Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 142

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 142
---
 Granted 
     1,946,192  
     1.75 
  
    Exercised 
     (160,973) 
     1.39 
  
    Forfeited 
     (37,500) 
     0.90 
  
    Outstanding at September 30, 2025 
     2,325,761  
    $2.02 

The
grant-date fair values of RSUs are based on the Company’s stock price as of the grant date.

Shared-based
compensation expense related to the vesting of RSU’s was $1.6 million and $1.3 million for the nine months ended September 30,
2025 and 2024, respectively, and is included in general and administrative expense on the consolidated statements of operations and comprehensive
loss.

14.
Warrants

(a)
Liability-classified warrants having CAD exercise price

The
functional currency of the Company is USD and certain of the Company’s warrants have an exercise price in CAD, resulting liability
classification of the warrants.

The
following is a summary of changes in the value of the warrant liability for the nine months ended September 30, 2025:

Schedule of changes in value of warrant liability 

     Amount 
  
    Balance, December 31, 2024 
    $14,314 
  
    Change in fair value 
     (7,275)
  
    Foreign exchange 
     6 
  
    Balance, September 30, 2025 
    $7,045 

The
following assumptions were used to determine the fair value of the warrant liability using the Black-Scholes option pricing model:

Schedule of assumptions fair value of warrant liability 

    September
    30, 2025

    December
    31, 2024

    Share
    price

    CAD$0.94

    CAD$1.19

    Term,
    in years

    2.00

    2.75

    Exercise
    price

    CAD$9.68

    CAD$9.68

    Expected
    volatility

    100.00
    %

    100.00
    %
  
    Risk-free
    interest rate

    2.66
    %

    2.85
    %
  
    Expected
    dividend yield

    0
    %

    0
    %

    22

Volatility