# EDGAR Filing Document

**Accession Number:** 0001714562
**File Stem:** 0001641172-25-024283
**Filing Date:** 2025-8
**Character Count:** 26585
**Document Hash:** a091bee1bc5ff37a99d3a5630a934915
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-024283.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001641172-25-024283

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GameSquare Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001714562
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39389
- **FILM NUMBER:** 251222558

**BUSINESS ADDRESS:**
- **STREET 1:** 6775 COWBOYS WAY, STE. 1335
- **CITY:** FRISCO
- **STATE:** TX
- **ZIP:** 75034
- **BUSINESS PHONE:** 212-931-1200

**MAIL ADDRESS:**
- **STREET 1:** 6775 COWBOYS WAY, STE. 1335
- **CITY:** FRISCO
- **STATE:** TX
- **ZIP:** 75034

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Engine Gaming & Media, Inc.
- **DATE OF NAME CHANGE:** 20211019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Engine Media Holdings, Inc.
- **DATE OF NAME CHANGE:** 20200818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Torque Esports Corp.
- **DATE OF NAME CHANGE:** 20200102

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 14, 2025**

**GameSquare Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39389** | **99-1946435** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **6775 Cowboys Way, Ste. 1335**<br> **Frisco, Texas, USA** | **75034** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(216) 464-6400**

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| **Common Stock, $0.0001 par value per share** **GAME** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On August 14, 2025, GameSquare Holdings, Inc. ("GameSquare") issued a press release announcing its financial results for the quarter and the six months ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein.

The information in Item 2.02 of this Current Report on Form 8-K and the Press Release attached hereto as Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

*(d) Exhibits.*

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press Release of GameSquare Holdings, Inc., dated August 14, 2025.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **GAMESQUARE HOLDINGS, INC.** | **GAMESQUARE HOLDINGS, INC.** |
|  | (Registrant) | (Registrant) |
| Date: August 15, 2025 | By: | */s/ Justin Kenna* |
|  | Name: | Justin Kenna |
|  | Title: | Chief Executive Officer and Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**GameSquare Holdings Reports 2025 Second Quarter Results**

***Profitability targeted for 2025 third quarter***

***Completed divestiture of FaZe Media on April 1, 2025***

***Treasury management strategy launched on July 1, 2025, backed by crypto pioneers, expected to benefit financial results in the 2025 third quarter and beyond***

***The second half of 2025 positioned for revenue growth, enhanced margins, and reduced operating expenses***

**FRISCO, TEXAS / <u>ACCESS Newswire</u> / August 14, 2025 /** GameSquare Holdings, Inc. (NASDAQ:GAME), ("GameSquare", or the "Company"), today announced financial results for the three- and six-months ended June 30, 2025.

Justin Kenna, CEO of GameSquare, stated, "2025 is on track to be a transformative year for GameSquare as we aggressively execute against a bold vision aimed at building a leading digital-first platform at the intersection of media, technology, esports, and onchain finance. Since January, we've taken decisive actions by divesting our remaining stake in FaZe Media, restructuring our operations to streamline costs, forming a strategic alliance with GGTech Entertainment, and doubling down on high-growth areas across our Experiences, Managed Services, and Technology business units, all to position us for unparalleled success."

"In July, after months of detailed planning, we launched what we believe is one of the most sophisticated Ethereum-based treasury strategies in the market and backed by crypto industry pioneers including Ryan Zurrer of Dialectic, Robert Leshner of Superstate, and Rhydon Lee of Goff Capital. Our $250 million authorized onchain treasury management program leverages Medici, Dialectic's proprietary platform that combines machine learning, automated optimization, and multi-layered risk controls. In connection with the launch, we raised approximately $90 million in gross proceeds, which has strengthened our balance sheet and funded the initial phase of our treasury strategy," Mr. Kenna continued.

"We are currently in active discussions with more than 15 crypto-native organizations seeking partners with proven capabilities to help them reach and engage audiences at scale. GameSquare's established operating platform positions us uniquely to meet this demand. We believe these relationships will not only deepen our presence in the onchain ecosystem but also generate incremental, high-margin revenue streams. Based on our current pipeline, we expect initial wins to begin in the third quarter and building further into the fourth, creating another powerful growth driver for our business."

"GameSquare now has the strongest financial position in its history, giving us the flexibility to invest in growth, generate yield from our crypto assets, and opportunistically repurchase our stock. In the second half of the year, we are focused on achieving profitability, benefiting from core revenue growth, improved gross margin, lower operating expenses, and the impact of our restructuring initiatives. We believe the combination of our innovative onchain strategy and the improving performance of our operating businesses positions GameSquare as a powerful platform for long-term value creation," concluded Mr. Kenna.

