Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 157

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 157
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 $25.8 million which is short-term
in nature that we expect to collect within our normal business cycle. Meanwhile, we also utilized debt financing in the form of short-
term, convertible note, or long-term borrowings from banking facilities, and accredited investors to finance the working capital requirements
of the Company. As of March 31, 2025, we have utilized short-term and long-term borrowings from banking facilities amounted to approximately
$10.5 million and $1.4 million, respectively. Between September and December 2024, we issued convertible notes with an aggregate principal
amount of $33.0 million, which were fully converted into equity on February 13, 2025 upon completion of the Business Combination.

On May 21, 2025, we entered
into a Securities Purchase Agreement with an investor for the issuance of approximately $2.9 million senior unsecured convertible note,
issued at a discount for gross proceeds of approximately $2.6 million. The agreement also provides the investor with the right to purchase
up to an additional $42.6 million in convertible notes in specified increments, which may provide additional liquidity if exercised.

Our future operations are
highly dependent on a combination of factors, including but not necessarily limited to changes in the demand for our products or services,
local government policy, economic conditions, and competition in the gaming industries. However, based on the above considerations, our
management is of the opinion that it has sufficient funds to meet our working capital requirements and current liabilities as they become
due one year from the date of issuance of these financial statements are issued.

The following summarizes
the key components of our cash flows for the year ended March 31, 2025, 2024, and 2023.

|                                                           |     | For the Years Ended March 31, |        2025 |   |     |   |      2024 |   |     |   |       2023 |   |
|:----------------------------------------------------------|:----|:------------------------------|------------:|:--|:----|:--|----------:|:--|:----|:--|-----------:|:--|
| Net cash (used in) provided by operating activities       |     | $                             | (10,308,634 | ) |     | $ | 1,316,296 |   |     | $ | (4,365,870 | ) |
| Net cash used in investing activities                     |     |                               |