Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 298

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 298
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GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 2 — Summary of significant accounting policies

The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) for information pursuant to the rules and regulations of the
Securities Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements as of September 30,
2024 and for the six months ended September 30, 2024 and 2023 are included all adjustments considered necessary to present fairly
the financial position, results of operations and cash flow for such interim periods. Certain information and footnote disclosures normally
included in the financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and
regulations. The results of operations for the six months ended September 30, 2024 and 2023 are not necessarily indicative of results
to be expected for the full year of 2025 and 2024, respectively. Accordingly, these unaudited condensed consolidated financial statements
should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended March 31,
2024 and 2023.

The
unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions
and balances among the Company and its subsidiaries have been eliminated upon consolidation.

A
subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power
to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast
a majority of votes at the meeting of directors.

The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of
the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods
presented. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include
estimates of allowances for doubtful accounts, reserve for excess and obsolete inventory, estimates of impairments of long-lived assets
and goodwill, valuation of deferred tax assets and contingent consideration for acquisition