Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 285

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 285
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 Income taxes payable |     |   |   952,977 |     |   |   929,661 |
| Totals               |     | $ | 1,017,143 |     | $ |   969,301 |

<div align='center'>F-51

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 15 — Concentration of Credit risk

| (a) | Major customers |

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 from the Company’s
distribution of console game segment accounted for approximately 13%, 11% and 10% of the Company’s total revenue, 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. As of March 31, 2023, customers D, A and B from the Company’s distribution of console game segment accounted
for approximately 35%, 25% and 15% of the total balance of account receivable, respectively.

| (b) | Major vendors |

For the years 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 accounted for approximately 25%, 14% and 12% of the Company’s total cost of
goods sold, respectively.

As of March 31, 2024, vendors a, h and f accounted
for approximately 29%, 12%, and 10% of the Company’s total balance of accounts payable, respectively. As of March 31, 2023,
vendors b, f and a were accounted for approximately 32%, 29%, and 23% of the Company’s total balance of accounts payable, respectively.

| (c) | Credit risk |

Financial instruments that are potentially subject
to significant concentrations of credit risk consist primarily of cash. The Singapore