Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 296

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 296
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,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 three reportable segments which comprise of console game, game publishing, and media advertising
service. The segments are organized based on type of products for sale or service offered.

The following tables present
the summary of each segment’s revenue, interest expense, depreciation and amortization, income or loss from operations, loss before
income taxes, net income and capital expenditure which are considered as a segment operating performance measure, for the years ended
March 31, 2025, 2024, and 2023:

Disaggregated information of revenues by regions
are as follows:

|                                                                      |     | For the Year Ended March 31, 2025 |             |   |     |            |            |   |     |             |           |   |     |       |         |   |     |       |             |   |
|:---------------------------------------------------------------------|:----|:----------------------------------|------------:|:--|:----|:-----------|-----------:|:--|:----|:------------|----------:|:--|