Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 276

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 276
---
 $         |   208,010 |     | $         |    837,564 |

| * | From April 2024 to the date of the issuance of these consolidated financial statements, the Company obtained fourteen short term        
 bank loans from HSBC Bank and Citi Bank for an aggregate total of approximately $6.8 million to be due from April 2024 to October 2024. 
 These bank loans bear interest rates per annum from 5.3% to 7.4%.                                                                       |

The interest expense pertained to above banking
facilities for years ended March 31, 2024 and 2023 were $460,628 and $191,155 respectively. The weighted-average interest rate
pertaining to above mentioned bank loans were 7.1% and 6.0%, respectively, for the years ended March 31, 2024 and 2023, respectively.

<div align='center'>F-46

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 11 — Other payables and accrued liabilities

|                                              |     |   | March 31, 
      2024 |     |   | March 31, 
      2023 |
|:---------------------------------------------|:----|:--|----------:|:----|:--|----------:|
| Accrued payroll and welfare                  |     | $ |   165,523 |     | $ |    96,183 |
| Accrued expenses(i)                          |     |   | 1,381,338 |     |   |   388,390 |
| Other payables(ii)                           |     |   | 1,554,725 |     |   |         — |
| Total accrued expenses and other liabilities |     | $ | 3,101,586 |     | $ |   484,573 |

| (i) | The balance of accrued expenses represented accrued professional fee, and other miscellaneous fees. |

| (ii) | The balance of other payable mainly consists of the deposit received from a third party as co-publisher’s minimum guarantee                
 in game development for game publishing operations. Such balance is recoupable by above the third party upon certain minimum sales targets 
 of the games achieved after the game’s launch.                                                                                             |

Note 12 — Related party balances and transactions

Related party balances

Amount due from related parties

|                               | Name