Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 237

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 237
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 separately at their fair values as of the acquisition date, irrespective of the
extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests
and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable
net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary
acquired, the difference is recognized directly in the consolidated statements of operation and comprehensive loss. During the measurement
period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities
assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values
of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements
of operation and comprehensive loss.

<div align='center'>F-24

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

For the Company’s non-wholly owned subsidiaries,
a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company.
The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s
consolidated balance sheets and consolidated statements of operation and comprehensive loss. Cash flows related to transactions with non-controlling
interests are presented under financing activities in the consolidated statements of cash flows.

The chief executive officer is identified as the
Company’s chief operating decision-maker who reviews financial information presented on a consolidated basis, accompanied by disaggregated
information about revenues by different revenues streams for purposes of allocating resources and evaluating financial performance. Based
on qualitative and quantitative criteria established by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”,
the Company considers itself to be operating within four operating and three reportable segments as set forth in Note 18.

Cash is carried at cost and represents cash on hand,
time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months
or less. Cash equivalents consist of funds received from customers, which were held at the third-party platform’s account, and which
are unrestricted and immediately available for withdrawal and use.

Restricted cash consists of fixed deposits being
held as collateral to secure the banking facilities. As