Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 231

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 231
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 income approach based on the following factors: (a) assumptions on the market and the asset that are considered to be fair and reasonable; (b) financial performance that shows a consistent trend of the operation; (c) consideration and analysis on the micro and macro economy affecting the subject asset; (d) analysis on tactical planning, management standard and synergy of the subject assets; (e) analytical review of the subject asset; and (f) assessment of the leverage and liquidity of the subject asset. The significant assumption being used by the Company includes financial forecast, discount rate and attribution rate.

The fair value of the non-controlling
interest in 2Game’s was measured based on significant inputs that are not observable in the market and thus represents a Level 3
measurement. Key assumption includes adjustments because of the lack of control that market participants would consider when estimating
the fair value of the noncontrolling interest in 2Game.

The fair value of client
relationships was estimated using a multi-period excess earnings method. To calculate fair value, the Company estimated the attribution
rate and used cash flows discounted at a rate considered appropriate given the inherent risks associated with each client grouping.

The goodwill is not deductible
for income tax purposes and is related primarily to the expected synergies from combining the operations into the Company’s business
operation in console game.

Note 5 — Long-term investments

As of March 31, 2025 and
2024, Long-term investments comprised of the following:

|                                  |     | 2025 |  March 31, |     | 2024 | March 31, |
|:---------------------------------|:----|:-----|-----------:|:----|:-----|----------:|
| Investment in Nekcom             |     | $    | 15,364,229 |     | $    |         - |
| Investment in Cloudshelf Limited |     |      |     71,045 |     |      |    71,045 |
| Total                            |     | $    | 15,435,274 |     | $    |    71,045 |

Investment in Nekcom

On November 20, 2024 (“Acquisition
Date”) , the Company, Nekcom and certain significant shareholders of Nekcom entered into a Series B Preferred Stock Purchase Agreement
(the “Nekcom SPA”) pursuant to which the Company has agreed to purchase of Nekcom’s Series B Preferred Stock
that would constitute % of the total outstanding