Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 301

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 301
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 date fair value of any previously held equity interest in the acquiree over
(ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than
the fair value of the net assets of the subsidiaries acquired, the difference is recognized directly in the consolidated statements of
operation and comprehensive loss. During the measurement period, which can be up to one year from the acquisition date, the Company may
record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the
measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent
adjustments are recorded to the consolidated statements of operation and comprehensive loss.

For
the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not
attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests
are also recorded as non-controlling interests in the Company’s consolidated balance sheets and consolidated statements of operation
and comprehensive loss. Cash flows related to transactions with non-controlling interests are presented under financing activities in
the consolidated statements of cash flows.

The
chief executive officer is identified as the Company’s chief operating decision-maker who reviews financial information presented
on a consolidated basis, accompanied by disaggregated information about revenues by different revenues streams for purposes of allocating
resources and evaluating financial performance. Based on qualitative and quantitative criteria established by Accounting Standards Codification
(“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within four operating and three
reportable segments as set forth in Note 19.

<div align='center'>F-64

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Cash
is carried at cost and represents cash on hand. Cash equivalents consist of time deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less. In addition, cash equivalents also consist of funds
received from customers, which were held at the third-party platform’s account, and which are unrestricted and immediately available
for withdrawal and use.

Restricted
cash consists of fixed deposits being held as collateral to secure the banking facilities. As of September 30, 2024 and March 31,
2024, the Company had deposit amounted to $2,577,553