Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 273

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 273
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 in
2Game through using income approach based on the following factors: (a) Assumptions on the market and the asset that are considered
to be fair and reasonable; (b)Financial performance that shows a consistent trend of the operation; (c) Consideration and analysis
on the micro and macro economy affecting the subject asset; (d)Analysis on tactical planning, management standard and synergy of the subject
assets; (e) analytical review of the subject asset; and (f) assessment of the leverage and liquidity of the subject asset. The
significant assumption being used by the Company includes financial forecast, discount rate and attribution rate.

The fair value of the non-controlling interest in
2Game’s was measured based on significant inputs that are not observable in the market and thus represents a Level 3 measurement.
Key assumption includes adjustments because of the lack of control that market participants would consider when estimating the fair value
of the noncontrolling interest in 2Game.

The fair value of client relationships was estimated
using a multi-period excess earnings method. To calculate fair value, the Company estimated the attribution rate and used cash flows discounted
at a rate considered appropriate given the inherent risks associated with each client grouping.

The goodwill is not deductible for income tax purposes
and is related primarily to the expected synergies from combining the operations into the Company’s business operation in console
game.

Note 4 — Accounts receivable, net

As of March 31, 2024 and 2023, accounts receivables were
comprised of the following:

|                                                     |     |   |  March 31, 
       2024 |   |     |   |  March 31, 
       2023 |   |
|:----------------------------------------------------|:----|:--|-----------:|:--|:----|:--|-----------:|:--|
| Receivables from console game and console game code |     | $ | 15,123,775 |   |     | $ | 10,726,697 |   |
| Receivables from game publishing                    |     |   |  2,282,228 |   |     |   |  5,969,401 |   |
| Receivables from advertising service                |     |   |    332,540 |   |     |   |    371,082 |   |
| Less: Allowance for credit loss                     |     |   |   (325,457