**<u>GameSquare's Treasury Management Assets at August 13, 2025:</u>**

● **Ethereum ("ETH") Assets:** The Company held 15,630.07 ETH, with an original cost basis and market value of $55 million and $74.3 million, respectively, which reflects an average cost per ETH of approximately $3,519, and a market price per ETH of $4,751, respectively.

● **Unrealized ETH Gains** - As of August 13, 2025, the Company had approximately $19.3 million in unrealized gains on its Ethereum holdings.

● **NFT Holdings:** As of August 13, 2025, the Company owned CryptoPunk #5577, one of only 24 Ape CryptoPunks in existence, which the Company purchased on July 24, 2025 for $5.15 million. 1OF1 AG, is managing GameSquare's NFT yield strategy and is targeting annualized yields of 6% to 10%.

● **Yield Strategy:** GameSquare's onchain yield strategy with Dialectic commenced August 1, 2025 and is targeting annualized yields of 8% to 14%.

● **Total ETH + Cash:** The Company had $99 million in ETH, NFT and cash, or $1.00 per share and total debt of just $1.25 million as of August 13, 2025.

**<u>Three months ended June 30, 2025, compared to June 30, 2024</u>**

● Revenue of $15.9 million, compared to $17.8 million

● Gross profit of $2.4 million, compared to $2.5 million

● Net loss attributable to GameSquare of $3.0 million, compared to a net loss of $11.6 million

● Adjusted EBITDA loss of $3.5 million, compared to a loss of $4.2 million

● Adjusted EBITDA loss was 22.1% of revenue, versus 23.4% of revenue last year

**<u>Reported results for the six months ended June 30, 2025, compared to June 30, 2024</u>**

● Revenue of $30.6 million, compared to $33.4 million

● Gross profit of $5.8 million, compared to $4.6 million

● Net loss attributable to GameSquare of $8.2 million, compared to a net loss of $16.9 million

● Adjusted EBITDA loss of $6.5 million, compared to a loss of $8.7 million

● Adjusted EBITDA loss was 21.1% of revenue, versus 26.0% of revenue last year

**<u>Updated 2025 Outlook</u>**

As a result of the strong performance since the launch on July 1, 2025 of GameSquare's Ethereum-based treasury management strategy, and continued restructuring initiatives aimed at streamlining operations and accelerating the path to profitability the Company expects to reintroduce full-year guidance in the third quarter of 2025.

The Company believes its operating and financial trajectory in the second half of 2025 will be significantly stronger, driven by:

● **Launch of Ethereum Yield Strategy** - On August 1, 2025, GameSquare began deploying Ethereum holdings through Dialectic's Medici platform, targeting annualized onchain yields of 8% to 14%.

● **Unrealized ETH Gains** - As of August 13, 2025, the Company had approximately $19.3 million in unrealized gains on its Ethereum holdings.

● **Back-Half Revenue Weighting** - Approximately 60% of 2025 core revenue is expected to be generated in the second half of the year, in line with typical seasonal trends. Agency and Teams revenue tends to be more profitable and is expected to improve consolidated gross margin in the second half of the year.

● **Pipeline Timing** - Opportunities that shifted out of the second quarter are now on track to close in the coming months. GameSquare expects meaningful sequential growth, with third quarter revenue higher than second quarter and fourth quarter building further on that growth, supported by both new wins and expansion with existing partners.

● **Restructuring Impact** - Ongoing restructuring initiatives are expected to lower operating expenses in the second half of 2025 and the Company has identified an additional $5 million in annualized savings that are expected to begin contributing in the third quarter.

GameSquare remains confident that the combination of an improving operating profile and the contribution from its onchain treasury strategy provides a powerful foundation for long-term growth and shareholder value creation.

**<u>Conference Call Details</u>**

Justin Kenna, CEO, Lou Schwartz, President, and Mike Munoz CFO are scheduled to host a conference call with the investment community. Analysts and interested investors can join the call via the details below:

Date: August 14, 2025 Time: 5:00 pm ET

Webcast: <u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=LyzeEplj</u>

**Corporate Contact**

Lou Schwartz, President

Phone: (216) 464-6400

Email: <u>ir@gamesquare.com</u>

**Investor Relations**

Andrew Berger

Phone: (216) 464-6400

Email: <u>ir@gamesquare.com</u>

**Media Relations**

Chelsey Northern / The Untold

Phone: (254) 855-4028

Email: <u>pr@gamesquare.com</u>

**About GameSquare Holdings, Inc.**

GameSquare (NASDAQ:GAME) is a cutting-edge media, entertainment, and technology company transforming how brands and publishers connect with Gen Z, Gen Alpha, and Millennial audiences. With a platform that spans award-winning creative services, advanced analytics, and FaZe Clan, one of the most iconic gaming organizations, we operate one of the largest gaming media networks in North America. Complementing our operating strategy, GameSquare operates a blockchain-native Ethereum treasury management program designed to generate onchain yield and enhance capital efficiency, reinforcing our commitment to building a dynamic, high-performing media company at the intersection of culture, technology, and next-generation financial innovation.

