Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 229

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 229
---
 statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum Asia CPAs LLP

Marcum Asia CPAs LLP
We have served as the Company’s auditor since 2023.

New York, NY
August 12, 2024

<div align='center'>NEW YORK OFFICE ● 7 Penn Plaza ● Suite
830 ● New York, New York ● 10001
Phone 646.442.4845 ● Fax 646.349.5200 ● www.marcumasia.com

F-16

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Stated in U.S dollar, except for the number of shares)</div>

|                                                                                                                                                                              |     |   |  March 31, 
       2024 |   |     |   |  March 31, 
       2023 |   |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|-----------:|:--|:----|:--|-----------:|:--|
| ASSETS                                                                                                                                                                       |     |   |            |   |     |   |            |   |
| CURRENT ASSETS                                                                                                                                                               |     |   |            |   |     |   |            |   |
| Cash and cash equivalents                                                                                                                                                    |     | $ |  2,677,059 |   |     | $ |  2,543,045 |   |
| Restricted cash                                                                                                                                                              |     |   |  1,656,678 |   |     |   |  1,288,561 |   |
| Accounts receivable, net                                                                                                                                                     |     |   | 17,413,086 |   |     |   | 17,011,647 |   |
| Amount due from related parties                                                                                                                                              |     |   |     21,880 |   |     |   |  2,132,520 |   |
| Inventories, net                                                                                                                                                             |     |   |  4,826,217 |   |     |   |  3,072,146 |   |
| Other receivable and other current assets, net                                                                                                                               |     |   |    460,997 |   |     |   |    940,819 |   |
| Prepayments, net