Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 296

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 296
---
-----|:----|:----------|-----------:|:----|:----------|:--|:----|:----------|:--|
| Warrant (1)                          |     |           | 16,500,000 |     |           | - |     |           | - |
| Ordinary shares placed in escrow (2) |     |           |  4,328,394 |     |           | - |     |           | - |

| (1) | For the years ended March 31, 2025, 2024, and 2023, the Company                                    
 had the 16,500,000, 0, and 0 shares of warrants, respectively, outstanding which were not included 
 in the calculation of diluted net (income) loss per ordinary share because inclusion thereof       
 would be anti-dilutive                                                                             |

| (2) | For the years ended March 31, 2025, 2024, and 2023, the Company                                     
 had 4,328,394, 0, and 0 ordinary shares, respectively, held in escrow. The Company has determined   
 that these shares are non-participating securities in accordance with ASC 260, as they are not      
 entitled to dividends or other rights until certain milestones are met. As such, these shares       
 are excluded from the calculation of basic and diluted earnings (loss) per share for the respective 
 periods.                                                                                            |

Note 25 — Segment information

The Company presents segment
information after elimination of inter-Company transactions. In general, revenue, cost of revenue and operating expenses are directly
attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific
segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue
or headcount, depending on the nature of the relevant costs and expenses. The Company’s Chief Executive Officer, who serves as
the Chief Operating Decision Maker (“CODM”), does not evaluate the performance of segments using asset information. As such,
the Company does not allocate assets to its reportable segments.

<div align='center'>F-53

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

By assessing the qualitative
and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”,
the Company considers itself to have