Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 70

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 70
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972 |
| Total identifiable net assets acquired         |     |                      | 49,569,467 |     |   | 36,868,330 |     |             | 40,527,683 |

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Goodwill is recognized as a separate asset as the aggregate of (1)
the consideration transferred (in accordance with ASC 805, generally at acquisition-date fair value), (2) the fair value of any non-controlling
interests, and (3) the fair value of the acquirer’s previously-held equity interest, less the fair value of the net identifiable
assets. The pro forma balance sheet includes preliminary goodwill of US$7,810,460, representing the excess of purchase consideration over
the fair value of identifiable net assets acquired. This amount is subject to final adjustment during the measurement period, not to exceed
one year post-acquisition.

|                                                       |     | As of     
 March 31, 
 2025      |            |
|:------------------------------------------------------|:----|:----------|-----------:|
| Fair value of the consideration                       |     | $         | 48,338,143 |
| Less: Recognized value of the identifiable net assets 
 acquired                                              |     |           | 40,527,683 |
| Goodwill recognized on consolidated                   
 level                                                 |     | $         |  7,810,460 |

3. Translation of foreign currency

The audited financial information of Ban Leong
was presented in Singapore dollars (“S$”). The statement of income and comprehensive income of Ban Leong is translated to
US$ at the average exchange rate during the reporting period. The balance sheet of Ban Leong is translated to US$ at the applicable exchange
rates as of March 31, 2025. The following table outlines the exchange rates between S$ and US$ used for translation.

| Exchange rates on March 31, 2025                         |     | S$1.3445 per US$ |
| Average exchange rates for the year ended March 31, 2025 |     | S$1.3380 per US$ |

4. Pro forma adjustments

Adjustments included in the pro forma adjustments’
column of the unaudited pro forma condensed combined balance sheet and the unaudited pro forma condensed combined statement of income
and comprehensive income include the following:

| a. | Reflects adjustments to record the proceeds                                                   
 from the HSBC term loan facility of US$38,676