Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 279

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 279
---
 Relationship |                      | Nature |   |   For the year 
          ended 
 March 31, 2024 |     |   |   For the year 
          ended 
 March 31, 2023 |
|:-----------------|:----------------------|:---------------------|:-------------|:---------------------|:-------|:--|---------------:|:----|:--|---------------:|
| SEGA Corporation |                       | Shareholder of the   
 Company              |              | Purchase of console  
 game                 |        | $ |     17,578,879 |     | $ |     12,388,590 |
| Jianhao Tan      |                       | CEO of Titan Digital |              | Content creation for 
 social media         
 advertising          |        |   |        667,336 |     |   |        604,258 |
| Total            |                       |                      |              |                      |        | $ |     18,246,215 |     | $ |     12,992,848 |

Note 13 — Shareholders’ equity

The Company was established under the laws of Cayman
Islands on September 8, 2023, and authorized to issue 150,000,000 shares with a par value of $$0.0001. On February 14, 2024,
the Company completed its Reorganization under GCL Global with a sequential two-step transaction (see Note 1). All of the outstanding
ordinary shares is presented on the basis as if the Reorganization under GCL Global became effective as of the beginning of the first
period presented on April 1, 2021. As of March 31, 2024 and 2023, 25,747,757 and 25,896,000 ordinary shares were issued and
outstanding, respectively, of which excluding 168,711 and 150,000 ordinary shares subject to possible redemption in mezzanine equity,
respectively.

<div align='center'>F-48

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

On November 22, 2023, 115,000 ordinary shares
subject to possible redemption in temporary equity were fully redeemed for cash consideration of $ 163,905.

The Company collectively issued additional ordinary
shares of 20,468 to the individuals (see Note 3, 2Game acquisition). As of the date of the issuance of these financial statements