Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 361

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 361
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90,673,661 | ) |
| Net cash used by financing activities                                       |     | $              | (12,482,196 | ) |     | $              | (88,674,219 | ) |
| Net Change in Cash                                                          |     |                |    (147,724 | ) |     |                |     168,476 |   |
| Cash - Beginning of period                                                  |     |                |     188,235 |   |     |                |      19,759 |   |
| Cash - End of period                                                        |     | $              |      40,511 |   |     | $              |     188,235 |   |
| Supplemental cash flow information:                                         |     |                |             |   |     |                |             |   |
| Cash paid for income taxes                                                  |     | $              |     345,000 |   |     | $              |     819,221 |   |
| Non-cash investing and financing activities:                                |     |                |             |   |     |                |             |   |
| Excise tax on stockholder redemption                                        |     | $              |     131,365 |   |     | $              |     906,736 |   |
| Accretion of Class A common stock subject to possible redemption            |     | $              |   1,646,341 |   |     | $              |   3,056,238 |   |

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

F-101

RF ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS</div>

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS, AND GOING CONCERN

RF Acquisition Corp. (the
“Company”) is a blank check company incorporated in Delaware on January 11, 2021. The Company was formed for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector
for purposes of consummating a Business Combination, the Company intends to focus its search for an initial business combination on companies
that are within the financial services, media, technology, retail, interpersonal communication, transportation, and education sectors.
The Company is an emerging growth company and, as such