Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 556

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 556
---
See
Note 3 to our consolidated financial statements included in this Annual Report on Form 10-K for a description of recently adopted accounting
pronouncements and recently issued accounting pronouncements not yet adopted, the timing of their adoptions and our assessment, to the
extent we have made one, of their potential impact on our financial condition and results of operations.

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We
are exposed to a variety of market and other risks, including the effects of changes in interest rates and inflation, as well as risks
to the availability of funding sources, and specific asset risks.

Market
risk represents the risk of loss that may impact our financial position, results of operations, or cash flows due to adverse changes
in financial market prices, including interest rate risk, foreign currency exchange rate risk, and other relevant market or price risks.
We do not use derivative instruments to mitigate this risk.

Interest
rate risk

Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. We are exposed to fair value risk with respect to debt which bears interest at fixed rates.

Foreign
currency risk

Our
exposure to the risk of changes in foreign exchange rates relates primarily to fluctuations of financial instruments related to cash,
accounts and other receivables, and accounts payable denominated in Euros, UK pound sterling as well as debt denominated in Canadian
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 202