Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 330

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 330
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,000. Given the condition of whether the company 
 can become a listed entity within 24 months is not solely within the control of the Company  
 and in accordance with ASC 480-10-S99, the Company record the fair value of the issuance     
 of the Consideration Shares in Tranche 1 to the Vendors as mezzanine equity.                 |

<div align='center'>F-78

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

| ● | 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 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 53,711 of its ordinary shares to the Vendors and paid
$148,000 in cash consideration as agreed upon in Tranche 2 payment terms.

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.

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 six months ended September 30, 2024 and 2023 set forth below gives effect to the business combination as if it had occurred
on April 1, 2023 and combines the results of operations of the Company since then. The unaudited