Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

5. Property and Equipment

Major classes of property and equipment at December 31, 2021 and 2020 are as follows:

	2021
	Equipment			Furniture			Product molds		Computers			Leasehold Improvements			Automobile			Total
Cost
Balance – January 1, 2021	$	10,047		$	-		$	65,708	$	1,162		$	23,371		$	-		$	100,288
Additions		526,935			97,795			4,500		32,258			344,862			95,434			1,101,784
Balance – December 31, 2021	$	536,982		$	97,795		$	70,208	$	33,420		$	368,233		$	95,434		$	1,202,072
Accumulated Depreciation
Balance – January 1, 2021	$	(5,410	)	$	-		$	-	$	(1,162	)	$	(2,204	)	$	-		$	(8,777	)
Additions		(27,191	)		(6,366	)		-		(4,616	)		(13,825	)		(12,499	)		(64,497	)
Balance – December 31, 2021	$	(32,601	)	$	(6,366	)	$	-	$	(5,778	)	$	(16,029	)	$	(12,499	)	$	(73,273	)
Net amount as at December 31, 2021	$	504,381		$	91,429		$	70,208	$	27,641		$	352,203		$	82,935		$	1,128,799

	2020
	Equipment			Furniture		Product molds		Computers			Leasehold Improvements			Automobile		Total
Cost
Balance – January 1, 2020	$	10,047		$	-	$	65,708	$	1,162		$	23,371		$	-	$	100,288
Additions		-			-		-		-			-			-		-
Balance – December 31, 2020	$	10,047		$	-	$	65,708	$	1,162		$	23,371		$	-	$	100,288
Accumulated Depreciation
Balance – January 1, 2020	$	(3,785	)	$	-	$	-	$	(1,162	)	$	(646	)	$	-	$	(5,593	)
Additions		(1,626	)		-		-		-			(1,558	)		-		(3,184	)
Balance – December 31, 2020	$	(5,410	)	$	-	$	-	$	(1,162	)	$	(2,204	)	$	-	$	(8,777	)
Net amount as at December 31, 2020	$	4,636		$	-	$	65,708	$	-		$	21,167		$	-	$	91,511

During the years ended December 31, 2021 and 2020, the Company recognized depreciation expense of $64,497 and $3,184, respectively. All current property and equipment, as well as any future purchases of property and equipment have been pledged as security for the notes payable disclosed in note 8.

Worksport Ltd.

Notes to the Consolidated Financial Statements

December 31, 2021 and 2020