Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 128

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 128
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     |      |     53,291 |   |     |      |   620,142 |
| Depreciation and amortization expenses |     |                               |  2,369,036 |     |      |  2,371,718 |   |     |      | 1,507,671 |
| EBITDA                                 |     |                               | 10,803,063 |     |      |    971,856 |   |     |      | 4,459,637 |

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Off-Balance Sheet Arrangements

We have no off-balance sheet
arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or
other benefits.

5C. Research and Development, Patents and Licenses, etc.

See “Item 4. Information
on the Company—B. Business Overview—Intellectual Property.”

5D. Trend Information

Other than as disclosed elsewhere
in this annual report and below, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely
to have a material effect on our revenues, income from continuing operations, profitability, liquidity or capital resources, or that
would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

5E. Critical Accounting Estimates

Financial statements and accompanying notes have been prepared in accordance
with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that
affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances,
the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Certain accounting estimates are particularly sensitive because of our significance to financial statements and because
of the possibility that future events affecting the estimate may differ significantly from management’s current judgments. We believe
that the following accounting estimates are critical to our business operations and understanding our consolidated financial results.

Contingent consideration for acquisitions

We determined that the contingent
consideration related to the 2Game acquisition should be classified as a liability, as we are obligated to settle the arrangement in cash
or shares upon 2Game’s achievement of certain performance milestones. In accordance with ASC 815-40, Derivatives