Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 225

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 225
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 equity method. As a result, the investment Nekcom’s Series B
Preferred Shares does not qualify for equity method accounting under ASC 323 and is instead accounted for under ASC 321 as an equity investment
to measure it at cost, with subsequent remeasurement to fair value only upon impairment or when there are observable prince changes in
orderly transactions for identical or similarly investments. As of the acquisition date, the $7,500,000 cash consideration and $7,500,000
share consideration were determined to be included in the initial investment cost. And the Company will assess the impairment as subsequent
measurement. As of March 31, 2025, no impairment was recorded against investment in Nekcom.

<div align='center'>F-39

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Investment in Cloudshelf Limited (“Cloudshelf”)

On November 8, 2022, the Company
entered into a subscription and shareholders agreement with Cloudshelf, a private limited company incorporated in England and Wales. Pursuant
to the agreement, the Company subscribed for ordinary shares in Cloudshelf for a total consideration of $71,045, representing a 13.5%
equity interest of Cloushelf.

As the Company does not have
significant influence over Cloudshelf, the investment is accounted for in accordance with ASC 321, The investment is measured at cost,
with subsequent remeasurement to fair value only upon impairment or when there are observable prince changes in orderly transactions for
identical or similarly investments. As of March 31, 2025, no impairment indicators were identified, and no loss was recorded.

Note 14 — Bank Loans

Outstanding balance of banking facilities consisted of the following:

| Bank name                            
 United Overseas Bank Limited (“UOB”) |     | Maturity                    
 date                        
 July 2025                   
 (Repaid in                  
 July 2025)                  |     | Interest 
 rate     | 2.5%      |     | Collateral/Guarantee                                                                                        
 Personal Guarantee by Choo See Wee, the Chairman of the Company, and GCL BVI.                               |     | March 31, 
 2025      |    209,633 |     | March 31, 
 2024      |   826,000 |
|:-------------------------------------|:----|:----------------------------|:----|:---------|:----------|: