Company: GCL
Filing Date: 2025-09-05
Form Type: F-1/A
Source: 0001213900-25-085150
Chunk: 247

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-05
Form: F-1/A
Chunk 247
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 scenario-based probability-weighted approach, while the top-up share feature was valued using a Monte Carlo simulation model based on 10,000simulated price paths. Valuation assumptions included stock prices of $ 3.05and $ 1.95as of February 12 and March 31, 2025, respectively, a volatility assumption of 60%, risk-free rates of 4.4% and 3.9%, and an expected holding period of threeyears. The fair value measurement of the Top-Up Shares represents Level 3 inputs under the fair value hierarchy due to the use of unobservable inputs.

Note 17 — Deferred investment consideration payable

|                                   |     | March 31, 
 2025      |           |     | March 31, 
 2024      |   |
|:----------------------------------|:----|:----------|----------:|:----|:----------|:--|
| Deferred investment consideration 
 payable                           |     | $         | 7,500,000 |     | $         | - |

The balance of contingent
investment consideration payable relates to the Company’s investment in Nekcom of $ in share consideration, for which
the corresponding ordinary shares have been issued and placed in escrow. These shares will not be released until the Full Recoupment
Date (see Note 5). As the Company expects the Full Recoupment Date to occur more than twelve months after March 31, 2025, the investment
payable related to the $ share consideration has been classified as non-current.

F-42 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 18 — Related party balances and transactions

Related party balances

Amount due from related parties

|                                    | Name of related party |                                                                        | Relationship |                                                | Nature |   |     As of 
 March 31, 
      2025 |     |   |     As of 
 March 31, 
      2024 |
|:-----------------------------------|:----------------------|:-----------------------------------------------------------------------|:-------------|:-----------------------------------------------|:-------|:--|----------:|:----|:--|----------:|
| Epicsoft Ventures Pte Ltd          |                       | Common shareholders                                                    |              | Reimbursement of business expenses             |        | $ |       426 |     | $ |         - |
| SEGA Corporation                   |                       | Shareholder of the Company                                             |              | Recoup