Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 254

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 254
---
 at fair value on a recurring basis for the years ended March 31, 2024
and 2023:

|                                                                  |     | Contingent        
 consideration for 
 acquisition       |           |   |
|:-----------------------------------------------------------------|:----|:------------------|----------:|:--|
| Beginning balance                                                |     | $                 | 3,360,848 |   |
| Change in fair value of contingent consideration for acquisition |     |                   |   932,152 |   |
| Ending balance as of March 31, 2023                              |     |                   | 4,293,000 |   |
| Payment of cash and share consideration                          |     |                   |  (806,710 | ) |
| Change in fair value of contingent consideration for acquisition |     |                   |   272,029 |   |
| Exchange rate difference                                         |     |                   |   (61,319 | ) |
| Ending balance as of March 31, 2024                              |     | $                 | 3,697,000 |   |
| Contingent consideration for acquisition, current                |     |                   | 2,319,000 |   |
| Contingent consideration for acquisition, non-current            |     |                   | 1,378,000 |   |

<div align='center'>F-34

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Effective April 1, 2020, the Company adopted
ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether
any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial
direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting
policy election not to recognize lease assets and liabilities. The primary impact of the adoption is the initial recognition of $600,270
of operating lease right-of-use assets and operating lease liabilities.

If any of the following criteria are met, the Company classifies
the lease as a finance lease:

| ● | The lease transfers ownership of the underlying asset to 
 the lessee by the end of the lease term;                 |

| ● | The lease grants the lessee an option to purchase the underlying