| # of Common Shares | Share Capital | |||||||
| Share capital of GameSquare as of December 31, 2023 | 11,119,900 | $ | - | |||||
| Common shares issued in acquisition of FaZe - Exchange of common shares of FaZe for common shares of GameSquare at 1 for 0.13091 | 10,132,884 | 12,763 | ||||||
| GameSquare PIPE of $10 million at closing | 7,194,245 | 9,865 | ||||||
| Pro forma share capital of GameSquare as of December 31, 2023 | 28,447,029 | $ | 22,628 | |||||
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 4,191 | $ | 37,207 | ||||
| Accounts receivable, net | 3,915 | 8,525 | ||||||
| Contract assets | 5,846 | 6,223 | ||||||
| Inventory | 422 | — | ||||||
| Prepaid expenses and other assets | 3,694 | 6,633 | ||||||
| Other assets | 317 | 135 | ||||||
| Total Current Assets | 18,385 | 58,723 | ||||||
| Restricted cash | 600 | 600 | ||||||
| Property, equipment and leasehold improvements, net | 2,092 | 3,821 | ||||||
| Operating lease right-of-use assets | 1,174 | 2,693 | ||||||
| Intangible assets, net | 828 | 848 | ||||||
| Other long-term assets | 29 | 553 | ||||||
| TOTAL ASSETS | $ | 23,108 | $ | 67,238 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| LIABILITIES: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 8,720 | $ | 14,397 | ||||
| Contract liabilities | 1,685 | 3,494 | ||||||
| Operating lease liabilities, current | 1,196 | 1,488 | ||||||
| Total Current Liabilities | 11,601 | 19,379 | ||||||
| — | ||||||||
| Warrant liabilities | 2 | 24 | ||||||
| Operating lease liabilities, non-current | — | 1,084 | ||||||
| Total Liabilities | 11,603 | 20,487 | ||||||
| COMMITMENTS AND CONTINGENCIES (Notes 9 and 10) | ||||||||
| STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
| Common stock, $0.0001 par value at December 31, 2023 and December 31, 2022, respectively; 500,000,000 and 71,033,146 shares of common stock authorized at December 31, 2023 and December 31, 2022, respectively; 77,404,977 and 71,551,887 shares of common stock issued and outstanding at December 31, 2023 and 31, 2022, respectively | 8 | 7 | ||||||
| Additional paid-in capital | 340,381 | 327,686 | ||||||
| Accumulated deficit | (328,884) | (280,942) | ||||||
| Total Stockholders’ Equity (Deficit) | 11,505 | 46,751 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 23,108 | $ | 67,238 | ||||
| (in thousands) | ||||||||
| For the year ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Stock options | $ | 23 | $ | 469 | ||||
| Restricted stock awards | 11,636 | 9,698 | ||||||
| Total stock–based compensation expense | $ | 11,659 | $ | 10,167 | ||||
| Weighted | ||||||||
| Average | ||||||||
| Nonvested RSUs | Number | Price | ||||||
| Nonvested December 31, 2022 | 702,417 | $ | 2.79 | |||||
| Granted | 2,885,984 | 1.82 | ||||||
| Vested | (879,658) | 1.64 | ||||||
| Forfeited | (86,750) | 2.75 | ||||||
| Nonvested December 31, 2023 | 2,621,993 | $ | 1.09 | |||||
| GameSquare Holdings, Inc. | FaZe Holdings Inc. | Pro-forma consolidated | |||||||||||||||||
| Twelve months ended | Twelve months ended | Twelve months ended | |||||||||||||||||
| December 31, | December 31, | Pro-forma | December 31, | ||||||||||||||||
| 2023 | 2023 | adjustments | Notes | 2023 | |||||||||||||||
