Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 211

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 211
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 addition, the regulatory
uncertainties may be exploited through unmerited or frivolous legal actions or threats in attempts to exact payments or benefits from
our Company and its subsidiaries.

<div align='center'>119

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES</div>

| Audited                                                                                                    
 Financial Statements                                                                                       
 Report                                                                                                     
 of Independent Registered Public Accounting Firm (Marcum Asia CPAs LLP, PCAOB ID 5395)                     
 Consolidated                                                                                               
 Balance Sheets as of March 31, 2025 and 2024                                                               
 Consolidated                                                                                               
 Statements of Operations and Comprehensive Income (Loss) for the years ended March 31, 2025, 2024 and 2023 |     | F-2 
 F-3 
 F-4 |
|:-----------------------------------------------------------------------------------------------------------|:----|:----|
| Consolidated                                                                                               
 Statements of Change in Shareholders’ Equity for the years ended March 31, 2025, 2024 and 2023             |     | F-5 |
| Consolidated                                                                                               
 Statements of Cash Flows for the years ended March 31, 2025, 2024 and 2023                                 |     | F-6 |
| Notes                                                                                                      
 to Consolidated Financial Statements                                                                       |     | F-7 |

<div align='center'>BAN LEONG TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES</div>

| Audited                                                                                                    
 Financial Statements                                                                                       
 Report of Independent Registered Public Accounting Firm (Ernst & Young LLP)                                
 Consolidated Balance Sheets as of March 31, 2025 and 2024                                                  
 Consolidated Statements of Operations and Comprehensive Income for the years ended March 31, 2025 and 2024 |     | F-61 
 F-63 
 F-64 |
|:-----------------------------------------------------------------------------------------------------------|:----|:-----|
| Consolidated Statements of Changes in Shareholders’ Equity for the years ended March 31, 2025 and 2024     |     | F-65 |
| Consolidated Statements of Cash Flows for the years ended March 31, 2025 and 2024                          |     | F-66 |
| Notes to Consolidated Financial Statements                                                                 |     | F-67 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and Board of Directors of

GCL Global