Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 260

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 260
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 requiring (1) consistent categories and greater disaggregation
of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors
to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning
and operational opportunities affect its income tax rate and prospects for future cash flows. 5 The other amendments in this Update improve
the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or
benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application — General
Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or
relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15,
2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15,
2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments
in this Update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the
impact of the update on Company’s consolidated financial statements and related disclosures.

Except as mentioned above, the Company does not
believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s
consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

<div align='center'>F-37

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 3 — Business Combination

— Acquisition of Starry

On April 12, 2023, the Company, through its
subsidiary, Titan Digital, entered into a sale and purchase agreements (“SPA1”) with Debbie Soon Rui Yi (“Debbie”),
a related party who is the spouse of Jianhao Tan, the CEO of Titan Digital, to acquire 100% equity interest in Starry. Starry was incorporated
in Singapore on June 16, 2020, and its principal activities mainly include distribution of Jewelry. Pursuant to the SPA1, Titan digital
is obligated to issue 17,648 or 15% of Titan Digital’s ordinary shares