Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 326

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 326
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 which enhances the disclosure required for reportable segments in annual and interim consolidated
financial statements, including additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 will be
effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,
2024. Early adoption is permitted. The Company anticipates that Topic 280 will impact only its disclosures and therefore do not expect
that Topic 280 will have a material impact on its unaudited condensed consolidated financial statements.

In
December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendment in this update enhances
the transparency and decision usefulness of income tax disclosures. ASU 2023-09 will be effective for fiscal years beginning after December 15,
2024. 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 the adoption of ASU 2023-07 will have on its annual and interim disclosures. The Company is currently evaluating the impact
of the update on Company’s unaudited condensed consolidated financial statements and related disclosures.

<div align='center'>F-76

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

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.

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
to Debbie