Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 251

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 251
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| (1) | For the years ended March 31, 2025, 2024, and 2023, the Company had the 16,500,000, 0, and 0 shares of                                 
 warrants, respectively, outstanding which were not included in the calculation of diluted net (income) loss per ordinary share because 
 inclusion thereof would be anti-dilutive                                                                                               |

| (2) | For the years ended March 31, 2025, 2024, and 2023, the Company had 4,328,394, 0, and 0 ordinary shares,                                        
 respectively, held in escrow. The Company has determined that these shares are non-participating securities in accordance with ASC 260,         
 as they are not entitled to dividends or other rights until certain milestones are met. As such, these shares are excluded from the calculation 
 of basic and diluted earnings (loss) per share for the respective periods.                                                                      |

Note 25 — Segment information

The Company presents
segment information after elimination of inter-Company transactions. In general, revenue, cost of revenue and operating expenses are
directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly
attributable to a specific segment, such as those that support infrastructure across different segments, to different segments
mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company’s
Chief Executive Officer, who serves as the Chief Operating Decision Maker (“CODM”), does not evaluate the
performance of segments using asset information. As such, the Company does not allocate assets to its reportable segments.

<div align='center'>F-53

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

By assessing the qualitative
and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the
Company considers itself to have three reportable segments which comprise of console game, game publishing, and media advertising service.
The segments are organized based on type of products for sale or service offered.

The following tables present
the summary of each segment’s revenue, interest expense, depreciation and amortization, income or loss from operations, loss before
income taxes, net income and capital expenditure which are considered as a segment operating performance measure, for the years ended
March