Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 232

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 232
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Game                              |     | $                   |           — |   |     | $    |  4,293,000 |   |
| Share issuance for acquisition payable                                              |     | $                   |     266,214 |   |     | $    |          — |   |
| Deferred merger costs included in other payables and accrued liabilities            |     | $                   |     167,426 |   |     | $    |          — |   |

The following table provides a reconciliation
of cash and cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same
amounts shown in the statement of cash flows:

|                                                      |     |     | March 31, 
      2024 |     |     | March 31, 
      2023 |
|:-----------------------------------------------------|:----|:----|----------:|:----|:----|----------:|
| Cash and cash equivalents                            |     |     | 2,677,059 |     |     | 2,543,045 |
| Restricted cash                                      |     |     | 1,656,678 |     |     | 1,288,561 |
| Total cash and cash equivalents, and restricted cash |     |     | 4,333,737 |     |     | 3,831,606 |

<div align='center'>The
accompanying notes are an integral part of these consolidated financial statements.

F-20

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Nature of business and organization

GCL Global Limited (“GCL Global” or
the “Company”) was incorporated and registered as an exempted Company with limited liability on September 8, 2023, under
the laws of the Cayman Islands. GCL Global is a holding Company and has no substantive operations other than holding all of the outstanding
equities of its directly and indirectly owned subsidiaries through various recapitalizations. GCL Global and its subsidiaries are hereafter
referred as the Company.

The Company, through its subsidiaries in Singapore,
Malaysia, and Hong Kong, operates its business in four segments, 1) distribution of console games, 2) game publishing, 3) media advertising
service, and 4) others.

— Reorganization under GCL Global Pte. Ltd (“GCL
Global SG”)

GCL Global