Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 222

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 222
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ies, which can be a corporation or individual,
are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are
subject to common control or significant influence.

NOTE 4 — RELATED PARTY TRANSACTIONS

a. Nature of relationships with related party

| Name                            |     | Relationship with the Company |
| Epicsoft Asia Pte. Ltd. (“EPA”) |     | Common Shareholder            |

b. Dues to related party

Dues to related party consists of the following:

| Name                           |     | As of     
 March 31, 
 2024      |       |
|:-------------------------------|:----|:----------|------:|
| Epicsoft Asia Pte. Ltd (“EPA”) |     | $         | 4,619 |

As of March 31, 2024, the balance due to related
party was comprised of incorporation expense paid by the Company’s related party and was used for working capital during the Company’s
ordinary course of business.

NOTE 5 — EQUITY

The authorized number of ordinary shares of the
Company is 500,000,000 shares with par value of US$0.0001 each. As of March 31, 2024, the Company had issued one ordinary share without
consideration.

NOTE 6 — SUBSEQUENT EVENTS

The Company has evaluated all events and transactions
that occur after March 31, 2024, other than the event disclosed above and elsewhere in these financial statements, there is no other
subsequent event occurred that would require recognition or disclosure in the financial statements.

On April 5, 2024, GCL Sub was formed as a wholly-owned
subsidiary of the Company for the sole purpose of serving as Merger Sub 1 to complete the Initial Merger transaction contemplated by the
Merger Agreement. (Refer to Note 1)

<div align='center'>F-8

GCL GLOBAL HOLDINGS LTD

BALANCE SHEET

(Amounts in U.S. Dollars, except for number of shares)</div>

|                                                                                                   |     |            | As of September 30, 
                2024 |   |     |   |     As of 
 March 31, 
      2024 |   |
|:--------------------------------------------------------------------------------------------------|:----|:-----------|--------------------