Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 317

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 317
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 securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended September 30, 2024 and 2023,
there were no dilutive shares.

<div align='center'>F-73

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Fair
value is defined as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between
market participants at the measurement date. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable
inputs. When determining the fair value measurements for assets and liabilities, we consider the principal or most advantageous market
in which it would transact and consider assumptions that market participants would use when pricing the asset or liability. The following
summarizes the three levels of inputs required to measure fair value, of which the first two are considered observable and the third
is considered unobservable:

Level 1 —
Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 —
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are
not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the
assets or liabilities.

Level 3 —
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The
fair value for certain assets and liabilities such as cash and restricted cash, accounts receivable, net, amount due from related parties,
other receivables and other current assets, prepayments, banking facilities, accounts payable, contract liabilities, amount due to related
parties, other payables and accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short
maturities of these instruments. The Company believes that its long-term bank facilities approximate the fair value based on current
yields for debt instruments with similar terms.

The
following table sets forth by level within the fair value hierarchy our financial liability that were accounted for at fair value on
a recurring basis