Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 263

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 263
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”) to acquire
100% equity interest of Martiangear. Martiangear was incorporated in Singapore on September 24, 2020, and its principal activities
include distribution of gaming desks and chairs. The acquisition of Martiangear was completed on September 4, 2023 (“Acquisition
Date”). Pursuant to the SPA2, The Company is obligated to remit an aggregate total of $835,348 consideration in fair value which
consist of following three tranches to the Vendors.

| ● | Tranche 1 — 53,711 of the Company’s                                                                                                       
 ordinary shares (“Consideration Share”) to the Vendors on the Acquisition Date. In the event that the Company fail to become              
 a listed company within 24 months from the Completion Date, the Company irrevocably undertakes to purchase all of the Consideration       
 Share from the Vendors for a cash consideration of $700,000. Given the condition of whether the company can become a listed entity within 
 24 months is not solely within the control of the Company and in accordance with ASC 480-10-S99, the Company record the fair value        
 of the issuance of the Consideration Shares in Tranche 1 to the Vendors as mezzanine equity.                                              |

| ● | Tranche 2 — An aggregate total                                                                                               
 of $148,000 cash consideration issue to the Vendors which include (1) $48,000 due on the Completion Date, (2) $50,000 due on 
 one month after the Completion Date, and (3) $50,000 due on two months after the Completion Date.                            |

<div align='center'>F-39

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

As of the date of the issuance of these financial
statements, the Company had issued 53,711 of its ordinary shares to the Vendors and paid $148,000 in cash consideration as agreed upon
in Tranche 2 payment terms.

The Company’s acquisition of Martiangear was
accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Martiangear 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