Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 289

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 289
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 Total revenue |     | $ |     97,534,701 |     | $ |     77,444,155 |

Note 19 — Subsequent Events

The Company evaluated all events and transactions
that occurred after March 31, 2024 up through August 12, 2024. Based upon this audit, other than below, the Company did not identify
any subsequent events that would have required adjustment or disclosure in the financial statements, except for the following.

On July 26, 2024, Hainan GCL Technology Co. Ltd.
(“Hainan GCL”) was formed in China as a wholly owned subsidiary of the Company in support of the Company’s collaboration
with Cube Game, a game platform in China.

Note 20 — Subsequent Events (Unaudited)

Hainan GCL Technology Co. Ltd. (“Hainan GCL”),
formed in July 2024 in China to support GCL Group’s collaboration efforts with game developers and a game platform in China. In
September 2024, Hainan GCL made a secured loan in the aggregate amount of $3,000,000 to Nekcom Inc. (“Nekcom”), a Delaware
parent company of a developer of the game Showa American Story in China.

Subsequently, the above-mentioned loan was incorporated
into a publishing agreement (“Publishing Agreement”) executed on December 18, 2024, among Nekcom, its Singapore subsidiary
NEKCOM Private Limited, and the Company’s subsidiary 4Divinity SG. According to the Publishing Agreement, 4Divinity SG was
appointed as the exclusive global publisher and distributor of the game Showa American Story. The agreement formalized key terms, including
a minimum guarantee of $5,000,000 advanced by 4Divinity SG to Nekcom, recoverable from net revenue. The $3,000,000 loan from Hainan
GCL was converted into part of this minimum guarantee, serving to secure the financial commitments outlined in the publishing arrangement.

<div align='center'>F-55

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

In November 2024, GCL Global, Nekcom and certain
significant shareholders of Nekcom entered into a Series B Preferred Stock Purchase Agreement (the “Nekcom SPA”) pursuant
to which, among other things, (i) N