Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 224

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 224
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 are an integral part of
these unaudited financial statements.

F-11

GCL GLOBAL HOLDINGS LTD

STATEMENT OF CASH FLOWS

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

|                                                          |     | For              
 the              
 Six Months Ended 
 September 30,    
 2024             |        |   |
|:---------------------------------------------------------|:----|:-----------------|-------:|:--|
|                                                          |     | -Unaudited       |        |   |
| Cash Flows from Operating Activities:                    |     |                  |        |   |
| Net Loss                                                 |     | $                |  1,950 |   |
| Changes in operating assets and liabilities:             |     |                  |        |   |
| Amount due to a related party                            |     |                  | (1,950 | ) |
| Net cash used in operating activities                    |     | $                |      — |   |
| Net change in cash                                       |     |                  |      — |   |
| Cash, beginning of the period                            |     |                  |      — |   |
| Cash, end of the period                                  |     | $                |      — |   |
| Supplemental disclosure of non-cash operating activities |     |                  |        |   |
| General and administrative expense paid                  
 by a related party                                       |     | $                |  1,950 |   |

<div align='center'>The accompanying notes are an integral part of
these unaudited financial statements.

F-12

GCL GLOBAL HOLDINGS LTD

NOTES TO FINANCIAL STATEMENTS

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

NOTE 1 — BUSINESS DESCRIPTION

Business

GCL GLOBAL HOLDINGS LTD (the
“Company” or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12, 2023.
The Company was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement, dated as of October
18, 2023 (as may be further amended, supplemented, or otherwise modified from time to time, the “Merger Agreement”). The parties
to the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”), GCL Global
Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition