Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 276

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 276
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 would currently be required to replace an asset. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and 2024 are summarized below:

| As of March 31, 2025            |     | Quoted prices in active markets for identical instruments (Level 1) |   |     | Significant              
 observable inputs        
 other than quoted prices 
 (Level 2)                |   |     | Significant         
 unobservable inputs 
 (Level 3)           |           |
|:--------------------------------|:----|:--------------------------------------------------------------------|:--|:----|:-------------------------|:--|:----|:--------------------|----------:|
| Investment in convertible notes |     |                                                                     | – |     |                          | – |     |                     | 3,502,200 |
| As of March 31, 2024            |     |                                                                     |   |     |                          |   |     |                     |           |
| Investment in convertible notes |     |                                                                     | – |     |                          | – |     |                     | 3,502,200 |

The fair values of the investment in convertible notes were estimated using the Black-Scholes Model. The key inputs to the model are as follows:

|                                         |     | As of March 31, |             |   |     |      |             |   |
|                                         |     |            2025 |             |   |     | 2024 |             |   |
| Expected volatility*                    |     |                 | 24.1%-124.5 | % |     |      | 20.3%-124.2 | % |
| Risk-free interest rate                 |     |                 |         4.0 | % |     |      |         3.4 | % |
| Share price of the investee (USD/share) |     |                 |        1.69 |   |     |      |        1.69 |   |

| * | Expected volatility was derived based on the historical volatility 
 of the share prices of a group of listed comparable companies.     |

F-70 BAN LEONG TECHNOLOGIES LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Amounts in Singapore dollars (“$”)

| 2. | Summary of significant accounting policies (continued) |

Fair value measurements (continued) Significant unobservable inputs used in the level 3 fair value measurements primarily include the share price of investee at measurement date, which