Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 230

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 230
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. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal
control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum Asia CPAs LLP

Marcum Asia CPAs LLP
We have served as the Company’s auditor since 2023.

New York, NY
August 12, 2024

<div align='center'>NEW YORK OFFICE ● 7 Penn Plaza ● Suite
830 ● New York, New York ● 10001
Phone 646.442.4845 ● Fax 646.349.5200 ● www.marcumasia.com

F-16

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Stated in U.S dollar, except for the number of shares)</div>

|                                                                                                                                                                              |     |   |  March 31, 
       2024 |   |     |   |  March 31, 
       2023 |   |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|-----------:|:--|:----|:--|-----------:|:--|
| ASSETS                                                                                                                                                                       |     |   |            |   |     |   |            |   |
| CURRENT ASSETS                                                                                                                                                               |     |   |            |   |     |   |            |   |
| Cash and cash equivalents                                                                                                                                                    |     | $ |  2,677,059 |   |     | $ |  2,543,045 |   |
| Restricted cash                                                                                                                                                              |     |   |  1,656,678 |   |     |   |  1,288,561 |   |
| Accounts receivable, net                                                                                                                                                     |     |   | 17,413