Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 226

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 226
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2027. These bank loans bear interest rates per annum 6.33%. |

The interest expense pertained
to above banking facilities for the years ended March 31, 2025, 2024, and 2023 were $518,770, $460,628 and $191,155, respectively. The
weighted-average interest rate pertaining to above mentioned bank loans were 6.2%, 7.1% and 6.0%, respectively, for the years ended March
31, 2025, 2024, and 2023, respectively.

<div align='center'>F-40

GCL GLOBAL HOLDINGS LTD 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