Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 276

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 276
---
 February 12, 2025,
immediately prior to the conversion upon completion of the Business Combination, the fair value of the convertible notes was allocated
to (i) conversion feature of $22,377,734, (ii) bonus share component of $2,685,327, and (iii) top-up share feature of $2,707,836. As
of March 31, 2025, the fair value of the top-up share feature was remeasured to $3,086,519. The fair value of the conversion and bonus
share components was estimated using a scenario-based probability-weighted approach, while the top-up share feature was valued using
a Monte Carlo simulation model based on 10,000 simulated price paths. Valuation assumptions included stock prices of $3.05 and $1.95
as of February 12 and March 31, 2025, respectively, a volatility assumption of 60%, risk-free rates of 4.4% and 3.9%, and an expected
holding period of three years. The fair value measurement of the Top-Up Shares represents Level 3 inputs under the fair value hierarchy
due to the use of unobservable inputs.

Note 17 — Deferred investment consideration payable

|                                   |     | March 31, 
 2025      |           |     | March 31, 
 2024      |   |
|:----------------------------------|:----|:----------|----------:|:----|:----------|:--|
| Deferred investment consideration 
 payable                           |     | $         | 7,500,000 |     | $         | - |

The balance of contingent
investment consideration payable relates to the Company’s investment in Nekcom of $7,500,000 in share consideration, for which
the corresponding ordinary shares have been issued and placed in escrow. These shares will not be released until the Full Recoupment
Date (see Note 5). As the Company expects the Full Recoupment Date to occur more than twelve months after March 31, 2025, the investment
payable related to the $7,500,000 share consideration has been classified as non-current.

<div align='center'>F-42

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 18 — Related party balances and transactions

Related party balances

Amount due from related parties

|                            | Name