Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 231

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 231
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,374 |   |     | $             | (120,551 | ) |     | $           | 2,366,732 |   |     | $             | 15,925,159 |   |

<div align='center'>The accompanying notes are an integral part of these consolidated financial statements.

F-19

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in U.S. dollar, except for the number of shares)</div>

| CASH FLOWS FROM OPERATING ACTIVITIES:                                               |     | For the Years Ended 
 March 31,           
 2024                |             |   |     | 2023 |            |   |
|:------------------------------------------------------------------------------------|:----|:--------------------|------------:|:--|:----|:-----|-----------:|:--|
| Net loss (income)                                                                   |     | $                   |  (1,960,956 | ) |     | $    |  2,140,670 |   |
| Adjustments to reconcile net income to net cash used in operating activities:       |     |                     |             |   |     |      |            |   |
| Depreciation of property and equipment                                              |     |                     |     320,308 |   |     |      |    297,069 |   |
| Amortization of intangible assets                                                   |     |                     |   1,168,358 |   |     |      |    517,902 |   |
| Amortization of right of use assets- operating leases                               |     |                     |     839,152 |   |     |      |    662,748 |   |
| Amortization of right of use assets- operating lease, a related party               |     |                     |           — |   |     |      |      3,396 |   |
| Amortization of right of use assets- finance leases                                 |     |                     |      43,900 |   |     |      |     26,556 |   |
| Provision for credit loss and doubtful accounts, net of recovery                    |     |                     |     484,247 |   |     |      |    334,052 |   |
| Loss from disposal of property and equipment                                        |     |                     |      57,202 |   |     |      |          — |   |
| Deferred taxes