Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 265

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 265
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 Martiangear:

|                                  |     | Fair value       
 as of            
 acquisition date |         |   |
| Total consideration              |     |                  | 835,348 |   |
| Less: net assets of Martiangear: |     |                  |         |   |
| Cash                             |     |                  |   8,263 |   |
| Accounts receivable              |     |                  |   4,808 |   |
| Inventory                        |     |                  |  92,889 |   |
| Intangible asset                 |     |                  |  85,675 |   |
| Total assets                     |     |                  | 191,635 |   |
| Accounts payable                 |     |                  | (17,457 | ) |
| Deferred tax liability           |     |                  | (13,197 | ) |
| Total liabilities                |     |                  | (30,654 | ) |
| Total net assets of Martiangear  |     |                  | 160,981 |   |
| Goodwill                         |     | $                | 674,367 |   |

<div align='center'>F-40

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

The purchase price was allocated to the identifiable
intangible assets acquired and liabilities assumed based on their acquisition date estimated fair values. The identifiable intangible
assets principally included license and trademark, with estimated useful lives of 7.45 years and 0.82 year, respectively, based on
the expected future economic benefit of the assets and are being amortized over the estimated useful life in proportion to the economic
benefits consumed using the straight-line method.

The Company, with the assistance of a third-party
appraiser, assessed the fair value of the 100% equity interest, and identifiable intangible assets acquired, in Martiangear through using
income approach based on a number of factors including in the valuations from the third-party appraiser. The significant assumption being
used by the Company includes revenue forecast and discount rate. Acquisition-related costs incurred for the acquisitions are not material
and have been expensed as incurred in general and administrative expense.

The fair value of the licenses and trademarks was
estimated using a relief-from-royalty method. This method calculates fair value by assuming that if the licenses and trademarks were to
be acquired from third-party owners, a royalty rate on revenue would be charged for the privilege of