Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 213

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 213
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 Asia CPAs LLP

Marcum Asia CPAs LLP

We have served as the Company’s auditor
since 2023.

New York, New York

July 31, 2025

<div align='center'>NEW YORK OFFICE ● 7 Penn Plaza ● Suite
830 ● New York, New York ● 10001

Phone 646.442.4845 ●
Fax 646.349.5200 ● www.marcumasia.com

F-2</div>

| GCL                                             
 GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES        |
| CONSOLIDATED                                    
 BALANCE SHEETS                                  |
| (Stated                                         
 in U.S dollar, except for the number of shares) |

| ASSETS                                                                                                                                 
 CURRENT ASSETS                                                                                                                         |     | As of March 31, 
 2025            |             |     | 2024 |            |   |
|:---------------------------------------------------------------------------------------------------------------------------------------|:----|:----------------|------------:|:----|:-----|-----------:|:--|
| Cash and cash equivalents                                                                                                              |     | $               |  18,247,380 |     | $    |  2,677,059 |   |
| Restricted cash                                                                                                                        |     |                 |   3,131,335 |     |      |  1,656,678 |   |
| Accounts receivable, net                                                                                                               |     |                 |  25,761,683 |     |      | 17,413,086 |   |
| Amount due from related parties                                                                                                        |     |                 |     392,334 |     |      |     21,880 |   |
| Inventories, net                                                                                                                       |     |                 |   5,936,223 |     |      |  4,826,217 |   |
| Other receivable and other current assets, net                                                                                         |     |                 |   1,733,022 |     |      |    460,997 |   |
| Prepayments, net                                                                                                                       |     |                 |   6,239,861 |     |      |  5,510,988 |   |
| Derivative asset                                                                                                                       |     |                 |     269,119 |     |      |          - |   |
| Loan to third party                                                                                                                    |     |                 |     382,024 |     |      |          - |   |
| Total current assets                                                                                                                   |