Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 296

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 296
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<div align='center'>The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-60

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Nature of business and organization

GCL
Global Limited (“GCL Global” or the “Company”) was incorporated and registered as an exempted Company with limited
liability on September 8, 2023, under the laws of the Cayman Islands. GCL Global is a holding Company and has no substantive operations
other than holding all of the outstanding equities of its directly and indirectly owned subsidiaries through various recapitalizations.
GCL Global and its subsidiaries are hereafter referred as the Company.

The
Company, through its subsidiaries in Singapore, Malaysia, and Hong Kong, operates its business in four segments, 1) distribution of console
games, 2) game publishing, 3) media advertising service, and 4) others.

—
Reorganization under GCL Global Pte. Ltd (“GCL Global SG”)

GCL
Global SG was incorporated on July 26, 2021, under the laws of Singapore. GCL Global SG is a holding Company and has no substantive
operations other than holding all of the outstanding equities of Epic SG, 4Divinity SG, 2Game, and Starlight.

On
June 30, 2023, GCL Global SG completed the acquisition of 100% of the equity interests in Titan Digital Media Pte Ltd (“Titan
Digital”), which was held under common control with Grand Centrex Limited (“GCL BVI”). The transaction was executed
with a consideration of SGD 10. GCL Global SG and Titan Digital are under the effective control of the same group of shareholders.

On
July 18, 2023, GCL Global SG completed the acquisition of 100% of the equity interests in Epicsoft Hong Kong Limited (“Epic
HK”), which was held under common control with GCL BVI. The transaction was executed with a consideration of HKD 10. GCL Global
SG and Epic HK are effectively controlled by the same shareholder.

—
Reorganization under GCL Global

GCL
BVI was incorporated on November 16, 2018, under the laws of British Virgin Island (“BVI”).

GCL