Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 169

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 169
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  Issuance of ordinary share upon the reverse recapitalization                                             $                          10,081,212      $         -                 $         -            
  Recognition of incremental fair value of warrants upon the reverse recapitalization                      $                              12,014      $         -                 $         -            
  Reclassification of deferred merger costs to additional paid-in capital                                  $                           1,713,953      $         -                 $         -            
  Deferred investment consideration payable                                                                $                           7,500,000      $         -                 $         -            

The table below reconciles cash
and cash equivalents, along with restricted cash, as reported on the statement of financial position to the total amounts presented in
the statement of cash flows:

                                                            As of March 31,                                                                    
                                                                       2025                      2024                     2023                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash and cash equivalents                                                      18,247,380                2,677,059                2,543,045  
  Restricted cash                                                                 3,131,335                1,656,678                1,288,561  
  Total cash and cash equivalents, and restricted cash                           21,378,715                4,333,737                3,831,606  

The accompanying notes are an integral part of
these consolidated financial statements.

F-6

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Nature of business and organization

GCL Global Holdings Ltd (the
“ Company” or “ PubCo”) was incorporated as a Cayman Islands exempted company limited by shares onOctober 12,
2023. The Company was formed solely for the purpose of completing the transactions contemplated by the merger agreement, dated as of October 18,
2023 (as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024, the “ Merger Agreement”).
The parties to the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“ GCL BVI”),
GCL Global Limited, a Cayman Islands exempted company limited by shares (“ GCL Global”), RF Acquisition Corp., a Delaware corporation
(“ RFAC”), and RF Dynamic LLC, a