Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 221

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 221
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 |                           |     111,776 |   |
| Proceeds from the Reverse Recapitalization                                     |     |                           |     611,708 |   |
| Less: non-cash net deficit assumed from RFAC                                   |     |                           | (10,692,920 | ) |
| Net deficit from issuance of ordinary shares upon the Reverse Recapitalization |     | $                         | (10,081,212 | ) |

Note 4 — 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 17,648or 15% of Titan Digital’s ordinary shares to Debbie. On April 12, 2023, the acquisition of starry was completed (“Acquisition date”), and 17,648shares of Titan Digital’s ordinary shares were issued to Debbie. The Company’s acquisition of Starry was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Starry based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the FASB using the fair value approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date. Acquisition-related costs incurred for the acquisitions were not material and were expensed as incurred in general and administrative expenses. F-28 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Based on assessments using
the income test, asset test, and investment test pursuant to S-X Rule 3-05, the Company concluded that the acquisition of Starry
was not significant. Pursuant to ASC 805-10-50-2 (h). the unaudited pro forma information of the Company for the years ended March 31,
2024, and 2023 set forth below gives effect to