Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 254

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 254
---
 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.  |

As of the date of the issuance of these financial statements, the Company had issued 217,724 of its ordinary shares to the Vendors and paid
$148,000 in cash consideration as agreed upon in Tranche 2 payment terms. On February 13, 2025, the 217,724 ordinary 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.

<div align='center'>F-30

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

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
accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any
impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of
operations that