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Loans payable | 12 Months Ended
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Dec. 31, 2022
Loans Payable |
Loans payable | 20. Loans payable
| a) | During the year ended December 31, 2022, the Company entered into a loan agreement with a third party for the purchase of property located in West Seneca, New York, the details of which are disclosed in the Company’s Form 8-K filed with the United States Securities and Exchange Commission on May 11, 2022. The Company received $5,300,000 with an interest rate of prime plus 2.25% with an initial maturity date of May 10, 2024 and the option to extend the loan for an additional year. In order to service the loan throughout the term, the Company deposited $667,409 in a restricted account. As of December 31, 2022, the balance in the restricted account was $411,016 and is included in cash and cash equivalents on the accompanying balance sheet.
| b) | During the year ended December 31, 2020, the Company received loans of $32,439, $10,000, and $108,000 from an unrelated third party with an interest rate of 10% per annum and a maturity date of December 31, July 22 and August 31, 2021, respectively. During the year ended December 31, 2021, the Company agreed to repay the outstanding principal and interest through the issuance of 62,006 common shares at $0.09 per share. As of December 31, 2021, the Company accrued interest of $1,319. As of the date of the settlement agreement, the Company had $150,439 of principal and $7,348 of interest outstanding, resulting in the Company recognizing a gain on settlement of $46,176 for the year ended December 31, 2021. There are no amounts owing, and the loan has been fully settled.
| c) | During the year ended December 31, 2020, the Company received $28,387 ($40,000 CAD) interest-free from the Government of Canada as part of the COVID-19 small business relief program. Repaying the balance of the loan on or before December 31, 2023 resulted in loan forgiveness of 25 percent (25%). As of September 30, 2022, the Company made a repayment of $28,387 ($40,000 CAD) and, as of February 14, 2023, received the forgiven debt of $7,383 ($10,000 CAD), see note 27. At December 31, 2022, there are no amounts owing, and the loan has been fully settled.
Worksport Ltd. Notes to the Consolidated Financial Statements December 31, 2022 and 2021

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