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Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

7. Intangible Assets

Intangible assets consist of costs incurred to establish the patent rights related to the quick latch and soft vinyl quad-fold tonneau cover technologies, Worksport trademarks, licenses, and software costs. The Company’s utility patents and design registrations were issued between 2014 and 2023. The patents and software will be amortized on a straight-line basis. At December 31, 2023, the software has not been placed into service. The Company’s trademark, licenses, and other indefinite life intangible assets are reassessed every year for impairment; the Company has determined that impairment is not necessary for the current year ended December 31, 2023. The change in intangible assets for the years ended December 31, 2023 and 2022 are as follows:

Schedule of Change in Intangible Assets

	2023			2022
Patent		62,706			62,706
License		103,329			103,329
Trademark		5,150			5,150
Software		1,150,000			1,077,534
Other		29,451			29,451
Intangible Assets, gross		29,451			29,451
Less accumulated amortization		(11,747	)		(9,297	)
Intangible Assets, net	$	1,338,889		$	1,268,873

Amortization expense for the years ended December 31, 2023 and 2022 was $2,450 and $2,509, respectively.

Worksport Ltd.

Notes to the Consolidated Financial Statements

December 31, 2023 and 2022

7. Intangible Assets (continued)

Estimated amortization of the patent and software over the next five years and beyond December 31, 2023 is as follows:

Schedule of Amortization of patent


2024	$	232,508
2025	$	232,508
2026	$	232,508
2027	$	232,508
2028 and later	$	282,674