Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 249

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 249
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 in the beginning period contract liabilities balance amounted to $363,726 and $433,924, respectively.
As of March 31, 2024 and 2023, there were no contracts with performance obligations beyond 12 months for revenue recognition.

<div align='center'>F-31

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Disaggregated information of revenues by products/services
are as follows:

|                                       |     | For the years ended | March 31, 2024 |     |   | March 31, 2023 |
|:--------------------------------------|:----|:--------------------|---------------:|:----|:--|---------------:|
| Console game                          |     | $                   |     38,429,942 |     | $ |     39,499,316 |
| Console game codes                    |     |                     |     52,588,862 |     |   |     28,575,826 |
| Console game – subtotal               |     |                     |     91,018,804 |     |   |     68,075,142 |
| Game publishing                       |     |                     |      3,431,680 |     |   |      6,103,312 |
| Video marketing campaign services     |     |                     |      2,128,589 |     |   |      2,486,844 |
| Social media advertising services     |     |                     |        587,500 |     |   |        778,857 |
| Media advertising services – subtotal |     |                     |      2,716,089 |     |   |      3,265,701 |
| Other revenue                         |     |                     |        368,128 |     |   |              — |
| Total revenues                        |     | $                   |     97,534,701 |     | $ |     77,444,155 |

The Company generally provides limited warranties
for its products sold. At the time a sale is recognized, the Company records estimated future warranty costs under ASC 460. Such estimated
costs for warranties are estimated at time of delivery and these warranties are not service warranties separately sold by the Company.
Generally, the estimated claim rates of warranty are based on actual warranty experience or the Company’s best estimate. As the
historical claim rates of warranty were deemed to