Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 270

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 270
---
com’s Series B Preferred Shares are classified as equity securities but do not meet the criteria to be considered in-substance
common stock under ASC 323-10-15-13. These shares possess substantive liquidation preferences that distinguish them from common stock.
Consequently, the Nekcom investment is not accounted for under the equity method. As a result, the investment Nekcom’s Series B
Preferred Shares does not qualify for equity method accounting under ASC 323 and is instead accounted for under ASC 321 as an equity
investment to measure it at cost, with subsequent remeasurement to fair value only upon impairment or when there are observable prince
changes in orderly transactions for identical or similarly investments. As of the acquisition date, the $7,500,000 cash consideration
and $7,500,000 share consideration were determined to be included in the initial investment cost. And the Company will assess the impairment
as subsequent measurement. As of March 31, 2025, no impairment was recorded against investment in Nekcom.

<div align='center'>F-39

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Investment in Cloudshelf Limited (“Cloudshelf”)

On November 8, 2022, the
Company entered into a subscription and shareholders agreement with Cloudshelf, a private limited company incorporated in England and
Wales. Pursuant to the agreement, the Company subscribed for ordinary shares in Cloudshelf for a total consideration of $71,045, representing
a 13.5% equity interest of Cloushelf.

As the Company does not
have significant influence over Cloudshelf, the investment is accounted for in accordance with ASC 321, The investment is measured at
cost, with subsequent remeasurement to fair value only upon impairment or when there are observable prince changes in orderly transactions
for identical or similarly investments. As of March 31, 2025, no impairment indicators were identified, and no loss was recorded.

Note 14 — Bank Loans

Outstanding balance of banking
facilities consisted of the following:

| Bank name                    
 United Overseas Bank Limited 
 (“UOB”)                      |     | Maturity                    
 date                        
 July 2025                   
 (Repaid in                  
 July 2025)                  |     | Interest 
 rate     | 2.5%      |     | Collateral/Guarantee                                                           
 Personal Guarantee by Choo See Wee, the Chairman