Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 268

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 268
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 Company’s
shares to above mentioned third parties in terms of the financial performance for the year ended March 31, 2023.

The Company’s acquisition of 2Game was accounted
for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of 2Game based upon the fair value
of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets
acquired and liabilities assumed at the acquisition 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 are not material
and have been expensed as incurred in general and administrative expenses.

The Company concluded that the acquisition of 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
trans