Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 205

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 205
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 Date”). Pursuant to the SPA2, The Company is obligated to remit an
aggregate total of $ 835,348

  Tranche 1 — 217,724 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 mon...  

  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 Dat...  

As
of the date of the issuance of these financial statements, the Company had issued 217,724$148,000in cash consideration as agreed upon in Tranche 2 payment terms. On February 13, 2025, the217,724ordinary shares were reclassified
from mezzanine equity to permanent equity as a result of the Company becoming a listed company.

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 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-30

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 Martiangear
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 the business combination as if it had occurred on April 1, 2022 and combines the results
of operations of the Company since then. The unaudited pro forma information is presented after applying the Company’s