Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 198

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 198
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 the relevant expertise to perform an effective risk assessment process, design and implement controls supported by documentation
and provide evidence that such controls designed was based on the COSO Framework.

The
material weaknesses in risk assessment, control activities and monitoring activities contributed to the following material
weaknesses: (i) the Company did not complete a documented risk assessment, and (ii) the Company did not identify all risks and
design relevant controls related to system of internal controls. As a consequence of the aggregation of the foregoing deficiencies
in the Company’s DC&P and ICFR design, the Company did not have effective control activities related to the design of
process-level and management review control activities. Aside from these deficiencies, management believes that the Company’s
condensed consolidated financial statements for three and nine months ended September 30, 2025, present fairly in all material
respects, the Company’s financial position, results of operations, changes in shareholders’ equity and cash flows in
accordance with U.S GAAP. The Company does not believe and is not aware of any circumstance in which the potential weaknesses have
impacted the Company’s financial reporting and as a result, there were no material adjustments to the Company’s
condensed consolidated financial statements for the three and nine months ended September 30, 2025. In addition, there were no
changes to previously released financial results. However, if the collective deficiencies were deemed to create a material weakness,
a material misstatement to our consolidated financial statements might not be prevented or detected on a timely basis.

Management’s
Remediation Measures

To
address the deficiencies identified, management, with oversight of the Audit Committee, has implemented, or will implement, remediation
measures to further address the deficiencies in the design of its DC&P and ICFR. The Company intends to complete such remedial measures
by December 31, 2026. Management has also performed an initial risk assessment using a top-down, risk-based approach with respect to
the risks of material misstatement of the consolidated financial statements. In addition, compensating controls have been applied to
a number of areas where the risks of material misstatement are considered moderate to high. The Company is engaging outside resources
to strengthen the business process documentation and help with management’s self-assessment and testing of internal controls. Although
the Company can give no assurance that these actions will remediate these deficiencies or that additional deficiencies or a material
weaknesses will not be identified in the future, management believes