Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 42

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 42
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 changes in the business, legal and regulatory environments in which we operate; |

| ● | economic downturns, political instability, civil disturbances, war, military conflict, religious or ethnic 
 strife, terrorism and general security concerns may negatively affect our operations;                      |

| ● | enactment or any increase in the enforcement of regulations, including, but not limited to, those related 
 to personal data protection and localization and cybersecurity, may incur compliance costs;               |

| ● | health epidemics, pandemics or disease outbreaks (including the COVID-19 outbreak) may affect our operations 
 and demand for its gaming products; and                                                                      |

| ● | natural disasters like volcanic eruptions, floods, typhoons and earthquakes may impact our operations 
 severely.                                                                                             |

Additionally, the laws in the
countries in which we operate may change and their interpretation and enforcement may involve significant uncertainties that could limit
the reliability of the legal protections available to us. We cannot predict the effects of future developments in the legal regimes in
the countries in which we operate.

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Our revenue and net income may be materially and adversely affected by any economic slowdown or developments in the social, political, regulatory and economic environments in Asia as well as globally.

We may be adversely affected
by social, political, regulatory and economic developments in countries in which we operate. We derive a significant portion of its revenue
from our operations in Asia and are exposed to political and economic uncertainties, including, but not limited to, the risks of war,
terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls and methods of taxation that
affect consumer confidence, consumer spending, consumer discretionary income or changes in consumer purchasing habits. As a result, our
revenue and net income could be impacted to a significant extent by economic conditions in Asia and globally.

Substantially all of our assets
and operations are located in Asia. Approximately 59.6% and 55.0% of our total revenue for the fiscal year ended March 31, 2024 and
2023, respectively, was derived from our operations in Singapore. Our business, financial condition and results of operations may be influenced
to a significant degree by political, economic and social conditions in Singapore. The economies in certain Southeast Asian countries
differ from most developed markets in many respects, including the level of government involvement, level of development, growth rate,
control of foreign exchange, government policy on public order and allocation of resources. In