{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-042685","form_type":"8-K","ticker":"WKSP","cik":"0001096275","company_name":"Worksport Ltd","filed_at":"2023-11-24T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.207962+00:00","generated_at":"2026-06-07T21:47:00.787764+00:00","sec_items":["2.04","8.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Worksport receives default notice from Northeast Bank on $5.3M loan; seeks waiver","bullets":["Default notice from Northeast Bank under May 2022 loan agreement for $5.3M; alleged breaches include debt service coverage ratio and Nov 2 securities offering.","Northeast Bank may accelerate all amounts due, including principal, accrued interest, default-rate interest, and costs.","Company is in active discussions with Northeast Bank to obtain a waiver for the alleged defaults."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-042685","json":"https://secwatch.observer/filing/0001493152-23-042685.json","markdown":"https://secwatch.observer/filing/0001493152-23-042685.md","text":"https://secwatch.observer/filing/0001493152-23-042685.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/0001493152-23-042685-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T21:47:00.787764+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"99dbc0e6d45f43a6ad9455f9e95116fe3e745d83","claim":"Worksport Ltd reported a default on loan of $5,300,000 with Northeast Bank.","evidence_excerpt":"On November 16, 2023, Worksport Ltd. (the \"Company\") received notice from Northeast Bank alleging that Worksport New York Operations Corporation (the \"Borrower\"), a wholly owned subsidiary of the Company, breached the terms of a loan agreement dated as of May 4, 2022, by and between the Company and the Borrower (the \"Loan Agreement\"), relating to a loan in the amount of $5,300,000.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/0001493152-23-042685-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$5,300,000"},{"label":"Counterparty","value":"Northeast Bank"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}