Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 222

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 222
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 assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value
of the net assets of the subsidiaries acquired, the difference is recognized directly in the consolidated statements of operation and
comprehensive income (loss). During the measurement period, which can be up to one year from the acquisition date, the Company may record
adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement
period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments
are recorded to the consolidated statements of operation and comprehensive income (loss).

For the Company’s
non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, 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 income (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 25.

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 March 31, 2025 and 2024, the Company had deposit
amounted to $3,131,335 and $1,656,678, respectively, held in the banks as collateral to secure the banking facilities which the Company
signed with HSBC Bank and Citibank (referred to Note 14).

<div align='center'>F-11

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIAR