Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 349

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 349
---
 application of interest and penalties) based on the technical merits, and measures the unrecognized
benefits associated with the tax positions. As of September 30, 2024 and March 31, 2024, the Company did not have any significant
unrecognized uncertain tax positions.

Taxes payable consist of the following:

|                      |     |            | September 30, 
          2024 |     |   | March 31, 
      2024 |
|:---------------------|:----|:-----------|--------------:|:----|:--|----------:|
|                      |     | -Unaudited |               |     |   |           |
| GST taxes payable    |     | $          |         8,981 |     | $ |    64,166 |
| Income taxes payable |     |            |       959,273 |     |   |   952,977 |
| Totals               |     | $          |       968,254 |     | $ | 1,017,143 |

Note 16 — Concentration of Credit risk

(1)
Major customers

For the six
months ended September 30, 2024, customers A, C, and F are accounted for approximately 18%, 15%, and 18% of the Company’s total
revenue, respectively. For the six months ended September 30, 2023, customers A, C, and F are accounted for approximately 13%, 14%,
and 10% of the Company’s total revenue, respectively.

As of September 30,
2024, customers A and B from the Company’s distribution of console game segment accounted for approximately 25% and 32% of the total
balance of account receivable, 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.

<div align='center'>F-90

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

(2)
Major vendors

For the six
months ended September 30, 2024, three vendors a, b and e are accounted for approximately 45%, 16% and 16% of the Company’s
total cost of goods sold, respectively. For the six months ended