Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 383

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 383
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 years beginning after December 15, 2023, and interim periods within those fiscal
years. The Company adopted ASU 2020-06 on January 1, 2024. The adoption of ASU 2020-06 did not have a material impact on the Company’s
financial statements and disclosures.

In November 2023, the FASB
issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07, which is applicable to
entities with a single reportable segment, will primarily require enhanced disclosures about significant segment expenses and enhanced
disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods
in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with
early adoption permitted. The Company adopted this guidance as of January 1, 2024. The adoption resulted in disclosure changes only.

<div align='center'>F-111</div>

Recent Accounting Pronouncements

In December 2023, the FASB
issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional quantitative
and qualitative income tax disclosures to enable financial statements users to better assess how an entity’s operations and related
tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For public business
entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be fiscal 2025 for us. We expect the
adoption to result in disclosure changes only.

Management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on
the Company’s financial statements.

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public
Offering and the underwriters’ exercise of the over-allotment option, the Company sold 11,500,000 Units at a price of $10.00 per
Unit. Each Unit consists of one share of Class A common stock, one right to receive one-tenth (1/10) of one share of Class A
common stock, and one redeemable warrant (each, a “