Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 260

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 260
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 cash flows.

<div align='center'>F-37

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 3 — Business Combination

— Acquisition of Starry

On April 12, 2023, the Company, through its
subsidiary, Titan Digital, entered into a sale and purchase agreements (“SPA1”) with Debbie Soon Rui Yi (“Debbie”),
a related party who is the spouse of Jianhao Tan, the CEO of Titan Digital, to acquire 100% equity interest in Starry. Starry was incorporated
in Singapore on June 16, 2020, and its principal activities mainly include distribution of Jewelry. Pursuant to the SPA1, Titan digital
is obligated to issue 17,648 or 15% of Titan Digital’s ordinary shares to Debbie. On April 12, 2023, the acquisition of starry
was completed (“Acquisition date”), and 17,648 shares of Titan Digital’s ordinary shares has been issued to Debbie.

The Company’s acquisition of Starry was accounted
for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Starry 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 Starry 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