Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 154

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 154
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 and undertakings under
or in respect of the Note.

The
Parties’ obligation to complete the Transaction contemplated by the MIPA is subject to certain conditions, including approval by
TSXV, which is still outstanding. Accordingly, the Transaction described herein is subject to risk of completion.

The
MIPA contains customary representations, warranties, indemnification obligations and agreements of the Parties.

Other
Highlights

On
August 26, 2024, 103,594 common shares were issued in connection with conversion of $100 thousand in principal under the Yorkville CD
with a fair value of $108 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