Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 221

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 221
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 and liquidation of liabilities during the normal course
of operations. The Company incurred net losses of $4,619 for the period from October 12, 2023 (inception) through March 31,
2024, with a working capital deficit of $4,619 as of March 31, 2024. The Company’s operating results for future periods are
subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses for the foreseeable
future. Accordingly, the Company may not be able to obtain additional financing. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern.

Management plans to address this uncertainty through
a Business Combination as discussed in Note 1. The Company’s financial statements do not give effect to any adjustments relating
to the carrying values and classification of assets and liabilities that would be necessary should the Company be unable to continue as
a going concern.

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been
prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant
to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have been consistently applied.

Uses of estimates

In preparing the financial statements in conformity
U.S. GAAP, the management makes judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities and expenses. The estimates and associated assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

<div align='center'>F-7

GCL GLOBGAL HOLDINGS LTD

NOTES TO FINANCIAL STATEMENTS

(Amounts in U.S. Dollars, except for number of shares)</div>

Fair value measurement:

The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates
the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Related parties and transactions

The Company identifies related parties, and accounts
for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards.

Part