Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 226

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 226
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Co (the “SPAC Merger”). Together, the Initial Merger, the SPAC Merger, and the other transactions
and agreements contemplated by the Merger Agreement constitute the “Business Combination.”

Upon consummation of the Business
Combination, both GCL Global and RFAC will become wholly-owned subsidiaries of PubCo.

Following the consummation of
the transaction contemplated by the Merger Agreement, the Company will be the surviving publicly traded corporation, and will own all
of the equity interests of GCL Global and RFAC. However, the consummation of the transactions contemplated by the Merger Agreement is
subject to numerous conditions, and there can be no assurances that such conditions will be satisfied.

NOTE 2 — GOING CONCERN CONSIDERATION

The Company’s
unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation
of liabilities during the normal course of operations. The Company incurred net losses of $1,950 for the six months ended September 30,
2024, with a working capital deficit of $6,569 as of September 30, 2024. The Company’s operating results for future periods are
subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses for the foreseeable
future. Accordingly, the Company may not be able to obtain additional financing. These conditions raise substantial doubt about the Company’s
ability to continue as

a going concern.

Management
plans to address this uncertainty through a Business Combination as discussed in Note 1. The Company’s unaudited financial statements
do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary
should the Company be unable to continue as a going concern.

<div align='center'>F-13

GCL GLOBAL HOLDINGS LTD

NOTES TO FINANCIAL STATEMENTS

(Amounts in U.S. Dollars, except for number of shares)</div>

NOTE 3 — SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Basis of Presentation

The accompanying
unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”)
and have been consistently applied. The unaudited financial statements as of September 30, 2024 and for the six months ended September