v3.26.1
Schedule of Long Term Debt (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Short-Term Debt [Line Items]    
Long-term debt $ 3,438,668 $ 2,675,158
Less deferred debt issuance cost (23,234) (37,868)
Less current installments (2,531,178) (1,686,809)
Long-term debt 884,256 950,481
Revolving Credit Facility [Member]    
Short-Term Debt [Line Items]    
Long-term debt [1] 2,260,723 1,441,665
Other [Member]    
Short-Term Debt [Line Items]    
Long-term debt [2] $ 1,177,945 $ 1,233,493
[1] On July 19, 2024, the Company, as the guarantor, and Worksport New York Operations Corporation as well as Worksport USA Operations Corporation, entered into a $6,000,000 Revolving Financing and Assignment Agreement with an external lending entity with a maturity date of July 18, 2026, or 24 months. Upon transaction close, the Company drew down approximately $5.06 million of the Revolving Credit Facility, net of $790,000 of interest reserve required to be withheld to ensure interest payments by the Company. The Company used $4.73 million of the drawn down amount to refinance the Company’s mortgage on the Company’s real property located at 2500 North America Dr. in West Seneca, New York, and additionally drew approximately $330,000 to fund operations. At March 31, 2026, the outstanding balance of this loan was $2,260,723.
[2] On September 4, 2024, the Company, through its wholly owned subsidiary, Worksport USA Operations Corporation, entered into a $1,487,200 credit and security agreement with an external lending entity with a maturity date of September 1, 2027, which is 36 months from initial funding. Upon transaction close, the Company received net proceeds of $1,412,750 (net of issuance costs of $43,735). The Company and its wholly owned subsidiary, Worksport New York Operations Corporation, serve as guarantors on the loan. For collateral, the lender holds a first position on the Company’s equipment, which is primarily manufacturing and warehousing equipment. Interest on the loan is based on the prime rate plus 700 basis points per annum. At March 31, 2026, the outstanding balance of this loan was $1,154,711 (net of issuance costs of $23,234).