Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 73

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 73
---
 Due to sponsor                                                        |     |            |  1,474,099 |   |     |            |          - |     |             |          - |
| Promissory note - related party                                       |     |            |  1,526,339 |   |     |            |          - |     |             |          - |
| Other payables and accrued liabilities                                |     |            |  1,616,655 |   |     |            |  3,953,032 |     |             |  3,953,032 |
| Excise tax payable                                                    |     |            |    906,736 |   |     |            |          - |     |             |          - |
| Total indebtedness                                                    |     |            |  5,923,049 |   |     |            | 22,303,834 |     |             | 18,291,334 |
| Ordinary shares, subject to possible redemption                       |     |            | 30,451,118 |   |     |            |    700,000 |     |             |          - |
| Total shareholders’ (deficit) equity                                  |     |            | (5,662,200 | ) |     |            | 15,110,225 |     |             | 35,075,357 |
| Total capitalization                                                  |     | $          | 30,711,967 |   |     | $          | 38,114,059 |     | $           | 53,366,691 |

<div align='center'>38

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</div>

GCL Global Holdings Ltd, (the “PubCo” or the “Company”)
is providing the following unaudited pro forma condensed combined financial information to aid you in your analysis of the financial
aspects of the Business Combination between RF Acquisition Corp. (“RFAC”) and GCL Global Limited (“GCL Global”),
which was consummated on February 13, 2025.

The unaudited pro forma condensed
combined financial statements are based on the RFAC historical financial statements and GCL Global historical financial statements as
adjusted to give pro forma effect to the events that are related and/or directly attributable to the business combination (the “Transactions”),
are factually supportable and, with respect to the pro forma statements of operations, are expected to have a continuing impact on the