Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 421

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 421
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 new debt and/or equity issuances.

As discussed in recent developments above, we obtained
gross proceeds of $10.0 million from the Kalish CD issued on December 15, 2024. Further, as discussed above, the Kalish CD was exchanged
on April 1, 2025 for the Company’s remaining preferred shares held in Faze Media Inc.

Operating
Activities

The Company used cash of $30.6 million in operating
activities during the year ended December 31, 2024, compared with $16.1 million in the comparative period. The use of funds in operating
activities is described in the Results of Operations section above.

Investing Activities

Net cash provided by investing activities was $2.7
million for the year ended December 31, 2024, consisting primarily of $2.4 million cash acquired in the FaZe Clan acquisition.

Net cash provided by investing activities was $14.1
million for the year ended December 31, 2023, consisting primarily of $11.3 million in cash acquired in the Engine acquisition and $2.75
million cash from the disposal of Frankly Media radio assets.

Financing Activities

Net cash provided by financing activities was $38.0
million for the year ended December 31, 2024, which was primarily due to PIPE Financing on March 7, 2024 of $10 million, cash investments
by non-controlling interests of Faze Media, Inc. of $20.5 million and net cash inflows from issuances (less repayments) of convertible
debt of $8.5 million.

Net cash provided by financing activities was $4.0
million for the year ended December 31, 2023, which was primarily due to $4.5 million of proceeds from the line of credit and $0.2 million
of proceeds from promissory notes payable, offset by $0.8 million of payments on the credit facility.

23

Commitments
and Contingencies

Management
commitments

The
Company is party to certain management contracts. These contracts require payments of approximately $0.6 million to be made upon the
occurrence of a change in control and termination without cause to certain officers of the Company. The Company is also committed to
payments upon termination without cause of approximately $1.1 million pursuant to the terms of these contracts. As a triggering event
has not taken place, these amounts have not been recorded in these