Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 111

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 111
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, 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                                                              (6,342,398                 (780,624                  (615,528  
  Net cash provided by financing activities                                                          33,557,446                  135,236                 4,359,210  
  Effect of exchange rate changes                                                                       138,564                 (168,777                   (27,696  
  Net change in cash, cash equivalents, and restricted cash