Company: GAME
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010979
Chunk: 59

Company: GameSquare Holdings, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 59
---
 communicated
to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

35

As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our management carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures under the supervision of our Chief Executive Officer and our Chief Financial
Officer and concluded that our disclosure controls and procedures were not effective as of March 31, 2024. Material weaknesses relating
to the Design and Implementation of Control Activities and Monitoring Activities were identified. The Company did not have sufficient
resources with 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 months ended March 31, 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 months ended March 31, 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