Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 376

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 376
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| Numerator:                                            |     |                             |           |   |     |                |           |   |     |                             |           |   |     |                |           |   |
| Allocation of net income (loss), as adjusted          |     | $                           |  (448,245 | ) |     | $              |  (567,669 | ) |     | $                           |  (373,254 | ) |     | $              |  (192,164 | ) |
| Denominator:                                          |     |                             |           |   |     |                |           |   |     |                             |           |   |     |                |           |   |
| Basic and diluted weighted average shares outstanding |     |                             | 2,428,098 |   |     |                | 3,075,000 |   |     |                             | 5,972,785 |   |     |                | 3,075,000 |   |
| Basic and diluted net income (loss) per common share  |     | $                           |     (0.18 | ) |     | $              |     (0.18 | ) |     | $                           |     (0.06 | ) |     | $              |     (0.06 | ) |

Derivative Financial Instruments

The Company evaluates its
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance
with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities,
the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with
changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such
instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are
classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument
could be required within 12 months of the balance sheet date.

<div align='center'>F-110</div>

Warrants and Rights

The Company accounts for warrants
and rights as either equity-classified or liability-classified instruments based on an assessment of the warrants and rights specific
terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815,
Der