Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 1359

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 1359
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,399 
  
    Less: Accumulated depreciation 
     (647,608) 
     (1,588,766)
  
    Property and equipment, net  
    $303,950  
    $2,464,633 

The
Company recognized depreciation expense for property and equipment of $0.7 million for the years ended December 31, 2024 and 2023, respectively.

7.
Goodwill and intangible assets

(a)
Goodwill

The
following table presents the changes in the carrying amount of goodwill:

 Schedule of goodwill

    Balance, December 31, 2022 
    $- 
  
    Acquisition of Engine 
     25,600,501 
  
    Impairment of Frankly 
     (7,024,000)
  
    Disposal of Frankly radio assets 
     (2,272,512)
  
    Balance, December 31, 2023 
    $16,303,989 
  
    Acquisition of FaZe 
     7,147,428 
  
    Disposal of Frankly Media assets 
     (3,315,139)
  
    Impairment of Stream Hatchet 
     (4,945,299)
  
    Impairment of Sideqik 
     (2,486,000)
  
    Balance, December 31, 2024 
    $12,704,979 

Goodwill
resulting from the acquisitions of Faze and Engine was allocated to the Teams and SaaS + Advertising operating and reportable segments,
respectively.

The
Company concluded goodwill related to Stream Hatchet and Sideqik reporting units were impaired as of December 31, 2024. The
Company recognized an impairment charge of $7.4 million for the year ended December 31, 2024.

After
considering the impact of the sale of the Frankly radio assets on projected sales and assumptions of future growth, as part of the
Company’s annual impairment assessment, the Company concluded goodwill related to Frankly was impaired. The Company recognized
an impairment charge of $7.0
million for the year ended December 31, 2023. No impairment charge was recorded on Frankly goodwill for the year ended December 31, 2024.

    F-30

(b)
Intangible assets

Intangible
assets consist of the following:

 Schedule of  intangible assets

    As of December 31