Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 341

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 341
---

date of the issuance of these unaudited condensed financial statements, the Company has ordinary shares of 25,916,468 (excluding 53,711
ordinary shares classified as mezzanine equity) issued and outstanding.

On April 12,
2023, Titan Digital acquired a 100% equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“CEO”)
of Titan Digital, through issuance of 17,648 or 15% of Titan Digital’s ordinary shares to Debbie. As a result, the Company’s
equity interest in Titan Digital was reduced from 100% to 85% upon completion of the acquisition of Starry while recognized $182,599 of
non-controlling interest in the Company’s statements of change in shareholders’ equity. As no cash consideration was received,
$381,947 which is the difference between the fair value of the consideration received and the amount by which the noncontrolling interest
is adjusted was recognized as an addition in additional paid-in capital in accordance with ASC 810-10-45-23 “Change in a parent’s
ownership interest in a subsidiary”.

<div align='center'>F-87

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 15 — Income tax

Cayman Islands

GCL Global
is incorporated in Cayman Islands and is not subject to tax on income or capital gains under current Cayman Island law. Additionally,
upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

GCL BVI is
incorporated in British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Island law.
Additionally, upon payments of dividends to the shareholders, no British Island withholding tax will be imposed.

Singapore

The Company’s
subsidiaries incorporated in Singapore, are subject to Singapore Profits Tax on the taxable income as reported in its statutory financial
statements adjusted in accordance with relevant Singapore tax laws. The applicable corporate income tax rate is 17% in Singapore, with
75% of the first $7,437 (SGD 10,000) taxable income and 50% of the next $141, 295 (SGD 190,000) taxable income are exempted from income
tax.

Hong Kong

The Company’s
subsidiaries incorporated in Hong Kong,