Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 222

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 222
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 above and elsewhere in these financial statements, there is no other
subsequent event occurred that would require recognition or disclosure in the financial statements.

On April 5, 2024, GCL Sub was formed as a wholly-owned
subsidiary of the Company for the sole purpose of serving as Merger Sub 1 to complete the Initial Merger transaction contemplated by the
Merger Agreement. (Refer to Note 1)

<div align='center'>F-8

GCL GLOBAL HOLDINGS LTD

BALANCE SHEET

(Amounts in U.S. Dollars, except for number of shares)</div>

|                                                                                                   |     |            | As of September 30, 
                2024 |   |     |   |     As of 
 March 31, 
      2024 |   |
|:--------------------------------------------------------------------------------------------------|:----|:-----------|--------------------:|:--|:----|:--|----------:|:--|
|                                                                                                   |     | -Unaudited |                     |   |     |   |           |   |
| Current liability                                                                                 |     |            |                     |   |     |   |           |   |
| Amounts due to a related party                                                                    |     | $          |               6,569 |   |     | $ |     4,619 |   |
| Total liability                                                                                   |     |            |               6,569 |   |     |   |     4,619 |   |
| Shareholder’s Deficit                                                                             |     |            |                     |   |     |   |           |   |
| Ordinary Shares, $0.0001 par value, 500,000,000 shares authorized, 1 share issued and outstanding |     |            |                   - |   |     |   |         - |   |
| Accumulated deficit                                                                               |     |            |              (6,569 | ) |     |   |    (4,619 | ) |
| Total shareholders’ deficit                                                                       |     |            |              (6,569 | ) |     |   |    (4,619 | ) |
| Total liability and shareholder’s deficit                                                         |     | $          |                   - |   |     | $ |         - |   |

<div align='center'>The accompanying notes are an integral part of these unaudited financial
statements.

F-9

GCL GLOBAL HOLDINGS LTD

STATEMENT OF OPERATIONS

(Amounts in U.S. Dollars, except