Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 339

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 339
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 |

The
interest expense pertained to above banking facilities for the six months ended September 30, 2024 and 2023 were $295,019 and $207,109
respectively. The weighted-average interest rate pertaining to above mentioned bank loans were 7.1% and 6.0%, respectively, for the six
months ended September 30, 2024 and 2023, respectively.

| Note 11 — Other payables and accrued liabilities |

|                                              |     | September 30, 
 2024          
 (Unaudited)   |           |     | March 31, 
 2024      |           |
|:---------------------------------------------|:----|:--------------|----------:|:----|:----------|----------:|
| Accrued payroll and welfare                  |     | $             |   167,974 |     | $         |   165,523 |
| Accrued expenses (i)                         |     |               |   759,799 |     |           | 1,381,338 |
| Other payables (ii)                          |     |               | 3,025,259 |     |           | 1,554,725 |
| Total accrued expenses and other liabilities |     | $             | 3,953,032 |     | $         | 3,101,586 |

| (i) | The balance of accrued expenses represented accrued professional 
 fee, and other miscellaneous fees.                               |

| (ii) | The balance of other payable mainly consists of the deposit received                            
 from a third party as co- publisher’s minimum guarantee in game development for game            
 publishing operations. Such balance is recoupable by above the third party upon certain minimum 
 sales targets of the games achieved after the game’s launch.                                    |

<div align='center'>F-84

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 12 — Advance proceeds from convertible notes

From
September 30, 2024 to December 2024, GCL Global Holdings Ltd (“PubCo”), the Company, and Epic SG, entered into
convertible note purchase agreements (the “Note Purchase Agreements”) with each of certain accredited investors (the
“Transaction Investors”) pursuant to which the Transaction Investors have agreed to pay the Company an aggregate of
$30,025,000 for certain convertible notes (the