Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 216

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 216
---
                                              
 value of warrants upon the reverse recapitalization                          |     | $                   |      12,014 |   |     | $    |           - |   |     | $    |          - |   |
| Reclassification of deferred merger                                          
 costs to additional paid-in capital                                          |     | $                   |   1,713,953 |   |     | $    |           - |   |     | $    |          - |   |
| Deferred investment consideration payable                                    |     | $                   |   7,500,000 |   |     | $    |           - |   |     | $    |          - |   |

The table below reconciles
cash and cash equivalents, along with restricted cash, as reported on the statement of financial position to the total amounts presented
in the statement of cash flows:

|                                                      |     | As of March 31, |            |     |      |           |     |      |           |
|                                                      |     |            2025 |            |     | 2024 |           |     | 2023 |           |
| Cash and cash equivalents                            |     |                 | 18,247,380 |     |      | 2,677,059 |     |      | 2,543,045 |
| Restricted cash                                      |     |                 |  3,131,335 |     |      | 1,656,678 |     |      | 1,288,561 |
| Total cash and cash equivalents, and restricted cash |     |                 | 21,378,715 |     |      | 4,333,737 |     |      | 3,831,606 |

<div align='center'>The accompanying notes are an integral part of
these consolidated financial statements.

F-6

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Nature of business and organization

GCL Global Holdings Ltd
(the “Company” or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12,
2023. The Company was formed solely for the purpose of completing the transactions contemplated by the merger agreement, dated as of
October 18, 2023 (as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30