Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 374

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 374
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The Company considers all
short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $40,511
and $188,235 cash and cash equivalents as of December 31, 2024 and December 31, 2023, respectively.

Cash Held in Trust Account

The Company’s portfolio
of investments held in trust consisted solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of
the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government
securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities.
Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from
the change in fair value of these investments are included in income earned on investments in Trust Account in the accompanying statement
of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. In
February of 2023 the Company’s trust balance was moved to an interest-bearing bank deposit account due to receiving a slightly higher
interest rate from Citi. At December 31, 2024 and December 31, 2023, the Company had $18,084,445 and $29,718,024 in the trust account
respectively.

Use of Estimates

The preparation of financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period.

Making estimates requires
management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly
from those estimates.

<div align='center'>F-107</div>

Offering Costs Associated with the Initial Public Offering

The Company complies with
the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”.
Offering costs consists of legal, accounting, underwriting fees and