Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 350

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 350
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 eligible deposit fails. As of September 30, 2024 and March 31, 2024, cash balance of $177,582 and $135,184 was maintained
at financial institutions in Hong Kong, of which $12,558 and $42,448 were subject to credit risk, respectively. The Malaysia deposit insurance
corporation (PIDM) standard insurance amount is up to $60,665 (MYR 250,000) per depositor per insured bank. As of September 30, 2024
and March 31, 2024, the Company had cash balance of $45,523 and $58,041 was maintained at banks in Malaysia, of $0 and $1,663 was
subject to credit risk. The Brazilian Deposit Insurance System (FGC) provides deposit insurance coverage of up to $45,864 (BRL 250,000)
per depositor per financial institution. As of September 30, 2024, and March 31, 2024, the Company had cash balances of $11,532
and $0 maintained in Brazilian financial institutions, of which $0 were subject to credit risk. The China’s Deposit Insurance Fund
(DIF) provides deposit insurance coverage of up to $71,249 (RMB 500,000) per depositor per financial institution. As of September 30,
2024, and March 31, 2024, the Company had cash balances of $140,364 and $0 maintained in China’s financial institutions, of
which $65,115 and $0 were subject to credit risk, respectively.

While management
believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Company
is also exposed to risk from accounts receivable and other receivables. These assets are subjected to credit evaluations. An allowance
has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic
environment.

Note 17 — Leases

As of September 30,
2024 and March 31, 2024, the Company has engaged in multiple offices and warehouse leases which were classified as operating leases.
In addition, the Company engaged in a few automobiles leases under finance lease agreements.

The Company
occupies various offices under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease
assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in