Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 280

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 280
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, 2021. As of March 31, 2024 and 2023, 25,747,757 and 25,896,000 ordinary shares were issued and
outstanding, respectively, of which excluding 168,711 and 150,000 ordinary shares subject to possible redemption in mezzanine equity,
respectively.

<div align='center'>F-48

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

On November 22, 2023, 115,000 ordinary shares
subject to possible redemption in temporary equity were fully redeemed for cash consideration of $ 163,905.

The Company collectively issued additional ordinary
shares of 20,468 to the individuals (see Note 3, 2Game acquisition). As of the date of the issuance of these financial statements, the
Company has ordinary shares of 25,916,468 (excluding 53,711 ordinary shares classified as mezzanine equity) issued and outstanding.

On April 12, 2023, Titan Digital acquired a
100% equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“CEO”) of Titan Digital,
through issuance of 17,648 or 15% of Titan Digital’s ordinary shares to Debbie. As a result, the Company’s equity interest
in Titan Digital was reduced from 100% to 85% upon completion of the acquisition of Starry while recognized $182,599 of non-controlling
interest in the Company’s statements of change in shareholders’ equity. As no cash consideration was received, $381,947 which
is the difference between the fair value of the consideration received and the amount by which the noncontrolling interest is adjusted
was recognized as an addition in additional paid-in capital in accordance with ASC 810-10-45-23 “Change in a parent’s ownership
interest in a subsidiary”.

Note 14 — Income tax

Cayman Islands

GCL Global is incorporated in Cayman Islands and
is not subject to tax on income or capital gains under current Cayman Island law. Additionally, upon payments of dividends to the shareholders,
no Cayman Islands withholding tax will be imposed.

British Virgin Islands

GCL BVI is incorporated in British Virgin Islands
and are not subject to tax on income or capital gains under current British Virgin Island law. Additionally, upon payments of dividends
to the shareholders, no British Island withholding tax will