Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 202

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 202
---
 in RFAC’s trust account                                                  $                                   499,932  
  Funds held in RFAC’s operating cash account                                                                             111,776  
  Proceeds from the Reverse Recapitalization                                                                              611,708  
  Less: non-cash net deficit assumed from RFAC                                                                       ( 10,692,920  
  Net deficit from issuance of ordinary shares upon the Reverse Recapitalization      $                              ( 10,081,212  

Note 4 - Business Combination

- Acquisition of Starry

On April 12, 2023, the
Company, through its subsidiary, Titan Digital, entered into a sale and purchase agreements (“ SPA1”) with Debbie Soon Rui
Yi (“ Debbie”), a related party who is the spouse of Jianhao Tan, the CEO of Titan Digital, to acquire100% equity interest
in Starry. Starry was incorporated in Singapore on June 16, 2020, and its principal activities mainly include distribution of Jewelry.
Pursuant to the SPA1, Titan digital is obligated to issue17,648or15% of Titan Digital’s ordinary shares to Debbie. On April 12,
2023, the acquisition of starry was completed (“ Acquisition date”), and17,648shares of Titan Digital’s ordinary shares
were issued to Debbie.

The Company’s acquisition
of Starry was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Starry
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-28

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 Starry
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,
202