Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 305

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 305
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, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests
are also recorded as non-controlling interests in the Company’s consolidated balance sheets and consolidated statements of operation
and comprehensive loss. Cash flows related to transactions with non-controlling interests are presented under financing activities in
the consolidated statements of cash flows.

The
chief executive officer is identified as the Company’s chief operating decision-maker who reviews financial information presented
on a consolidated basis, accompanied by disaggregated information about revenues by different revenues streams for purposes of allocating
resources and evaluating financial performance. Based on qualitative and quantitative criteria established by Accounting Standards Codification
(“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within four operating and three
reportable segments as set forth in Note 19.

<div align='center'>F-64

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Cash
is carried at cost and represents cash on hand. Cash equivalents consist of time deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less. In addition, cash equivalents also consist of funds
received from customers, which were held at the third-party platform’s account, and which are unrestricted and immediately available
for withdrawal and use.

Restricted
cash consists of fixed deposits being held as collateral to secure the banking facilities. As of September 30, 2024 and March 31,
2024, the Company had deposit amounted to $2,577,553 and $1,656,678, respectively, held in the bank as collateral to secure the banking
facilities which the Company signed with HSBC Bank and Citibank (referred to Note 10).

Accounts
receivable are recognized and carried at the original invoiced amount less an allowance for credit losses and do not bear interest. Customers
who owed accounts receivables, are granted credit terms based on their credit metrics. The Company adopted ASU No.2016-13 “Financial
Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”)
on its accounts receivable using the modified retrospective approach, starting from April 1, 2021 and records the allowance for
credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance is classified as “general