Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 1052

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1052
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dollars.

29

Item
8. Financial Statements and Supplementary Data

GameSquare
Holdings, Inc.

Index
to the Consolidated Financial Statements

    Report of Independent Registered Public Accounting Firm (PCA OB: 6644)
    F-2
  
    Consolidated Balance Sheets
    F-6
  
    Consolidated Statements of Operations and Comprehensive Loss
    F-7
  
    Consolidated Statements of Changes in Shareholders’ Equity
    F-8
  
    Consolidated Statements of Cash Flows
    F-9
  
    Notes to Consolidated Financial Statements
    F-11

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stakeholders of GameSquare Holdings, Inc.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of GameSquare Holdings, Inc. (the “Company” or “GSQ”)
as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive loss, shareholders’ equity,
and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to
as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year
period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Material
Uncertainty Related to Going Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1(b) to the financial statements, the Company has suffered recurring losses from operations and current liabilities exceed current assets
(or had a working capital deficiency of $18.3 million) that raise substantial doubt about its ability to continue as a going concern.
Management’s plans in regard to these matters are also described in Note 1(b). The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

Basis
for Opinion

These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board