To learn more, visit <u>www.gamesquare.com.</u>

**Forward-Looking Information**

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company's future performance, revenue, growth and profitability; and the Company's ability to execute on its current and future business plans. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company's ability to grow its business and being able to execute on its business plans, the success of Company's vendors and partners in their provision of services to the Company, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company's ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company's portfolio across entertainment and media platforms, dependence on the Company's key personnel and general business, economic, competitive, political and social uncertainties. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company's most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

**GameSquare Holdings, Inc.**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| **Assets** |  |  |
| Cash | $4697832 | $12094950 |
| Restricted cash | 1789259 | 1054030 |
| Accounts receivable, net | 12954496 | 21330847 |
| Government remittances | 121617 | 119721 |
| Promissory note receivable, current | 176647 | 379405 |
| Prepaid expenses and other current assets | 884038 | 1493619 |
| Total current assets | 20623889 | 36472572 |
| Investment | 2199909 | 2199909 |
| Promissory note receivable | 8754585 | 9212785 |
| Property and equipment, net | 119989 | 303950 |
| Goodwill | 5557551 | 12704979 |
| Intangible assets, net | 5231027 | 15265736 |
| Right-of-use assets | 1600843 | 2570516 |
| Total assets | $44087793 | $78730447 |
| **Liabilities and Shareholders' Equity** |  |  |
| Accounts payable | $26129652 | $27349372 |
| Accrued expenses and other current liabilities | 11174343 | 13694179 |
| Players liability account | 47535 | 47535 |
| Deferred revenue | 2473552 | 2726121 |
| Current portion of operating lease liability | 425461 | 748916 |
| Line of credit | 3228001 | 3501457 |
| Promissory note payable, current | 2871076 |  |
| Convertible debt carried at fair value | 1669330 | 6481704 |
| Warrant liability | 27164 | 14314 |
| Arbitration reserve | 210008 | 199374 |
| Total current liabilities | 48256122 | 54762972 |
| Convertible debt carried at fair value |  | 9908784 |
| Operating lease liability | 1374054 | 2054443 |
| Total liabilities | 49630176 | 66726199 |
| Commitments and contingencies (Note 14) |  |  |
| Preferred stock ($0.001 par value, 50,000,000 authorized, zero<br> shares issued and outstanding as of June 30, 2025 and<br> December 31, 2024, respectively) |  |  |
| Common stock and Additional paid-in capital ($0.001 par value,<br> 100,000,000 shares authorized, 39,123,968 and 32,635,995<br> shares issued and outstanding as of June 30, 2025 and December<br> 31, 2024, respectively) | 125396697 | 119441634 |
| Accumulated other comprehensive loss | (594074) | (208617) |
| Non-controlling interest |  | 14942287 |
| Accumulated deficit | (130345006) | (122171056) |
| Total shareholders' equity | (5542383) | 12004248 |
| Total liabilities and shareholders' equity | $44087793 | $78730447 |

