Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 216

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 216
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 for the Six Months Ended September 30, 2024 and 2023                        |     | F-60  |
| Notes to Unaudited Condensed Consolidated Financial Statements                                                                        |     | F-61  |
| RF ACQUISITION CORP.                                                                                                                  |     |       |
| Audited Financial Statements                                                                                                          |     |       |
| Report of Independent Registered Public Accounting Firm (PCAOB ID #688)                                                               |     | F-96  |
| Balance Sheets as of December 31, 2024 and 2023                                                                                       |     | F-97  |
| Statements of Operations for the twelve months ended December 31, 2024 and December 31, 2023                                          |     | F-98  |
| Statements of Changes in Stockholders’ Deficit for twelve months ended December 31, 2024, and December 31, 2023                       |     | F-99  |
| Statements of Cash Flows for twelve months ended December 31, 2024 and December 31, 2023                                              |     | F-101 |
| Notes to Financial Statements                                                                                                         |     | F-102 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and Board of Directors of GCL Global Holdings Ltd

Opinion on the Financial Statements

We have audited the accompanying balance sheet of
GCL Global Holdings Ltd (the “Company”) as of March 31, 2024, the related statements of operations, changes in shareholders’
deficit and cash flows for the period from October 12, 2023 (inception) through March 31, 2024, and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of March 31, 2024, and the results of its operations and its cash flows for the period from
October 12, 2023 (inception) through March 31, 2024, in conformity with accounting principles generally accepted in the United
States of America.

Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant
working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its