Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 218

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 218
---
, 2022, the Company
entered into a subscription and shareholders agreement with Cloudshelf, a private limited company incorporated in England and Wales. Pursuant
to the agreement, the Company subscribed for ordinary shares in Cloudshelf for a total consideration of $71,045, representing a 13.5%
equity interest of Cloushelf.

As the Company does not have
significant influence over Cloudshelf, the investment is accounted for in accordance with ASC 321, The investment is measured at cost,
with subsequent remeasurement to fair value only upon impairment or when there are observable prince changes in orderly transactions for
identical or similarly investments. As of March 31, 2025, no impairment indicators were identified, and no loss was recorded.

Note 6 — Accounts receivable, net

As of March 31, 2025 and 2024, accounts receivables
comprised of the following:

|                                                     |     | 2025 |  March 31, |   |     | 2024 |  March 31, |   |
|:----------------------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Receivables from console game and console game code |     | $    | 23,121,281 |   |     | $    | 15,123,775 |   |
| Receivables from game publishing                    |     |      |  2,604,231 |   |     |      |  2,282,228 |   |
| Receivables from advertising service                |     |      |    285,127 |   |     |      |    332,540 |   |
| Less: Allowance for credit loss                     |     |      |   (248,956 | ) |     |      |   (325,457 | ) |
| Accounts receivable, net                            |     | $    | 25,761,683 |   |     | $    | 17,413,086 |   |

<div align='center'>F-35

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Movement of credit loss for the years ended March
31, 2025, 2024, and 2023 are as follows:

|                        |     |   | March 31, 
      2025 |