Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 327

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 327
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 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.

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 Martiangear was not significant. Pursuant to ASC 805-10-50-2 (h), the unaudited pro forma information of the Company for
the six months ended September 30, 2024 and 2023 set forth below gives effect to the business combination as if it had occurred
on April 1, 2023 and combines the results of operations of the Company since then. The unaudited pro forma information is presented
after applying the Company’s accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma
information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily
indicative of the results of operations that would have been occurred had the business combination been consummated as of that time or
that may result in the future:

|                              |     | 2024 |                 For 
                 the 
          Six Months 
 Ended September 30, |   |     | 2023 |             For the 
                 Six 
              Months 
 Ended September 30, |   |
|:-----------------------------|:----|:-----|--------------------:|:--|:----|:-----|--------------------:|:--|
| Unaudited pro forma revenue  |     | $    |          50,905,705 |   |     | $    |          36,119,927 |   |
| Unaudited pro forma net loss |     | $    |            (802,442 | ) |     | $    |          (1,823,955 | ) |

The
following tables summarizes the consideration transferred to acquired Martiangear at the date of acquisition:

| Share issuance*                   |     | $ | 687,348 |
| Cash consideration                |     |   | 148,000 |
| Total consideration at fair value |     | $ | 835,348 |

<div align='center'>F-79

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED COND