Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 245

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 245
---
The Company evaluates each
uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the
unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, the Company did not have any significant unrecognized
uncertain tax positions.

Taxes payable consist of the following:

|                      |     |   | March 31, 
      2025 |     |   | March 31, 
      2024 |
|:---------------------|:----|:--|----------:|:----|:--|----------:|
| GST taxes payable    |     | $ |    21,707 |     | $ |    64,166 |
| Income taxes payable |     |   | 1,395,466 |     |   |   952,977 |
| Totals               |     | $ | 1,417,173 |     | $ | 1,017,143 |

<div align='center'>F-50

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 21 — Concentration of Credit risk

(1) Major customers

For the year ended
March 31, 2025, customers F, C, and A, are accounted for approximately 15%,15%, and 14% of the Company’s total
revenue, respectively. 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 are accounted for approximately 13%, 11%, and 10% of the Company’s total revenue,
respectively.

As of March 31, 2025, customers
A, B, E and C from the Company’s distribution of console game segment accounted and game publishing segment for approximately 31%,
17%, 17 and 12% of the total balance of accounts 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.

(2) Major vendors