---

**GameSquare Holdings, Inc.**

**Consolidated Statements of Operations and Comprehensive Loss**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $15852706 | $17829175 | $30583937 | $33406699 |
| Cost of revenue | 13426252 | 15307881 | 24793857 | 28816057 |
| Gross profit | 2426454 | 2521294 | 5790080 | 4590642 |
| Operating expenses: |  |  |  |  |
| General and administrative | 4076391 | 4917730 | 8350837 | 9402195 |
| Selling and marketing | 1497096 | 1636571 | 2944853 | 3449227 |
| Research and development | 557403 | 585031 | 1113010 | 1189305 |
| Depreciation and amortization | 302360 | 564346 | 558825 | 1182368 |
| Restructuring charges | 165328 |  | 782541 |  |
| Other operating expenses | 547188 | 994717 | 1292565 | 2088137 |
| Total operating expenses | 7145766 | 8698395 | 15042631 | 17311232 |
| Loss from continuing operations | (4719312) | (6177101) | (9252551) | (12720590) |
| Other income (expense), net: |  |  |  |  |
| Interest income (expense) | 44590 | (192257) | (4968) | (627385) |
| Change in fair value of convertible debt carried at fair value | (5561) | 563360 | 327916 | 456759 |
| Change in fair value of warrant liability | (17731) | 15643 | (12384) | 52900 |
| Arbitration settlement reserve | (66217) | 43500 | (10634) | 138625 |
| Other income (expense), net | (1274450) | (3913773) | (1347992) | (4031043) |
| Total other income (expense), net | (1319369) | (3483527) | (1048062) | (4010144) |
| Loss from continuing operations before income taxes | (6038681) | (9660628) | (10300613) | (16730734) |
| Income tax benefit | - | - | - | - |
| Net loss from continuing operations | (6038681) | (9660628) | (10300613) | (16730734) |
| Net income (loss) from discontinued operations | 3020335 | (2342513) | 108531 | (533355) |
| Net loss | (3018346) | (12003141) | (10192082) | (17264089) |
| Net loss attributable to non-controlling interest | - | 389590 | 2018132 | 389590 |
| Net loss attributable to attributable to GameSquare Holdings, Inc. | $(3018346) | $(11613551) | $(8173950) | $(16874499) |
| Comprehensive loss, net of tax: |  |  |  |  |
| Net loss | $(3018346) | $(12003141) | $(10192082) | $(17264089) |
| Change in foreign currency translation adjustment | (547983) | (540813) | (385457) | 13183 |
| Comprehensive loss | (3566329) | (12543954) | (10577539) | (17250906) |
| Comprehensive income attributable to non-controlling interest | - | 389590 | 2018132 | 389590 |
| Comprehensive loss | $(3566329) | $(12154364) | $(8559407) | $(16861316) |
| Income (loss) per common share attributable to GameSquare Holdings, Inc. - basic and assuming dilution: |  |  |  |  |
| From continuing operations | $(0.15) | $(0.32) | $(0.27) | $(0.70) |
| From discontinued operations | 0.08 | (0.06) | 0.06 | (0.01) |
| Loss per common share attributable to GameSquare Holdings, Inc. - basic and assuming dilution | $(0.08) | $(0.38) | $(0.22) | $(0.71) |
| Weighted average common shares outstanding - basic and diluted | 38968089 | 30442837 | 37850112 | 23905674 |

---

**<u>Management's use of Non-GAAP Measures</u>**

This release contains certain financial performance measures, including "EBITDA" and "Adjusted EBITDA," that are not recognized under accounting principles generally accepted in the United States of America ("GAAP") and do not have a standardized meaning prescribed by GAAP. As a result, these measures may not be comparable to similar measures presented by other companies. For a reconciliation of these measures to the most directly comparable financial information presented in the Financial Statements in accordance with GAAP, see the section entitled "Reconciliation of Non-GAAP Measures" below.

We believe EBITDA is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance and other one-time or non-recurring expenses. We define "EBITDA" as net income (loss) before (i) depreciation and amortization; (ii) income taxes; and (iii) interest expense.

*Adjusted EBITDA*

We believe Adjusted EBITDA is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance and other one-time or non-recurring expenses. We define "Adjusted EBITDA" as EBITDA adjusted to exclude extraordinary items, non-recurring items and other non-cash items, including, but not limited to (i) share based compensation expense, (ii) transaction costs related to merger and acquisition activities, (iii) arbitration settlement reserves and other non-recurring legal settlement expenses, (iv) restructuring costs, primarily comprised of employee severance resulting from integration of acquired businesses, (v) impairment of goodwill and intangible assets, (vi) gains and losses on extinguishment of debt, (vii) change in fair value of assets and liabilities adjusted to fair value on a quarterly basis, (viii) gains and losses from discontinued operations, and (ix) net income (loss) attributable to non-controlling interest.

*Reconciliation of Non-GAAP Measures*

A reconciliation of Adjusted EBITDA to the most directly comparable measure determined under US GAAP is set out below. **(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(3018346) | $(12003141) | $(10192082) | $(17264089) |
| Interest expense | (44590) | 192257 | 4968 | 627385 |
| Income tax benefit |  |  |  |  |
| Amortization and depreciation | 302360 | 564346 | 558825 | 1182368 |
| Share-based payments | 5616 | 602139 | 34614 | 1021367 |
| Transaction costs | 547188 | 1037044 | 1292565 | 2130464 |
| Arbitration settlement reserve | 66217 | (43500) | 10634 | (138625) |
| Restructuring costs | 165328 |  | 782541 |  |
| Change in fair value of contingent consideration |  | (42327) |  | (42327) |
| Change in fair value of warrant liability | 17731 | (15643) | 12384 | (52900) |
| Change in fair value of convertible debt carried at fair value | 5561 | (563360) | (327916) | (456759) |
| Gain on disposition of subsidiary | (3020335) |  | (2721953) | (3009891) |
| Loss on disposition of assets | 1477619 | 3764474 | 1477619 | 3764474 |
| Loss from discontinued operations | - | 2342513 | 2613422 | 3543246 |
| Adjusted EBITDA | $(3495651) | $(4165198) | $(6454379) | $(8695287) |

---