Mississauga – April 06, 2022 — Worksport Ltd. (Nasdaq: WKSP) (the “Company”) has filed its annual report with Securities and Exchange Commission.
The entire report can be found on the Securities and Exchange Commission edgar filing database.
The Company has approximately $36 million in assets and $2.1 million in liabilities. The Company has approximately $28 million in cash which is its strongest cash position since its inception.
“We are in a position that we are comfortable with. We have a great cash position and are poised to have a very good year. During 2021 we focused our energy on building inventory knowing that making the transition from manufacturing in China to North America was going to cost us some production days. Overall, we are in good position to revamp our manufacturing and sales practices and made good strides in just that.” said Steven Rossi, Chief Executive Officer of Worksport.
In 2021 the Company:
- Raised $16.1 million in an underwritten public offering;
- Completed its Reg A offering for proceeds of approximately $7 million;
- Completed its private offering for proceeds of approximately $4 million;
- Uplisted to the Nasdaq Stock Exchange;
- Appointed Bill Caragol and Ambassador Ned. L Siegel to the Board of Directors;
- Established Audit, Compensation and Corporate Governance Committees;
- Formed Terravis Energy, Inc. for its alternative energy endeavors (operations commenced in 2022;
- Built pre-production prototype Worksport SOLIS and COR;
- Created an Advisory Board;