Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 67

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 67
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 |
| Operating lease liabilities, non-current       |     |                      |  2,257,549 |     |   |  1,679,099 |     |             |  1,679,099 |
| Deferred tax liabilities                       |     |                      |          - |     |   |          - |     |             |    803,273 |
| Total Liabilities                              
 assumed                                        |     |                      | 35,920,603 |     |   | 26,716,699 |     |             | 27,519,972 |
| Total identifiable                             
 net assets acquired                            |     |                      | 49,569,467 |     |   | 36,868,330 |     |             | 40,527,683 |

<div align='center'>38</div>

Goodwill is recognized as a separate asset as
the aggregate of (1) the consideration transferred (in accordance with ASC 805, generally at acquisition-date fair value), (2) the fair
value of any non-controlling interests, and (3) the fair value of the acquirer’s previously-held equity interest, less the fair
value of the net identifiable assets. The pro forma balance sheet includes preliminary goodwill of US$7,810,460, representing the excess
of purchase consideration over the fair value of identifiable net assets acquired. This amount is subject to final adjustment during
the measurement period, not to exceed one year post-acquisition.

|                                                       |     | As of     
 March 31, 
 2025      |            |
|:------------------------------------------------------|:----|:----------|-----------:|
| Fair value of the consideration                       |     | $         | 48,338,143 |
| Less: Recognized value of the identifiable net assets 
 acquired                                              |     |           | 40,527,683 |
| Goodwill recognized on consolidated                   
 level                                                 |     | $         |  7,810,460 |

3. Translation of foreign currency

The audited financial information of Ban Leong
was presented in Singapore dollars (“S$”). The statement of income and comprehensive income of Ban Leong is translated to
US$ at the average exchange rate during the reporting period. The balance sheet of Ban Leong is translated to US$ at the applicable exchange
rates as of March 31, 2025. The following table outlines the exchange rates between S$ and US$ used for translation.

| Exchange rates on March 31, 2025