Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6. Intangible Assets

Intangible assets consist of costs incurred to establish the Worksport Tri-Fold and Smart Fold patent technology, Worksport trademarks, as well as the Company’s website and sales CRM system. The patent was issued in 2014 and 2019. The patent will be amortized on a straight-line basis over its useful life of 25 years. The Company’s sales CRM system is currently in testing and development which is expected to be completed in 2022, as such no amortization has been recorded. The Company’s trademark and website are reassessed every year for amortization/impairment; the Company has determined that amortization/impairment is not necessary for the current year ended December 31, 2021. The change in intangible assets for the years ending December 31, 2021 and 2020 are as follows:

	2021
	Patent			Website		Trademarks		Software		Total
Cost
Balance – January 1, 2021	$	58,706		$	3,500	$	5,150	$	-	$	67,356
Additions		4,000			25,951		-		502,534		532,485
Balance – December 31, 2021	$	62,706		$	29,451	$	5,150	$	502,534	$	599,841
Accumulated Depreciation
Balance – January 1, 2021	$	(4,408	)	$	-	$	-	$	-	$	(4,408	)
Additions		(2,380	)		-		-		-		(2,380	)
Balance – December 31, 2021	$	(6,788	)	$	-	$	-	$	-	$	(6,788	)
Net amount as at December 31, 2021	$	55,918		$	29,451	$	5,150	$	502,534	$	593,053

	2020
	Patent			Website		Trademarks		Software		Total
Cost
Balance – January 1, 2020	$	51,250		$	3,500	$	4,644	$	-	$	59,394
Additions		7,456			-		506		-		7,962
Balance – December 31, 2020	$	58,706		$	3,500	$	5,150	$	-	$	67,356
Accumulated Amortization
Balance – January 1, 2020	$	(2,249	)	$	-	$	-	$	-	$	(2,249	)
Additions		(2,159	)		-		-		-		(2,159	)
Balance – December 31, 2020	$	(4,408	)	$	-	$	-	$	-	$	(4,408	)
Net amount as at December 31, 2020	$	54,298		$	3,500	$	5,150	$	-	$	62,948

Amortization of the patent over the next five years and beyond December 31, 2021 is as follows:

2022	$	2,348
2023	$	2,348
2024	$	2,348
2025	$	2,348
2026	$	2,348
2027 and later	$	42,558

Worksport Ltd.

Notes to the Consolidated Financial Statements

December 31, 2021 and 2020