Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 264

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 264
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 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.

Based on assessments using the income test, asset
test, and investment test pursuant to S-X Rule 3-05, the Company concluded that the acquisition of Martiangear was not significant.
Pursuant to ASC 805-10-50-2 (h). the unaudited pro forma information of the Company for the years ended March 31, 2024
and 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 have been occurred had the business combination been consummated as of that time or that may result in the future:

|                                       |     |   |   For the year 
          ended 
 March 31, 2024 |   |     |   |   For the year 
          ended 
 March 31, 2023 |
|:--------------------------------------|:----|:--|---------------:|:--|:----|:--|---------------:|
| Unaudited pro forma revenue           |     | $ |     97,576,855 |   |     | $ |     77,724,857 |
| Unaudited pro forma net (loss) income |     | $ |     (1,957,135 | ) |     | $ |      2,089,212 |

The following tables summarizes the consideration
transferred to acquired Martiangear at the date of acquisition:

| Share issuance*                   |     | $ | 687,348 |
| Cash consideration                |     |   | 148,000 |
| Total consideration at fair value |     | $ | 835,348 |

The following table summarizes the fair value of
the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at
the date of the acquisition of