Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 216

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 216
---
, and December 31, 2023                       |     | F-99  |
| Statements of Cash Flows for twelve months ended December 31, 2024 and December 31, 2023                                              |     | F-101 |
| Notes to Financial Statements                                                                                                         |     | F-102 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and Board of Directors of GCL Global Holdings Ltd

Opinion on the Financial Statements

We have audited the accompanying balance sheet of
GCL Global Holdings Ltd (the “Company”) as of March 31, 2024, the related statements of operations, changes in shareholders’
deficit and cash flows for the period from October 12, 2023 (inception) through March 31, 2024, and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of March 31, 2024, and the results of its operations and its cash flows for the period from
October 12, 2023 (inception) through March 31, 2024, in conformity with accounting principles generally accepted in the United
States of America.

Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant
working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in
regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the
outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards
of the PCAOB. Those standards