84 results
10-Q
2024 Q1
GAME
GameSquare Holdings Inc
20 May 24
Quarterly report
4:21pm
2024 | 2023 | |||||||
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (5,260,948) | $ | (4,345,434) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Amortization and depreciation | 981,998 | 497,202 | ||||||
Amortization of operating lease right-of-use assets | 88,365 | 94,158 | ||||||
Gain on disposition of Complexity | (3,009,891) | - | ||||||
Change in fair value of warrant liability | (37,257) | - | ||||||
Change in fair value of arbitration reserve | (95,125) | - | ||||||
Change in fair value of convertible debt carried at fair value | 106,601 | - | ||||||
Income tax recovery | - | (5,027) | ||||||
Bad debt | - | 8,680 | ||||||
Non-cash interest expense | - | 77,635 | ||||||
Share-based compensation | 419,228 | 565,380 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (3,653,682) | 2,387,334 | ||||||
Government remittances | (33,365) | - | ||||||
Prepaid expenses and other current assets | (920,355) | 444,011 | ||||||
Accounts payable, accrued expenses and other current liabilities | 2,852,196 | 13,310 | ||||||
Deferred revenue | 635,661 | (315,583) | ||||||
Operating lease liability | (89,046) | (79,866) | ||||||
Net cash used in operating activities | (8,015,620) | (658,200) | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (758) | - | ||||||
Payment of contingent consideration on Zoned | - | (120,000) | ||||||
Cash acquired in Faze Clan acquisition | 2,406,812 | - | ||||||
Disposal of Complexity, net of cash disposed | 328,284 | - | ||||||
Net cash provided by investing activities | 2,734,338 | (120,000) | ||||||
Cash flows from financings activities: | ||||||||
Proceeds from private placements | 10,000,000 | - | ||||||
Payment of equity issuance costs | (134,942) | - | ||||||
Repayment of principal on convertible debt | (100,000) | - | ||||||
Proceeds (repayments) on line of credit, net | (286,146) | - | ||||||
Net cash provided by financing activities | 9,478,912 | - | ||||||
Effect of exchange rate changes on cash and restricted cash | 631,013 | (10,582) | ||||||
Net increase (decrease) in cash and restricted cash | 4,828,643 | (788,782) | ||||||
Cash and restricted cash, beginning of period | 2,992,838 | 977,413 | ||||||
Cash and restricted cash, end of period | $ | 7,821,481 | $ | 188,631 |
10-Q
2024 Q1
GAME
GameSquare Holdings Inc
20 May 24
Quarterly report
4:21pm
As of December 31, 2023 | ||||||||||||||||
Original cost | Accumulated amortization | Accumulated impairment losses | Carrying value | |||||||||||||
Customer relationships | $ | 11,006,154 | $ | (1,483,331) | $ | (472,018) | $ | 9,050,805 | ||||||||
Brand name | 8,963,557 | (3,115,265) | (229,405) | 5,618,887 | ||||||||||||
Software | 4,560,400 | (655,948) | - | 3,904,452 | ||||||||||||
Total intangible assets | $ | 24,530,111 | $ | (5,254,544) | $ | (701,423) | $ | 18,574,144 |
10-Q
2024 Q1
GAME
GameSquare Holdings Inc
20 May 24
Quarterly report
4:21pm
Schedule of Detailed Information About Fair Value of Convertible Debentures
March 31, 2024 | December 31, 2023 | |||||||
Share price | $ | 1.38 | $ | 1.78 | ||||
Conversion price | $ | 4.40 | $ | 4.40 | ||||
Term, in years | 1.42 | 1.67 | ||||||
Interest rate | 7 | % | 7 | % | ||||
Expected volatility | 120.00 | % | 115.00 | % | ||||
Risk-free interest rate | 4.85 | % | 4.42 | % | ||||
Expected dividend yield | 0 | % | 0 | % |
10-Q
2024 Q1
GAME
GameSquare Holdings Inc
20 May 24
Quarterly report
4:21pm
Schedule of Preliminary Purchase Price Allocation
Purchase price allocation | Amount | |||
Cash | $ | 1,806,747 | ||
Restricted cash | 600,065 | |||
Accounts receivable, net | 8,290,494 | |||
Prepaid expenses and other current assets | 1,158,554 | |||
Property and equipment | 773,893 | |||
Goodwill | 6,485,960 | |||
Intangible assets | 12,000,000 | |||
Total assets acquired | 31,115,713 | |||
Accounts payable | 8,115,982 | |||
Accrued liabilities | 6,492,196 | |||
Deferred revenue | 1,920,535 | |||
Total liabilities assumed | 16,528,713 | |||
Net assets acquired | $ | 14,587,000 |
10-Q
2024 Q1
GAME
GameSquare Holdings Inc
20 May 24
Quarterly report
4:21pm
Schedule of Convertible Debentures Subject to Recurring Remeasurement at Fair Value
Three Curve CD | King Street CD | Total | ||||||||||
Balance, December 31, 2023 | $ | 1,507,236 | $ | 6,669,692 | $ | 8,176,928 | ||||||
Interest expense | 21,815 | 188,863 | 210,678 | |||||||||
Principal payments | - | (100,000) | (100,000) | |||||||||
Change in fair value(1) | (54,241) | 160,842 | 106,601 | |||||||||
Balance, March 31, 2024 | $ | 1,474,810 | $ | 6,919,397 | $ | 8,394,207 | ||||||
Contractual principal balances outstanding: | ||||||||||||
As of December 31, 2023 | $ | 1,250,000 | $ | 5,800,000 | $ | 7,050,000 | ||||||
As of March 31, 2024 | $ | 1,250,000 | $ | 5,700,000 | $ | 6,950,000 |
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