Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 271

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 271
---
The fair value of the non-controlling interest in
2Game’s was measured based on significant inputs that are not observable in the market and thus represents a Level 3 measurement.
Key assumption includes adjustments because of the lack of control that market participants would consider when estimating the fair value
of the noncontrolling interest in 2Game.

The fair value of client relationships was estimated
using a multi-period excess earnings method. To calculate fair value, the Company estimated the attribution rate and used cash flows discounted
at a rate considered appropriate given the inherent risks associated with each client grouping.

The goodwill is not deductible for income tax purposes
and is related primarily to the expected synergies from combining the operations into the Company’s business operation in console
game.

Note 4 — Accounts receivable, net

As of March 31, 2024 and 2023, accounts receivables were
comprised of the following:

|                                                     |     |   |  March 31, 
       2024 |   |     |   |  March 31, 
       2023 |   |
|:----------------------------------------------------|:----|:--|-----------:|:--|:----|:--|-----------:|:--|
| Receivables from console game and console game code |     | $ | 15,123,775 |   |     | $ | 10,726,697 |   |
| Receivables from game publishing                    |     |   |  2,282,228 |   |     |   |  5,969,401 |   |
| Receivables from advertising service                |     |   |    332,540 |   |     |   |    371,082 |   |
| Less: Allowance for credit loss                     |     |   |   (325,457 | ) |     |   |    (55,533 | ) |
| Accounts receivable, net                            |     | $ | 17,413,086 |   |     | $ | 17,011,647 |   |

<div align='center'>F-43

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Movement of credit loss for the years ended March 31,
2024 and 2023 are as follows:

|                          |     |   | March 31, 
      2024 |   |     |   | March