| CONTINUING OPERATIONS | |||||||||||||||||||
| Revenues | 51,998 | 44,674 | 96,672 | ||||||||||||||||
| Cost of revenues | 38,552 | 43,069 | 81,621 | ||||||||||||||||
| Gross profit | 13,446 | 1,605 | - | 15,051 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| General and administrative: | |||||||||||||||||||
| Salaries and wages | 18,428 | 17,148 | 35,576 | ||||||||||||||||
| Player compensation / talent retainer | 2,130 | 300 | 2,430 | ||||||||||||||||
| Professional fees | 1,773 | 4,378 | 6,151 | ||||||||||||||||
| Sales and marketing | 880 | 587 | 1,467 | ||||||||||||||||
| Office and general | 4,782 | 6,611 | (3,353) | 7 | 7,876 | ||||||||||||||
| (833) | 9 | ||||||||||||||||||
| 670 | 10 | ||||||||||||||||||
| Technology expenses | 455 | 1,664 | 2,119 | ||||||||||||||||
| (Gain) loss on foreign exchange | (42) | (42) | |||||||||||||||||
| Share-based payments | 1,736 | 11,648 | (11,648) | 6 | 1,736 | ||||||||||||||
| Depreciation and amortization | 3,294 | 1,975 | (130) | 4 | 6,296 | ||||||||||||||
| 1,157 | 5 | ||||||||||||||||||
| Other net | 46 | 4,548 | 4,594 | ||||||||||||||||
| Total operating expenses | 33,482 | 48,859 | (14,138) | 68,204 | |||||||||||||||
| Loss from operations | (20,036) | (47,254) | 14,138 | (53,153) | |||||||||||||||
| Other (income)/expense: | |||||||||||||||||||
| Interest expense, net | 696 | (561) | 135 | ||||||||||||||||
| Loss on debt extinguishment | 2,205 | 2,205 | |||||||||||||||||
| Income tax recovery | (55) | - | (55) | ||||||||||||||||
| Transaction costs | 3,019 | 1,079 | (1,079) | 1 | 3,834 | ||||||||||||||
| (750) | 2 | ||||||||||||||||||
| 1,565 | 8 | ||||||||||||||||||
| Arbitration settlement reserve | (1,041) | - | . | ||||||||||||||||
| Goodwill and intangible asset impairment | 7,024 | 7,024 | |||||||||||||||||
| Restructuring costs | 545 | - | 545 | ||||||||||||||||
| Legal settlement | 187 | - | 187 | ||||||||||||||||
| (Gain) on disposition of assets | (41) | (41) | |||||||||||||||||
| (Gain) on bargain purchase | (3,853) | 3 | (3,853) | ||||||||||||||||
| Change in fair value of investment | 515 | 515 | |||||||||||||||||
| Change in fair value of warrant liability | (969) | (23) | (992) | ||||||||||||||||
| Change in fair value of convertible debt | (538) | - | (538) | ||||||||||||||||
| Other, net | - | 194 | 194 | ||||||||||||||||
| Total other (income)/expense: | 11,547 | 689 | (4,117) | 9,160 | |||||||||||||||
| DISCONTINUED OPERATIONS | |||||||||||||||||||
| (Gain) loss from discontinued operations | (300) | - | (300) | ||||||||||||||||
| Net (gain) loss from discontinued operations | (300) | - | - | (300) | |||||||||||||||
| Net loss | (31,283) | (47,943) | 18,255 | (62,012) | |||||||||||||||
| Basic and diluted net loss per share - continuing operations | (2.84) | (0.64) | (2.93) | ||||||||||||||||
| Basic and diluted net loss per share - discontinued operations | 0.03 | - | 0.01 | ||||||||||||||||
| Basic and diluted net loss per share | (2.81) | (0.64) | (2.92) | ||||||||||||||||
| Weighted average number of common shares outstanding - basic and diluted | 11,119,900 | 74,592,879 | (74,592,879) | 3 | 21,252,784 | ||||||||||||||
| 10,132,884 | 3 | ||||||||||||||||||
