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Commitments and contingencies
6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies

9. Commitments and contingencies

 

During the six months ended June 30, 2021 the Company entered into an amended agreement to reserve an additional 150,000 (7,500 post split) common shares for consulting services. During the year ended December 31, 2020 the Company entered into an agreement with a third-party advisor to reserve for issuance 100,000 (5,000 post split) common shares for consulting services. As of June 30, 2021, 12,500 (250,000 pre-stock split) common shares were issued to the third party.

 

During the year ended December 31, 2020 the Company (defendant) is currently in an ongoing legal proceeding with a promissory notes payable holder (plaintiff). As June 30, 2021, the outcome of the legal proceeding is uncertain.

 

During the year ended December 31, 2020, the Company reached a legal settlement with a supplier in which the Company is obligated to pay $6,037 per month beginning on March 1, 2020 for four months until the settlement amount of $24,148 has been fully paid on June 1, 2020. As of December 31, 2020, the Company has completed all payments.

 

 

Worksport Ltd.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)