Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 269

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 269
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 2Game
was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant
to ASC 805-10-50-2 (h). the unaudited pro forma information of the Company for the year ended March 31, 2023 set forth below
gives effect to the business combination as if it had occurred on April 1, 2021 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 information does not include any impact of transaction synergies
and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have
been occurred had the business combination been consummated as of that time or that may result in the future:

|                                |     |   |   For the year 
          ended 
 March 31, 2023 |     |   |   For the year 
          ended 
 March 31, 2022 |
|:-------------------------------|:----|:--|---------------:|:----|:--|---------------:|
| Unaudited pro forma revenue    |     | $ |     77,444,155 |     | $ |     65,827,057 |
| Unaudited pro forma net income |     | $ |      2,140,643 |     | $ |      4,586,525 |

The following tables summarizes the consideration
transferred to acquired 2Game at the date of acquisition:

| Cash                                      |     | $ |     6,550 |
| *Contingent consideration for acquisition |     |   | 3,360,848 |
| Total consideration at fair value         |     | $ | 3,367,398 |

| * | As of the acquisition date of 2Game, the fair value of the                                                                                      
 contingent consideration for acquisition was determined to be $3,360,848, which included around $55,000 outperformance consideration.           
 Subsequently, the change of fair value of the contingent consideration for acquisition was amounted to a loss $272,029 and $932,152 for         
 the years ended March 31, 2024 and 2023, respectively. As March 31, 2023, the fair value of contingent consideration for                        
 acquisition was amounted