Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 228

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 228
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 equity accounting treatment.

Upon completion of the Business
Combination, all of RFAC’s public and private placement warrants remain outstanding were replaced by the Company’s public
and private placement warrants. The Company treated such warrants replacement as a warrant modification and recognized incremental fair
value of $12,014 as a deemed dividend paid to the warrant holders.

The Company follows the
revenue accounting requirements of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers
(Topic 606) (“Accounting Standards Codification (“ASC”) 606”). The core principle underlying the revenue recognition
of this ASU allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that
reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company to identify contractual
performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of
goods and services transfers to a customer.

To achieve that core principle,
the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify
the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction
price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate
the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company
satisfies the performance obligation.

The Company recognizes a
contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified,
the contract has commercial substance and collectability is probable.

Revenue recognition policies for each type of
revenue stream are as follows:

| (1) | Revenue from sales of console game, gaming hardware, and accessories |

The
Company generates revenue from distributing gaming content that are compatible with major
gaming consoles such as Sony PlayStation, Microsoft Xbox, and personal computers (“PC”)
to retailers. Additionally, the Company is involved in the sale of gaming hardware and accessories,
primarily consisting of controllers, adapters, headsets, gaming desks and chairs, etc.

<div align='center'>F-16

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

The Company recognized the
revenue from sales of console