Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 158

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 158
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  (6,342,398 | ) |     |   |  (780,624 | ) |     |   |   (615,528 | ) |
| Net cash provided by financing activities                 |     |                               |  33,557,446 |   |     |   |   135,236 |   |     |   |  4,359,210 |   |
| Effect of exchange rate changes                           |     |                               |     138,564 |   |     |   |  (168,777 | ) |     |   |    (27,696 | ) |
| Net change in cash, cash equivalents, and restricted cash |     | $                             |  17,044,978 |   |     | $ |   502,131 |   |     | $ |   (649,884 | ) |

<div align='center'>87</div>

Operating activities

Net cash used in operating
activities was approximately $10.3 million for the year ended March 31, 2025. The net cash used in operating activities was primarily
attributable to (i) approximately $6.6 million increase in accounts receivable, as a result of increase in our revenue, (ii) approximately
$7.5 million increase in indefinite-lived intangible assets as we as we maintain more console game code for resale, (iii) approximately
$1.1 million increase in other receivables and other current assets due to payment of advertising fees on behalf of a vendor and other
prepaid expenses such as D&O insurance, (iv) approximately $0.9 million decrease of operating lease liabilities as we remit timely
payment in accordance with lease contract during the period, (v) approximately $1.0 million increase in inventories, as we maintained
more inventories for resale due to demand of our products, (vi) approximately $3.6 million increase in prepayment to our vendors and
related party as we made more advance payments to vendors to secure our purchases approximately, (vii) approximately $11.9 million decrease
in other payables and accrued liabilities as make timely payments for accrued expense, (viii) approximately $2.0 million decrease in
account payable, a related party, as we made timely payment to related party for purchasing, and (ix) approximately $4.7 million non-cash
item of recovery from credit loss, deferred tax benefit, and change in fair value of convertible notes