Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 233

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 233
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Epic HK”), which was held under common control
with GCL BVI. The transaction was executed with a consideration of HKD 10. GCL Global SG and Epic HK are effectively controlled by the
same shareholder.

— Reorganization under GCL Global

GCL BVI was incorporated on November 16, 2018, under
the laws of British Virgin Island (“BVI”).

GCL BVI is a holding Company and has no substantive
operations other than holding all of the outstanding equity of Epic MY after reorganization under GCL Global SG.

On February 14 , 2024, GCL BVI and GCL Global
had completed a sequential two-step transaction involving (a) sale by GCL BVI of all its equity interests in GCL Global SG to GCL
Global in return for GCL Global shares being issued to the GCL Shareholders (defined below), resulting in (i) GCL Global SG becoming
a wholly-owned subsidiary of GCL Global; and (ii) GCL Shareholders holding all issued and outstanding shares in GCL Global; and (b) sale
by GCL BVI shareholders holding a total of 99.8% of the total outstanding shares of GCL BVI (“GCL Shareholders”) of their
equity interests in GCL BVI to GCL Global, resulting in GCL BVI becoming a 99.8%-owned subsidiary of GCL Global (the “Reorganization”).

Before and after the Reorganizations, GCL Global,
together with its subsidiaries (as indicated above), is effectively controlled by the major shareholders, and therefore the Reorganization
is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification (“ASC”)
805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis
as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated
financial statements in accordance with ASC 805-50-45-5.

<div align='center'>F-21

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

The accompanying consolidated financial statements
reflect the activities of GCL Global and each of the following subsidiaries as of March 31, 2024:

| Name                                               
 Grand Centrex Limited (“GCL BVI”)                  
 GCL Global Pte. Ltd (“