Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

Intangible assets consist of costs incurred to establish the patent rights related to the Company’s quick latch and portable power station as well as soft, tough, and solar cover technologies. Worksport trademarks, licenses, and software costs. The Company’s patents were issued in 2014, 2019, 2020, and 2022. The patents and software will be amortized on a straight-line basis. At December 31, 2022, the software has not been placed into service. The Company’s trademark, licenses, and other indefinite life intangible assets are reassessed every year for impairment; the Company has determined that impairment is not necessary for the current year ended December 31, 2022. The change in intangible assets for the years ended December 31, 2022 and 2021 are as follows:

Worksport Ltd.

Notes to the Consolidated Financial Statements

December 31, 2022 and 2021

7. Intangible Assets (continued)

	2022			2021
Patent	$	62,706		$	62,706
License		103,329			-
Trademark		5,150			5,150
Software		1,077,534			502,534
Other		29,451			29,451
Less accumulated depreciation		(9,297	)		(6,788	)
	$	1,268,873		$	593,053

Subsequent to December 31, 2022, the Company capitalized an additional $72,466 of software costs. Estimated amortization of the patent and software over the next five years and beyond December 31, 2022 is as follows:

2023	$	69,933
2024	$	232,508
2025	$	232,508
2026	$	232,508
2027	$	232,508
2028 and later	$	203,444