Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 225

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 225
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F-30 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Based on assessments using
the income test, asset test, and investment test pursuant to S-X Rule 3-05, the Company concluded that the acquisition of Martiangear
was not significant. Pursuant to ASC 805-10-50-2 (h), the unaudited pro forma information of the Company for the years ended March 31,
2024, and 2023 set forth below gives effect to the business combination as if it had occurred on April 1, 2022 and combines the
results of operations of the Company since then. The unaudited pro forma information is presented after applying the Company’s
accounting policies and elimination intra-entity transactions, as applicable.

|                                |     | 2024 |              For the 
 Year ended March 31, |   |     | 2023 |              For the 
 Year ended March 31, |
|:-------------------------------|:----|:-----|---------------------:|:--|:----|:-----|---------------------:|
| Unaudited pro forma revenue    |     | $    |           97,576,855 |   |     | $    |           77,724,857 |
| Unaudited pro forma net income |     | $    |           (1,957,135 | ) |     | $    |            2,089,212 |

The following tables summarizes the consideration
transferred to acquired Martiangear at the date of acquisition:

| Share issuance*                   |     | $ | 687,348 |
| Cash consideration                |     |   | 148,000 |
| Total consideration at fair value |     | $ | 835,348 |

The following table summarizes
the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase
price allocation at the date of the acquisition of Martiangear:

|                                  |     | Fair value  
 as of       
 acquisition 
 date        |         |   |
| Total consideration              |     |             | 835,348 |   |
| Less: net assets of Martiangear: |     |             |         |   |
| Cash                             |     |             |   8,263 |   |
| Accounts receivable              |     |             |   4,808 |   |
| Inventory                        |     |