Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 81

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 81
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 Business Combination was
accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, RFAC should be treated as the
“acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated
as the equivalent of GCL Global issuing shares for the net assets of RFAC, accompanied by a recapitalization. The net assets of RFAC would
be stated at historical cost, with no goodwill or other intangible assets recorded.

The unaudited pro forma
condensed combined balance sheet as of September 30, 2024 gave pro forma effect to the Business Combination as if it had been consummated
on September 30, 2024. The unaudited pro forma condensed combined statements of operations for the six months ended September 30,
2024 and for the year ended March 31, 2024 gave pro forma effect to the Business Combination as if it had been consummated on
April 1, 2023, the beginning of the earliest period presented in the unaudited pro forma condensed combined statements of operations.

The unaudited pro forma
condensed combined balance sheet as of September 30, 2024 had been prepared using RFAC’s unaudited condensed balance sheet as of
June 30, 2024 and GCL Global’s unaudited condensed consolidated balance sheet as of September 30, 2024.

The unaudited pro forma
condensed combined statement of operations for the six months ended September 30, 2024 has been prepared using, RFAC’s unaudited
condensed statement of operations for the six months ended June 30, 2024 and GCL Global’s unaudited condensed consolidated statements
of operation and comprehensive loss for the six months ended September 30, 2024; and

The unaudited pro forma condensed combined statement of operations for the year ended March 31, 2024 has been prepared using, RFAC’s
audited statement of operations for the year ended December 31, 2023 and GCL Global’s audited consolidated
statements of operation and comprehensive loss for the year ended March 31, 2024.

The unaudited pro forma condensed
combined financial information is not necessarily indicative of what the actual results of operations and financial position would have
been had the Business Combination taken place on the dates indicated, nor are they indicative of the future consolidated results of operations
or