NY

manufacturing facility.

We rely on few independent contractors for additional labor and are very selective in our use of

employ twenty full-time employees and two part-time employees in Canada and further employ fifty full-time employees in the USA.

to hire additional employees as operations grow – particularly within our West Seneca, NY manufacturing facility.

We rely on few

independent contractors for additional labor and are very selective in our use of consultants.

are an equal opportunity employer committed to inclusion and diversity and to providing a workplace free of harassment or discrimination.

believe that compensation should be competitive and equitable and should enable employees to share in our success.

We recognize our

people are most likely to thrive when they have the resources to meet their needs and the time and support to succeed in their professional

and personal lives.

In support of this, we offer a variety of benefits for employees and invest in tools and resources that are designed

to support employees’ growth and development.

We recognize our employees

are most likely to thrive when they have resources and support to meet their needs and succeed in their professional and personal lives.

In support of this, we offer a variety of benefits for employees, such as group insurance, HRAs, supplemental insurance, paid time off,

and 401k benefits, and we invest in tools and resources that are designed to support employees’ growth and development.

and Diversity

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are committed to protecting our team members everywhere we operate and, as such, support employees with general safety trainings.

have also taken additional health and safety measures during the COVID-19 pandemic.

have also taken additional health and safety measures during and after the COVID-19 pandemic.

Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to

Sections 13(a) and 15(d) of the Exchange Act, are filed with the SEC.

Such reports and other information filed by us with the SEC are

available free of charge at investors.worksport.com/stock-information when such reports are available on the SEC’s website.

We periodically provide certain information for investors on our corporate website, worksport.com , and our investor relations

website, investors.worksport.com .

This includes press releases and other information about financial performance, information

on environmental, social and governance matters, and details related to our annual meeting of shareholders.

The information contained

on the websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this filing.

Further, our references

to website URLs are intended to be inactive textual references only.

principal corporate office and research and development (“R&D”) facility is located at 55G East Beaver Creek Rd., Richmond

Hill, Ontario, L4B 1E5, Canada while our manufacturing and secondary business address is 2500 N.

Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are filed with the U.S.

Securities and Exchange Commission (the “SEC”).

Such reports and other information filed by us with the SEC are available

free of charge at investors.worksport.com/stock-information when such reports are available on the SEC’s website.

We periodically

provide certain information for investors on our corporate website, worksport.com , and our investor relations website, investors.worksport.com .

This includes press releases and other information about financial performance, information on environmental, social and governance matters,

and details related to our annual meeting of shareholders.

The information contained on the websites referenced in this Annual Report

on Form 10-K is not incorporated by reference into this filing.

Further, our references to website URLs are intended to be inactive textual

references only.

principal corporate office and manufacturing, storage, and distribution facility is located at 2500 N.

America Dr., West Seneca, NY 14224,

USA while our secondary business address and Canadian research and development (“R&D”) facility is located at 55G East

Beaver Creek Rd., Richmond Hill, Ontario, L4B 1E5, Canada.

We additionally have a US-based R&D facility located at 5232 N.

Ozark, MO 65721.

main telephone number is (888) 554-8789.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business