Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 291

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 291
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| GST taxes payable    |     | $ |    21,707 |     | $ |    64,166 |
| Income taxes payable |     |   | 1,395,466 |     |   |   952,977 |
| Totals               |     | $ | 1,417,173 |     | $ | 1,017,143 |

<div align='center'>F-50

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 21 — Concentration of Credit risk

(1) Major customers

For the year ended March
31, 2025, customers F, C, and A, are accounted for approximately 15%,15%, and 14% of the Company’s total revenue, respectively.
For the year ended March 31, 2024, customers A, F, B and C from the Company’s distribution of console game segment are accounted
for approximately 17%, 12%, 11%, and 11% of the Company’s total revenue, respectively. For the year ended March 31, 2023, customers
A, B and C are accounted for approximately 13%, 11%, and 10% of the Company’s total revenue, respectively.

As of March 31, 2025, customers
A, B, E and C from the Company’s distribution of console game segment accounted and game publishing segment for approximately 31%,
17%, 17 and 12% of the total balance of accounts receivable, respectively. As of March 31, 2024, customers A and B from the Company’s
distribution of console game segment accounted for approximately 42% and 14% of the total balance of account receivable, respectively.

(2) Major vendors

For the year ended March
31, 2025, three vendors a, b and o are accounted for approximately 41%, 13% and 10% of the Company’s total cost of goods sold,
respectively. For the year ended March 31, 2024, two vendors a and b are accounted for approximately 34% and 21% of the Company’s
total cost of goods sold, respectively For the year ended March 31, 2023, three vendors a, b, and c are accounted for approximately 25%,
14% and 12% of the Company’s total cost of goods sold, respectively