Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 1390

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 1390
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A. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures

Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our
reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated
to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our management carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures under the supervision of our Chief Executive Officer and our Chief Financial
Officer and concluded that our disclosure controls and procedures were not effective as of December 31, 2024. Material weaknesses relating
to the Design and Implementation of Control Activities and Monitoring Activities were identified. The Company did not have sufficient
resources with the relevant expertise to perform an effective risk assessment process, design and implement controls supported by documentation
and provide evidence that such controls designed was based on the COSO Framework.

The
material weaknesses in risk assessment, control activities and monitoring activities contributed to the following material weaknesses:
(i) the Company did not complete a documented risk assessment, and (ii) the Company did not identify all risks and design relevant controls
related to system of internal controls. As a consequence of the aggregation of the foregoing deficiencies in the Company’s DC&P
and ICFR design, the Company did not have effective control activities related to the design of process-level and management review control
activities. Aside from these deficiencies, management believes that the Company’s consolidated financial statements for year ended
December 31, 2024, present fairly in all material respects, the Company’s financial position, results of operations, changes in
shareholders’ equity and cash flows in accordance with U.S GAAP. The Company does not believe and is not aware of any circumstance
in which the potential weaknesses have impacted the Company’s financial reporting and as a result, there were no material adjustments
to the Company’s consolidated financial statements for the year ended December 31, 2024. In addition, there were no changes to
previously released financial results. However, if the collective deficiencies were deemed to create a material weakness, a