Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 264

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 264
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 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.                                              |

| ● | 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.                            |

<div align='center'>F-39

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

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 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