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Warrants | 12 Months Ended
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Dec. 31, 2022
Schedule Of Warrants Activity |
Warrants | 23. Warrants During the year ended December 31, 2022, an aggregate of 250,121 warrants were exercised primarily on a cashless basis for 73,321 common shares, and 1,599,179 Reg-A public offering and private placement warrants expired. During the year ended December 31, 2021, a total of 2,488,721 warrants were exercised for 2,287,511 common shares. 1,637,709 warrants were exercised at $4.00 per share, 317,000 warrants were exercised at $6.05 per share, and 494,500 warrants were exercised on a cashless basis for 293,290 common shares. During the same period, the 39,512 warrants were exercised on a cashless basis related to a convertible promissory note (please refer to note 10). For the year ended December 31, 2021, 2,287,511 common shares were issued from warrant exercises. During the year ended December 31, 2021, the Company issued 1,502,409 and 2,040,990 warrants convertible to 1 and 2 common shares each exercisable for a period of 12 and 18 months, respectively. The warrants were issued in connection with the Reg-A public offering and private placement offering, respectively. The exercise price of the warrants is $4.00 per share. During the year ended December 31, 2022, the Company and a warrant holder reached an agreement to extend the exercisable period of 300,000 warrants, convertible to 2 common shares each, for an additional 12 months. During 2021, the Company issued 3,763,636 warrants convertible to 1 common share at an exercise price of $6.05 per share exercisable for a period of 36 months. 3,272,727 warrants were purchased through the underwritten public offering and 490,909 over-allotment warrants were purchased by the underwriter. The warrants were issued in connection with the underwritten public offering. During the year ended December 31, 2021, the Company and warrant holder reached an agreement to amend a previous warrant agreement. The Company issued an additional 150,000 warrants for a total of 250,000 warrants valued at $37,000. The exercisable period of the warrants was also amended to a period of five years beginning on January 14, 2021. The warrants are convertible to 1 common share each exercisable at $2 per share. During the year ended December 31, 2022, the warrants were exercised on a cashless basis for 73,321 common shares. Worksport Ltd. Notes to the Consolidated Financial Statements December 31, 2022 and 2021 23. Warrants (continued) During the year ended December 31, 2021, the Company issued 130,909 representative warrants to the Company’s underwriters. The representative warrants are not exercisable until January 30, 2022. The representative warrants are exercisable for 130,909 common shares at $6.05 per share until August 3, 2024. As of December 31, 2022, the Company recognized a value of $273,993 for the representative warrants to share issuance cost. During the year ended December 31, 2021, 26,815 warrants expired. As of December 31, 2022, the Company has the following warrants outstanding: Schedule of Warrants Exercise Price
Exercise price |  |  | Number outstanding |  |  | Remaining Contractual Life (Years) |  |  | Expiry date
$ | 4.00 |  |  |  | 300,000 |  |  |  | 1.22 |  |  | December 31, 2024
$ | 6.05 |  |  |  | 3,446,515 |  |  |  | 1.60 |  |  | August 3, 2024
$ | 6.05 |  |  |  | 130,909 |  |  |  | 1.59 |  |  | August 6, 2024
$ | 2.40 |  |  |  | 62,500 |  |  |  | 2.22 |  |  | March 20, 2025
|  |  |  |  | 3,939,924 |  |  |  | 1.58 |  |  |
Schedule of Warrants Activity
|  | December 31, 2022 |  |  | December 31, 2021 |
|  | Number of warrants |  |  | Weighted average price |  |  | Number of warrants |  |  | Weighted average price |
Balance, beginning of year |  |  | 5,652,827 |  |  | $ | 5.14 |  |  |  | 716,815 |  |  | $ | 3.46 |
Issuance |  |  | 130,909 |  |  | $ | 6.05 |  |  |  | 7,457,036 |  |  | $ | 4.99 |
Expired |  |  | (1,593,691 | ) |  | $ | (4.00 | ) |  |  | (26,815 | ) |  | $ | 4.00 |
Exercise |  |  | (250,121 | ) |  | $ | (2.00 | ) |  |  | (2,494,209 | ) |  | $ | 4.22 |
Balance, end of period |  |  | 3,939,924 |  |  | $ | 5.84 |  |  |  | 5,652,827 |  |  | $ | 5.14 |

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