Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 254

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 254
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supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain assets and liabilities
such as cash and restricted cash, accounts receivable, net, amount due from related parties, other receivables and other current assets,
prepayments, banking facilities, accounts payable, contract liabilities, amount due to related parties, other payables and accrued liabilities,
and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes
that its long-term bank facilities approximate the fair value based on current yields for debt instruments with similar terms.

The following table sets forth by level within the
fair value hierarchy our financial liability that were accounted for at fair value on a recurring basis as of March 31, 2024:

|                                          |     | 2024 |  Carrying 
  Value at 
 March 31, |     | Level 1 | Fair                 
 Value Measurement at 
 March 31, 2024       |     | Level 2 |   |     | Level 3 |           |
|:-----------------------------------------|:----|:-----|----------:|:----|:--------|:---------------------|:----|:--------|:--|:----|:--------|----------:|
| Contingent consideration for acquisition |     | $    | 3,697,000 |     | $       | —                    |     | $       | — |     | $       | 3,697,000 |

The following is a reconciliation of the beginning
and ending balance of the financial liability measured at fair value on a recurring basis for the years ended March 31, 2024
and 2023:

|                                                                  |     | Contingent        
 consideration for 
 acquisition       |           |   |
|:-----------------------------------------------------------------|:----|:------------------|----------:|:--|
| Beginning balance                                                |     | $                 | 3,360,848 |   |
| Change in fair value of contingent consideration for acquisition |     |                   |   932,152 |   |
| Ending balance as of March 31, 2023                              |     |                   | 4,293,000 |   |
| Payment of cash and share consideration                          |     |                   |  (806,710 | ) |
| Change in fair value of contingent consideration for acquisition |     |                   |   272,029 |   |
| Exchange rate difference