Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 312

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 312
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 31, 2025 and 2024, respectively. The excess fair value over principal reflects
the estimated value of the embedded equity conversion feature.

<div align='center'>F-69

BAN LEONG TECHNOLOGIES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in Singapore dollars (“$”)</div>

| 2. | Summary                                        
 of significant accounting policies (continued) |

Fair
value measurements

Financial instruments of the Company
primarily include trade receivables, other receivables and deposits, investments in convertible notes, cash and cash equivalents, trade
payables, bills payable to banks (unsecured) and short-term loans, other payables and accruals. The Company applies ASC 820, Fair Value
Measurements and Disclosures (“ASC 820”), in measuring fair value. ASC 820 defines fair value, establishes a framework for
measuring fair value and requires disclosures to be provided on fair value measurement.

ASC 820 establishes a three-tier fair
value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that
reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs
that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs
which are supported by little or no market activity.

ASC 820 describes three main approaches
to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach
uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities.
The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on
the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently
be required to replace an asset.

Assets and liabilities measured at
fair value on a recurring basis as of March 31, 2025 and 2024 are summarized below:

| As of March 31, 2025            |     | Quoted prices in active markets for 
 identical instruments (Level 1)     |   |     | Significant              
 observable inputs        
 other than quoted prices 
 (Level 2)                |   |     | Significant         
 unobservable inputs 
 (Level 3)           |           |
|:--------------------------------|:----|:------------------------------------|: