Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 946

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 946
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 consolidation.

The
Company’s material subsidiaries as of December 31, 2024, are as follows:

Schedule of Material Subsidiaries

    Name of Subsidiary 
    Country of Incorporation 
    Ownership Percentage  
    Functional Currency
  
    Frankly Media LLC 
    USA 
     100.00% 
    US Dollar
  
    Stream Hatchet S.L. 
    Spain 
     100.00% 
    Euro
  
    Code Red Esports Ltd. 
    United Kingdom 
     100.00% 
    UK Pound
  
    GameSquare Esports (USA) Inc. (dba as Fourth Frame Studios) 
    USA 
     100.00% 
    US Dollar
  
    GCN Inc. 
    USA 
     100.00% 
    US Dollar
  
    Faze Clan Inc. 
    USA 
     100.00% 
    US Dollar
  
    Faze Media Inc. 
    USA 
     25.50% 
    US Dollar
  
    Swingman LLC (dba as Zoned) 
    USA 
     100.00% 
    US Dollar
  
    Mission Supply LLC 
    USA 
     100.00% 
    US Dollar
  
    SideQik, Inc. 
    USA 
     100.00% 
    US Dollar

Non-controlling
interests are measured initially at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition.
Changes in the Company’s interest in a subsidiary that does not result in a loss of control are accounted for as equity transactions.
As of December 31, 2024, the Company’s subsidiary, Faze Media Inc., had non-controlling interests (see Note 4).

(c)
Use of estimates

The
preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses
during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on historical
experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are
reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) valuation
of warrant liabilities; (ii) valuation of convertible debt; (iii) contingent liabilities; (iv) share-based compensation; (v) assumptions
used in business combinations