Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 236

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 236
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 US$, in accordance with ASC Topic 830-30, “Translation
of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates
prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded
as a separate component of accumulated other comprehensive loss within the statements of change in shareholders’ equity. Cash flows
are also translated at average translation rates for the periods. Therefore, amounts reported on the statement of cash flows will not
necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Exchange rate presented below were quoted
by the federal reserve of the United States.

Translation of foreign currencies into US$ 1 have
been made at the following exchange rates for the respective periods:

|                                        |     |     |     As of 
 March 31, 
      2024 |     |     |     As of 
 March 31, 
      2023 |
|:---------------------------------------|:----|:----|----------:|:----|:----|----------:|
| Period-end SGD: US$1 exchange rate     |     |     |    1.3475 |     |     |    1.3294 |
| Period-end HKD: US$1 exchange rate     |     |     |    7.8259 |     |     |    7.8499 |
| Period-end MYR: US$1 exchange rate     |     |     |    4.7225 |     |     |     4.413 |
| Period-average SGD: US$1 exchange rate |     |     |    1.3447 |     |     |    1.3739 |
| Period-average HKD: US$1 exchange rate |     |     |    7.8246 |     |     |    7.8389 |
| Period-average MYR: US$1 exchange rate |     |     |    4.6409 |     |     |    4.4467 |

The Company accounts for its business combinations
using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition
is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the
Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable
assets and liabilities acquired or assumed are measured