Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 351

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 351
---
|--------------:|
|               |     | -Unaudited |                    |     | -Unaudited |               |
| Singapore     |     | $          |         25,325,176 |     | $          |    19,644,857 |
| Hong Kong     |     |            |         21,321,102 |     |            |    12,709,153 |
| Malaysia      |     |            |          2,351,890 |     |            |     3,734,559 |
| China         |     |            |          1,907,537 |     |            |             - |
| Total revenue |     | $          |         50,905,705 |     | $          |    36,088,569 |

Note 20 — Subsequent Events

The Company
evaluated all events and transactions that occurred after September 30, 2024. Other than below, the Company did not identify any
subsequent events that would have required adjustment or disclosure in the financial statements, except for the following.

On October 1,
2024, 2Game Digital DMCC, a Dubai Company was incorporated. It was 100% owned by 2Game and its primary business activity is the distribution
of console game code.

On December 4,
2024, 4Divinity UK Ltd, a United Kingdom Company was incorporated. It was 100% owned by 4Divintiy and its primary business activity is
the publishing and distribution of console game code.

In September 2024,
Hainan GCL made a secured loan in the aggregate amount of $3,000,000 to Nekcom Inc. (“Nekcom”), a Delaware parent company
of a developer of the game Showa American Story in China. Subsequently, the above-mentioned loan was incorporated into a publishing
agreement (“Publishing Agreement”) executed on December 18, 2024, among Nekcom, its Singapore subsidiary NEKCOM Private
Limited, and the Company’s subsidiary 4Divinity SG. According to the Publishing Agreement, 4Divinity SG was appointed as the exclusive
global publisher and distributor of the game Showa American Story. The agreement formalized key terms, including a minimum guarantee
of $5,000,000 advanced by 4Divinity SG to Nekcom, recoverable from net revenue. The $3,000,000 loan from Hainan GCL was