Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 212

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 212
---
 and 2024:

|                                                              |     | 2025 |  Carrying 
  Value at 
 March 31, |     | Level 
 1     | Fair                 
 Value Measurement at 
 March 31, 2025       |     | Level 
 2     |   |     | Level 
 3     |           |
|:-------------------------------------------------------------|:----|:-----|----------:|:----|:------|:---------------------|:----|:------|:--|:----|:------|----------:|
| Derivative                                                   
 asset attributable to Buy-Back Feature embedded in 2Game SPA |     | $    |   269,119 |     | $     | -                    |     | $     | - |     | $     |   269,119 |
| Contingent consideration for acquisition of 2Game            |     | $    | 1,121,006 |     | $     | -                    |     | $     | - |     | $     | 1,121,006 |
| Derivative liabilities (Top-Up Shares)                       |     | $    | 3,086,519 |     | $     | -                    |     | $     | - |     | $     | 3,086,519 |

F-22 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

|                                                    |     | 2024 | Carrying Value at 
         March 31, |     | Level 1 | Fair Value Measurement at 
 March 31,                 
 2024                      |     | Level 2 |   |     | Level 3 |           |
|:---------------------------------------------------|:----|:-----|------------------:|:----|:--------|:--------------------------|:----|:--------|:--|:----|:--------|----------:|
| Contingent consideration for acquisition of 2Games |     | $    |         3,697,000 |     | $       | -                         |     | $       | - |     | $       | 3,697,000 |

The following is a reconciliation
of the beginning and ending balance of the financial assets and liability measured at fair value on a recurring basis for the years ended
March 31, 2025, 2024, and 2023:

|                                                                                            |     | Derivative Asset |         |
|:-------------------------------------------------------------------------------------------