Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 313

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 313
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 other inputs
that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs
which are supported by little or no market activity.

ASC 820 describes three main approaches
to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach
uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities.
The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on
the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently
be required to replace an asset.

Assets and liabilities measured at fair value on a recurring basis
as of March 31, 2025 and 2024 are summarized below:

| As of March 31, 2025            |     | Quoted prices in active markets for identical instruments (Level 1) |   |     | Significant              
 observable inputs        
 other than quoted prices 
 (Level 2)                |   |     | Significant         
 unobservable inputs 
 (Level 3)           |           |
|:--------------------------------|:----|:--------------------------------------------------------------------|:--|:----|:-------------------------|:--|:----|:--------------------|----------:|
| Investment in convertible notes |     |                                                                     | – |     |                          | – |     |                     | 3,502,200 |
| As of March 31, 2024            |     |                                                                     |   |     |                          |   |     |                     |           |
| Investment in convertible notes |     |                                                                     | – |     |                          | – |     |                     | 3,502,200 |

The fair values of the investment in convertible notes were estimated
using the Black-Scholes Model. The key inputs to the model are as follows:

|                                         |     | As of March 31, |             |   |     |      |             |   |
|                                         |     |            2025 |             |   |     | 2024 |             |   |
| Expected volatility*                    |     |                 | 24.1%-124.5 | % |     |      | 20.3%-124.2 | % |
| Risk-free interest rate                 |     |                 |         4.0 | % |     |      |         3.4 | % |
| Share price of the