Company: GAME
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010979
Chunk: 140

Company: GameSquare Holdings, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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. Upon termination of the Faze Media Voting Proxy, the Company
will reassess whether it continues to have a controlling financial interest in Faze Media.

As
a result of the above transactions, the Company recorded a non-controlling interest in Faze Media, Inc. of $20.5 million, the sum of
cash consideration received, within the consolidated statements of stockholders’ equity.

Subsequent
to March 31, 2025, the Company disposed of its remaining ownership in Faze Media, Inc. (See Note 18).

5.
Goodwill and intangible assets

(a)
Goodwill

The
following table presents the changes in the carrying amount of goodwill:

Schedule of goodwill 

    Balance, December 31, 2023 
    $16,303,989 
  
    Acquisition of FaZe 
     7,147,428 
  
    Disposal of Frankly Media
    assets 
     (3,315,139)
  
    Impairment of Stream Hatchet 
     (4,945,299)
  
    Impairment of Sideqik 
     (2,486,000)
  
    Balance, December 31, 2024 and March 31,
    2025 
    $12,704,979 

Goodwill
resulting from the acquisition of FaZe was allocated to the Teams operating and reportable segment.

There
were no impairment charges related to goodwill incurred during the three months ended March 31, 2025 and 2024, respectively.

    11

(b)
Intangible assets

Intangible
assets consist of the following:

Schedule of  intangible assets 

    As
    of March 31, 2025 

    Original
    cost  
    Accumulated
    amortization  
    Accumulated
    impairment losses  
    Carrying
    value 
  
    Customer relationships 
    $12,063,061  
    $(2,235,640) 
    $(2,655,946) 
    $7,171,475 
  
    Talent network 
     1,400,000  
     (595,833) 
    $-  
     804,167 
  
    Brand name 
     9,543,487  
     (1,635,144) 
    $(784,220) 
     7,124,123 
  
    Software 
     1