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Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

27. Subsequent Events

 

The Company has evaluated subsequent events through March 31, 2023, which is the date the financial statements were available to be issued. The following events occurred after year-end:

 

●On January 30, 2023, the Company and a stock options holder reached an agreement to cancel all 400,000 stock options in exchange for extending the exercisable period of 300,000 warrants to December 31, 2024.
   
●On January 30, 2023, the Company issued 360,000 stock options to members of the board. The stock options have an exercise price of $1.66 and an expiration date of January 30, 2033. The stock options will vest in six equal installments of 60,000 commencing on the effective date of the grant and on each annual anniversary.
   
●On January 30, 2023, the Company issued 300,000 stock options to a consultant. The stock options have an exercise price of $1.66 and an expiration date of January 30, 2028. The options have a vesting period with: 150,000 shall vest on grant date, 75,000 shall vest on March 1, 2023, and 75,000 shall vest on September 1, 2023.
   
●On February 14, 2023, the Company received $7,383 ($10,000 CAD) of forgiven debt from the Government of Canada for an interest-free loan issued by the Government of Canada as part of the COVID-19 small business relief program.

 

 

Worksport Ltd.

Notes to the Consolidated Financial Statements

December 31, 2022 and 2021

 

27. Subsequent Events (continued)

 

●On March 14, 2023, the Company issued 45,000 stock options to various employees. The stock options have an exercise price of $1.53 and an expiration date of March 14, 2033. The options will vest in two equal installments of 22,500 on each of the following two annual anniversaries of the effective date of the grant.
   
●On March 14, 2023, the Company issued 20,000 stock options to a consultant. The stock options have an exercise price of $1.53 and an expiration date of March 14, 2033. The options will vest in two equal installments of 10,000 on each of the following two annual anniversaries of the effective date of the grant.
   
●On March 14, 2023, the Company issued 85,106 stock options to a manager. The stock options have an exercise price of $1.53 and an expiration date of March 14, 2033. The options will vest in two equal installments of 42,553 upon the completion of two milestones as approved by the Company’s Compensation Committee.
   
●On March 14, 2023, the Company issued 170,212 restricted stock units to a manager. The restricted stock units have a vesting period with: 21,280 shall vest on grant date, and 10,638 shall vest at the end of each subsequent three month period through August 31, 2026.