Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 273

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 273
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 AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| Note 15 — Other payables and accrued liabilities |

|                             |     | 2025 | March 31, |     | 2024 | March 31, |
|:----------------------------|:----|:-----|----------:|:----|:-----|----------:|
| Accrued payroll and welfare |     | $    |   127,473 |     | $    |   165,523 |
| Accrued expenses (i)        |     |      |   408,370 |     |      | 1,381,338 |
| Other payables (ii)         |     |      | 1,666,948 |     |      | 1,554,725 |
| Investment payable (iii)    |     |      | 2,500,000 |     |      |         - |
| Total accrued expenses      
 and other liabilities       |     | $    | 4,702,791 |     | $    | 3,101,586 |

| (i) | The balance of accrued expenses represented accrued professional fee amount to $109,520 and other 
 miscellaneous fee.                                                                                |

| (ii)  | The balance of other payables mainly consists                                                                                      
 of the deposit received from a third party as co-publisher’s minimum guarantee in game development for game publishing operations. 
 Such balance is recoupable by above the third party upon certain minimum sales targets of the games achieved after the game’s      
 launch.                                                                                                                            |
| (iii) | The balance of investment payable relates                                                                                          
 to the Company’s investment in Nekcom, and consists of $2,500,000 in cash consideration, which the Company has agreed to           
 pay on or before August 16, 2025.                                                                                                  |

Note 16 — Convertible Notes and Derivative Liabilities

From September 30,
2024 to December 2024, the Company, GCL Global, and Epic SG, entered into convertible note purchase agreements (the “Note
Purchase Agreements”) with each of certain accredited investors (the “Transaction Investors”) pursuant to which the
Transaction Investors have agreed to pay GCL Global an aggregate of $33,025,000 for certain convertible notes (the “Note”)
which shall automatically convertible into GCL Global’s fully paid and nonassessable ordinary shares that would be exchanged for
7,