Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 232

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 232
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|----------:|:----|:----|----------:|
| Cash and cash equivalents                            |     |     | 2,677,059 |     |     | 2,543,045 |
| Restricted cash                                      |     |     | 1,656,678 |     |     | 1,288,561 |
| Total cash and cash equivalents, and restricted cash |     |     | 4,333,737 |     |     | 3,831,606 |

<div align='center'>The
accompanying notes are an integral part of these consolidated financial statements.

F-20

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Nature of business and organization

GCL Global Limited (“GCL Global” or
the “Company”) was incorporated and registered as an exempted Company with limited liability on September 8, 2023, under
the laws of the Cayman Islands. GCL Global is a holding Company and has no substantive operations other than holding all of the outstanding
equities of its directly and indirectly owned subsidiaries through various recapitalizations. GCL Global and its subsidiaries are hereafter
referred as the Company.

The Company, through its subsidiaries in Singapore,
Malaysia, and Hong Kong, operates its business in four segments, 1) distribution of console games, 2) game publishing, 3) media advertising
service, and 4) others.

— Reorganization under GCL Global Pte. Ltd (“GCL
Global SG”)

GCL Global SG was incorporated on July 26,
2021, under the laws of Singapore. GCL Global SG is a holding Company and has no substantive operations other than holding all of the
outstanding equities of Epic SG, 4Divinity SG, 2Game, and Starlight.

On June 30, 2023, GCL Global SG completed the
acquisition of 100% of the equity interests in Titan Digital Media Pte Ltd (“Titan Digital”), which was held under common
control with Grand Centrex Limited (“GCL BVI”). The transaction was executed with a consideration of SGD 10. GCL Global SG
and Titan Digital are under the effective control of the same group of shareholders.

On July 18, 2023, GCL Global SG completed the
acquisition of 100% of the equity interests in Epicsoft Hong Kong Limited (“