Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 250

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 250
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 be immaterial, the Company did not accrue warranty reserves as of March 31, 2024
and 2023

Advertising is mainly through online and offline
promotion activities. Advertisement expenses amounted to $1,547,129 and $2,111,178 for the years ended March 31, 2024 and 2023,
respectively.

Deferred merger costs consist primarily of expenses
paid to attorneys, underwriters, and others direct costs related to the Merger. Should the Merger prove to be unsuccessful, these deferred
costs, as well as additional expenses to be incurred, will be charged to expenses.

Full-time employees of the Company are entitled
to government-mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages
of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and
make cash contributions to the government-mandated defined contribution plan. Total expenses for the plans were $211,432 and $173,265
for the years ended March 31, 2024 and 2023, respectively.

The related contribution plans include:

Singapore subsidiaries

| — | Central Provident Fund (“CPF”) — 17.00% based on employee’s monthly salary for employees aged 
 55 and below, reduces progressively to 7.5% as age increase;                                  |

| — | Skill Development Levy (“SDL”) — up to 0.25% based on employee’s monthly salary capped $8.3 
 (SGD 11.25).                                                                                |

Malaysian subsidiary

| — | Social Security Organization (“SOSCO”) — 1.75% based on employee’s monthly salary capped of 
 RM 4,000;                                                                                   |

| — | Employees Provident Fund (“EPF”) — 12% based on employee’s monthly salary; and |

| — | Employment Insurance System (“EIS”) — 0.2% based on employee’s monthly salary capped of RM 4,000. |

<div align='center'>F-32

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Hong Kong subsidiaries

| — | Mandatory Provident Fund (“MPF”) — 5% based on employee’s monthly salary capped of HKD 30,000; |

Revenue represents