Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 238

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 238
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 observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs
that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain
assets and liabilities such as cash and restricted cash, accounts receivable, net, amount due from related parties, other receivables
and other current assets, prepayments, banking facilities, accounts payable, contract liabilities, amount due to related parties, other
payables and accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short maturities of
these instruments. The Company believes that its long-term bank facilities approximate the fair value based on current yields for debt
instruments with similar terms.

The following table sets
forth by level within the fair value hierarchy our financial asset and liability that were accounted for at fair value on a recurring
basis As of March 31, 2025 and 2024:

|                                                              |     | 2025 |  Carrying 
  Value at 
 March 31, |     | Level 
 1     | Fair                 
 Value Measurement at 
 March 31, 2025       |     | Level 
 2     |   |     | Level 
 3     |           |
|:-------------------------------------------------------------|:----|:-----|----------:|:----|:------|:---------------------|:----|:------|:--|:----|:------|----------:|
| Derivative                                                   
 asset attributable to Buy-Back Feature embedded in 2Game SPA |     | $    |   269,119 |     | $     | -                    |     | $     | - |     | $     |   269,119 |
| Contingent consideration for acquisition of 2Game            |     | $    | 1,121,006 |     | $     | -                    |     | $     | - |     | $     | 1,121,006 |
| Derivative liabilities (Top-Up Shares)                       |     | $    | 3,086,519 |     | $     | -                    |     | $     | - |     | $     | 3,086,519 |

<div align='center'>F-22

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

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