Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 251

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 251
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 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
were not material and were expensed as incurred in general and administrative expenses.

<div align='center'>F-28

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

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 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.

|                                |     | 2024 |              For the 
 year ended March 31, |   |     | 2023 |              For the 
 year ended March 31, |
|:-------------------------------|:----|:-----|---------------------:|:--|:----|:-----|---------------------:|
| Unaudited pro forma revenue    |     | $    |           97,534,701 |   |     | $    |           78,051,283 |
| Unaudited pro forma net income |     | $    |           (1,960,956 | ) |     | $    |            2,273,155 |

The following tables summarizes the consideration
transferred to acquiring starry at the date of acquisition:

| Share issuance*                   |     | $ | 564,546 |
| Total consideration at fair value |     | $ | 564,546 |

The following table summarizes
the fair