Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 215

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 215
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“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared
on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying
consolidated financial statements in accordance with ASC 805-50-45-5.

<div align='center'>F-7

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

—Merger
and reverse recapitalization

As described above and further
discussed in Note 3, the Business Combination was consummated on February 13, 2025. As a result, RFAC and GCL Global, including its subsidiaries,
became wholly-owned subsidiaries of the Company.

The Business Combination
was accounted for as a “reverse recapitalization”. Under this method of accounting, RFAC was treated as the “acquired”
company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of GCL Global issuing shares
for the net assets of RFAC, accompanied by a recapitalization. The net assets of RFAC are stated at historical costs. No goodwill or
other intangible assets are recorded.

Upon closing of the Business
Combination, PubCo and its subsidiaries are hereafter referred as the Company.

The accompanying consolidated
financial statements reflect the activities of the Company and each of the following subsidiaries as of March 31, 2025:

| Name                                            
 GCL Global Limited (“GCL Global”)               
 RF Acquisition Corp (“RFAC”)                    |     | Background                                                                                                  
 ●       A Cayman Island                                                                                     
 Company                                                                                                     
 ●       Incorporated on October                                                                             
 12, 2023                                                                                                    
 ●                                                                                                           
 Holding Company                                                                                             
 ●       A Delaware, US                                                                                      
 Company                                                                                                     
 ●       Incorporated on January                                                                             
 11, 2021                                                                                                    
 ●       Holding Company                                                                                     |     | Ownership                   
 100.0% owned by Pubco       
 100.0% owned by Pubco       |
|:------------------------------------------------|:----|:------------------------------------------------------------------------------------------------------------|:----|:----------------------------|
| Grand Centrex Limited (“GCL BVI”)               |     | ●       A BVI Company                                                                                       
 ●       Incorporated on November 16,                                                                        
 2018                                                                                                        
 ●       Holding Company                                                                                     |     | 99.8% owned by GCL Global   |
| G