Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 196

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 196
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 contingent consideration for acquisition |     |                   |    545,428 |   |
| Exchange rate difference                                         |     |                   |    (52,587 | ) |
| Ending balance as of March 31, 2025                              |     | $                 |  1,121,006 |   |

|                                                                                    |     |   | Convertible 
       notes |   |
|:-----------------------------------------------------------------------------------|:----|:--|------------:|:--|
| Initial fair value of convertible notes                                            |     | $ |  33,025,000 |   |
| Conversion of the convertible notes                                                |     |   | (25,063,061 | ) |
| Change in fair value of convertible notes upon conversion of the convertible notes |     |   |  (5,254,103 | ) |
| Fair value allocated to Top-Up Shares upon conversion of the convertible notes     |     |   |  (2,707,836 | ) |
| Ending balance as of March 31, 2025                                                |     | $ |           - |   |

|                                                                                |     | Derivative      
 liabilities     
 (Top-Up Shares) |           |
|:-------------------------------------------------------------------------------|:----|:----------------|----------:|
| Fair value allocated to Top-Up Shares upon conversion of the convertible notes |     | $               | 2,707,836 |
| Change in fair value of derivative liability                                   |     |                 |   378,683 |
| Ending balance as of March 31, 2025                                            |     | $               | 3,086,519 |

<div align='center'>F-23

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

The Company accounts for leases in accordance
with ASU 2016-02, “Leases” (Topic 842).

If any of the following criteria are met, the
Company classifies the lease as a finance lease:

| ● | The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; |

| ● | The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; |

| ● | The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; |

| ● | The present value of