Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 209

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 209
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 is to be issued upon the successful listing on t he US capital market.  

F-32

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of the date of
issuance of these consolidated financial statements, the Company has achieved or partially achieved the milestones associated with
Tranches 1 through 5. The corresponding cash or share consideration for Tranches 1 through 4 has been fully settled, while the consideration for Tranche 5 remains outstanding.

The Company’s acquisition of 2Game was accounted
for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of 2Game 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 are not material
and have been expensed as incurred in general and administrative expenses.

The Company concluded that the acquisition of
2Game was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant
to ASC 805-10-50-2 (h). the unaudited pro forma information of the Company for the year ended March 31, 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 would actually have been occurred had the business combination
been consummated as of that time or that may result in the future:

                                                   For the                   For the  
                                      Year ended March 31,      Year ended March 31,  
                                                      2023                      2022  
 ──────────────────────────────────────────────────────────────────────────────────────
  Unaudited pro forma revenue                  $77,444