Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

25. Subsequent Events

The Company has evaluated subsequent events through March 31, 2022 which is the date the financial statements were available to be issued and the following events after year end occurred:

● On February 17, 2022, Worksport appointed Tom DiNanno to its Board of Advisors for a monthly fee of $5,000 USD in addition to a 10,000 common share option grant.

● Worksport agreed to issue 20,000 shares of common stock to employees/consultants. Additionally, Worksport has agreed to issue Stock Options of Terravis Energy, Inc., a Worksport subsidiary, to Lorenzo Rossi and Steven Rossi in the amount of 750,000 and 250,000 options, respectively.

● Worksport agreed to issue 10,000 Common Shares to Zenfar Investments Ltd on January 13, 2022 for manufacturing consulting services rendered per agreement signed on March 3, 2021.

● Worksport agreed to issue 40,000 Common Shares to Exchange Listing LLC on March 18, 2022 for capital markets and strategic advisory services rendered per agreement signed on January 26, 2022.

● Worksport has initiated final steps towards closing on the West Seneca production facility it began looking into in 2021, applying for a mortgage and initiating a Phase 2 Environmental Assessment. We are seeking to purchase the property for $8.125M, financing $5.3M via mortgage with an interest rate of prime rate + 5.5% while putting down $2.825M on the property.