Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 144

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 144
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 our efforts to improve operating efficiency in sales activities, offset by an increase of approximately $608,000 in advertising
and marketing expenses as we increase spending in promoting our brand and products.

Approximately $2.3 million,
or 17.8%, increase in general and administrative expense was mainly attributed to increase of approximately $2.6 million increase in
salary expenses, travel expense, depreciation expense, software development expense, and other office related expense due to our current
business expansion, approximately $1.3 million increase professional fee, primarily due to costs incurred in connection with the completion
of the merger with RFAC offset by approximately $1.1 million decrease in director fee.

Other income, net

For the year ended March
31, 2025 and 2024, we have other income, net amounted to approximately $2.9 million and $0.5 million, respectively, representing an increase
of approximately $2.4 million or 504.8%. The increase was attributable to recognition of approximately $4.9 million gain from change
in fair value of convertible notes and derivative liabilities, while offset by approximately $0.4 million decrease in other income, net,
which was primarily due to the decrease of marketing revenue recognized from our vendor who compensated our marketing expense incurred
from prior period, approximately $1.8 million increase in interest expense due to increased debt financing in current period and approximately
$1.6 million of finance cost related to debt issuance cost from issuance of the convertible notes, and approximately $0.3 million increase
in loss from change in fair value of consideration payable related to 2Game acquisition from prior period.

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Income taxes expense

Our income tax expense increased
by approximately $1.1 million, or 2017.9%, to approximately $1.1 million for the year ended March 31, 2025, compared to approximately
$53,000 for the same period in 2024. This increase was primarily attributable to (i) an increase of approximately $0.6 million in current
income tax expense resulting from higher taxable income in the current period, and (ii) a decrease of approximately $0.4 million in deferred
income tax benefit due to the utilization of previously recognized deferred tax assets against current taxable income.

Net Income (Loss)

We incurred a net income
of approximately $5.0 million for the year ended March 31, 2025, while we have a net loss of