Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 263

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 263
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 SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Movement of credit loss for the years ended March
31, 2025, 2024, and 2023 are as follows:

|                        |     |   | March 31, 
      2025 |   |     |   | March 31, 
      2024 |   |     |   | March 31, 
      2023 |   |
|:-----------------------|:----|:--|----------:|:--|:----|:--|----------:|:--|:----|:--|----------:|:--|
| Beginning balance      |     | $ |   325,457 |   |     | $ |    55,533 |   |     | $ |    12,588 |   |
| (Recovery) Addition    |     |   |   (76,725 | ) |     |   |   277,273 |   |     |   |    42,878 |   |
| Write-off              |     |   |         - |   |     |   |         - |   |     |   |    (1,521 | ) |
| Translation adjustment |     |   |       224 |   |     |   |    (7,349 | ) |     |   |     1,588 |   |
| Ending balance         |     | $ |   248,956 |   |     | $ |   325,457 |   |     | $ |    55,533 |   |

Note 7 — Inventories, net

Inventories are stated at lower of cost or net
realizable value, which is determined using the weighted average method.

|                                     |     | 2025 | March 31, |     | 2024 | March 31, |
|:------------------------------------|:----|:-----|----------:|:----|:-----|----------:|
| Physical console game compact discs |     | $    | 5,936,223 |     | $    | 4,826,217 |

For
the years ended March 31, 2025, 2024, and 2023, the impairment for inventories was amounted
to $211,356, $468,941 and $288,604 respectively.

Note 8 — Other receivables and other current assets,