Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 323

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 323
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 |  (8,977 | ) |     |   |        – |   |
| At March 31                                              |     |                 | 200,029 |   |     |   |  182,690 |   |

<div align='center'>F-77

BAN LEONG TECHNOLOGIES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in Singapore dollars (“$”)</div>

| 5. | Inventories |

|                |     | As of March 31, |       2025 |     |   |       2024 |
|:---------------|:----|:----------------|-----------:|:----|:--|-----------:|
|                |     | $               |            |     | $ |            |
| Balance sheet: |     |                 |            |     |   |            |
| Finished goods |     |                 | 33,567,179 |     |   | 31,208,023 |

As of March 31, 2025 and 2024, inventory valuation reserves, which
are principally comprised of allowances for estimated excess and obsolete inventories, amounted to $138,935 and $47,134 respectively.

| 6. | Other receivable and other assets, net |

|                                |     | As of March 31, 
 2025            |           |     | 2024 |           |
|:-------------------------------|:----|:----------------|----------:|:----|:-----|----------:|
|                                |     | $               |           |     | $    |           |
| Current                        |     |                 |           |     |      |           |
| Investment in convertible note |     |                 | 3,502,200 |     |      |         – |
| Other receivables              |     |                 |   235,524 |     |      | 2,257,447 |
| Right of return assets         |     |                 |   545,085 |     |      |   456,087 |
| Deposits                       |     |                 |   122,082 |     |      |   146,226 |
|                                |     |                 | 4,404,891 |     |      | 2,859,760 |
| Non-current                    |     |                 |           |     |      |           |
| Investment in convertible note |     |                 |         – |     |      |