Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 409

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 409
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 thousand. On October 17, 2024, 812,347 common shares were issued in connection with conversion of $500 thousand
in principal under the Yorkville CD with a fair value of $538 thousand.

On
September 4, 2024, 80,000 common shares were issued in settlement of outstanding amounts payable of $0.1 million to Yorkville (first
half of the SEPA commitment fee). On October 31, 2024, 139,004 common shares were issued in settlement of outstanding amounts payable
of $0.1 million to Yorkville (second half of the SEPA commitment fee).

On
October 2, 2024, 68,493 common shares were issued to King Street in connection with the settlement agreement, for payment of $50 thousand.

On
October 16, 2024, 28,169 common shares were issued in settlement of outstanding amounts payable of $20 thousand.

16

During
the years ended December 31, 2024 and 2023, 1,088,132 and 125,148 shares were issued upon the vesting of RSUs.

Results
of Operations:

The
following table summarizes our results of operations for the years ended December 31, 2024 and 2023.

    Year ended December 31,  

    2024  
    2023  
    Variance 
  
    Revenue 
    $96,198,101  
    $41,303,381  
    $54,894,720 
  
    Cost of revenue 
     80,924,985  
     31,201,859  
     49,723,126 
  
    Gross profit 
     15,273,116  
     10,101,522  
     5,171,594 
  
    Operating expenses: 

    General and administrative 
     25,074,294  
     13,587,575  
     11,486,719 
  
    Selling and marketing 
     9,131,270  
     6,305,939  
     2,825,331 
  
    Research and development 
     3,247,774  
     3,067,361  
     180,413 
  
    Depreciation and amortization 
     3,237,349  
     1,889,075