Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Loss per Share

21. Loss per Share

For the year ended December 31 2021, loss per share is $(0.69) (basic and diluted) compared to the year ended December 31, 2020 of $(0.43) (basic and diluted) using the weighted average number of shares of 11,504,147 (basic and diluted) and 2,734,531 (basic and diluted) respectively.

There are 299,000,000 shares authorized, 16,951,034 and 3,820,619 shares issued and outstanding, as at December 31, 2021 and 2020 respectively. As of December 31, 2021, the Company has 221,667 shares to be issued. The computation of loss per share is based on the weighted average number of shares outstanding during the period in accordance with ASC Topic No. 260, “Earnings Per Share.” Shares underlying the Company’s outstanding warrants and convertible promissory notes were excluded due to the anti-dilutive effect they would have on the computation. As at December 31, 2021 the Company has 5,658,315 warrants convertible to 6,649,305 common shares, 45,000 restricted stock to be issued and 712,500 stock options exercisable for 712,500 common shares for a total underlying common shares of 7,406,805. As at December 31, 2020 the Company has 12,436,301 warrants convertible to 12,436,301 common shares and convertible promissory note convertible to 3,448,025 common shares for a total underlying common shares of 15,884,326.

Worksport Ltd.

Notes to the Consolidated Financial Statements

December 31, 2021 and 2020