XML 31 R26.htm IDEA: XBRL DOCUMENT
v3.20.1

Subsequent Events | 12 Months Ended
--- | ---
Dec. 31, 2019
Subsequent Events [Abstract] |
Subsequent Events | 20. Subsequent Events The Company has evaluated subsequent events through May 14, 2020 which is the date the financial statements were available to be issued and the following events after year end occurred:
| ● | On January 2, 2020, a consulting agreement was signed with Craft Capital Management LLC to introduce placement opportunities to the Company in exchange for 4%-8% of the Placement received by the Company. The agreement is effective from the date of signing for 18 months.
| ● | On January 4, 2020, a consulting agreement was signed with an individual to assist the Company in developing and procuring all company media assets including videos, photos, photo shoots, video shoots, logos, print and digital media. The term of the consulting agreement will be for a minimum period of 18 months with a consideration of 4,000,000 common shares at $0.03 per share for a total value of $125,000.
| ● | On January 23, 2020, a subscription agreement for 5,000,000 shares for $186,874 was cancelled. The Company and investor are currently in negotiation on the return the funds.
| ● | On January 28, 2020, a consulting agreement was signed with YK GROUP INC in assisting the Company with going public on the Canadian Securities Exchange.
| ● | On February 3, 2020, the Company terminated a consulting agreement signed on July 23, 2016.
| ● | On February 6, 2020, the Company reached a legal settlement with a supplier in which the Company is obligated to pay $6,037 per month beginning on March 1, 2020 for four months until the full amount of $24,148 has been repaid in full on June 1, 2020.
| ● | On February 28, 2020, the Company issued 2,680,982 for shares to settle the remaining debt purchase agreement entered in 2017 of $84,310.
| ● | In March 2020, the Company entered into a secured promissory note of $544,425. $44,425 are to be used to pay legal and accounting fees. As part of the secured promissory note the agreement the loan holder is also granted warrants allowing the loan holder to purchase 900,000 shares at an exercise price of $0.10. The agreement also requires the Company to issue 450,000 shares to the loan holder.
| ● | On March 26, 2020 the Company issued 2,000,000 shares to a consultant for $40,000 of consulting expense performed.
| ● | On April 20, 2020, the Company changed its name from Franchise Holding International Inc. to Worksport Ltd pending approval of the change from “FNHI” to WKSP”.
| ● | On April 20, 2020, the Company issued 1,000 preferred stock to the Company’s President, Secretary and Director.
| ● | Due to the impact of COVID-19 around the world the Company expects its sales to decrease significantly for the first and second quarter of 2020 as governments around the world enter a lockdown to prevent the spread of COVID-19.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration