Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 326

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 326
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 Martiangear. Martiangear was incorporated in Singapore
on September 24, 2020, and its principal activities include distribution of gaming desks and chairs. The acquisition of Martiangear
was completed on September 4, 2023 (“Acquisition Date”). Pursuant to the SPA2, The Company is obligated to remit an
aggregate total of $835,348 consideration in fair value which consist of following three tranches to the Vendors.

| ● | Tranche 1 — 53,711 of the Company’s ordinary                                                 
 shares (“Consideration Share”) to the Vendors on the Acquisition Date. In the                
 event that the Company fail to become a listed company within 24 months from the Completion  
 Date, the Company irrevocably undertakes to purchase all of the Consideration Share from     
 the Vendors for a cash consideration of $700,000. 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