Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 354

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 354
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 statements do not include any adjustments that might
result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2021.

Boston, MA

February 13, 2025

<div align='center'>F-96

RF ACQUISITION CORP.

BALANCE SHEETS</div>

| ASSETS                                                                                                                                                                                                                              
 Current assets                                                                                                                                                                                                                      |     | December 31, 
 2024         |            |   |     | December 31, 
 2023         |            |   |
|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------|-----------:|:--|:----|:-------------|-----------:|:--|
| Cash                                                                                                                                                                                                                                |     | $            |     40,511 |   |     | $            |    188,235 |   |
| Prepaid expenses