Business Context and Reporting Period
This Form 8-K Current Report is filed by Worksport Ltd. (Nasdaq: WKSP), a Nevada corporation, for the reporting period ending April 30, 2026. The filing primarily addresses Item 5.02 regarding the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics for the period. However, it discloses specific compensation and transaction amounts related to the CFO transition:
- Historical Consulting Fees: The Company paid Arend Advisory Group LLC (wholly owned by the new CFO) approximately $8,000 in 2023, $134,000 in 2024, and $158,000 in 2025.
- Recent Consulting Fees: Approximately $17,000 was paid to Arend Advisory Group LLC from January 1, 2026, through April 29, 2026.
- Equity Issuance: The Company issued 19,768 shares of common stock to Arend Advisory Group LLC for services rendered between August 2023 and December 2025.
- New Equity Grant: The Board authorized the issuance of 13,000 shares of common stock to Arend Advisory Group LLC in connection with the CFO transition.
Material Changes
The primary material change reported is the leadership transition within the finance function:
- Resignation: Michael Johnston resigned as Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective April 30, 2026. The resignation was not due to any disagreement regarding operations, policies, or financial reporting.
- Appointment: Jennifer Kartychak was appointed as the new Chief Financial Officer, effective May 1, 2026. She previously served as Vice President of Finance since January 1, 2026.
- Operational Shift: The Company expects to complete the transition to an in-house finance function with this appointment.
Guidance, Outlook, and Compensation
The filing details the compensatory arrangements for the new CFO, Jennifer Kartychak, under an Executive Employment Agreement dated January 1, 2026:
- Base Salary: $220,000 annually.
- Annual Bonus: Target payout of $75,000, contingent on corporate milestones and individual KPIs.
- Stock Options: Grant of non-qualified stock options to purchase up to 100,000 shares of common stock, subject to time- and performance-based vesting.
- Outlook: Management indicates a strategic move to internalize the finance function. No specific financial guidance or revenue outlook is provided in this filing.
Investor Verification Checklist
- Verify the terms of the Executive Employment Agreement (Exhibit 10.1) regarding vesting schedules and performance metrics for the new CFO.
- Confirm the total number of shares outstanding following the issuance of the 13,000 shares to Arend Advisory Group LLC.
- Review the Company's subsequent filings to assess the impact of the CFO transition on financial reporting timelines and internal controls.
- Monitor future disclosures for any additional related-party transactions involving Arend Advisory Group LLC.