Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 208

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 208
---
and Singapore would permit enforcement of criminal penalties of U.S. federal securities laws. In this case, the judgment creditor may
be required to commence an action for the recovery of judgment debt in the Singapore courts under common laws to recognize and enforce
the judgment.

As a general matter, the
interpretation and enforcement of laws and regulations in Singapore involve a certain degree of uncertainty. As local administrative
and court authorities and in certain cases, independent organizations, have significant discretion in interpreting and implementing statutory
provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of
legal protection that our Company and its subsidiaries may enjoy in the locations that they operate in. Moreover, the local courts may
have broad discretion to reject enforcement of foreign awards. These uncertainties may affect our Company and its subsidiaries’
judgment on the relevance of legal requirements and their ability to enforce contractual rights or tort claims. In addition, the regulatory
uncertainties may be exploited through unmerited or frivolous legal actions or threats in attempts to exact payments or benefits from
our Company and its subsidiaries.

<div align='center'>119

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES</div>

| Audited                                                                                                    
 Financial Statements                                                                                       
 Report                                                                                                     
 of Independent Registered Public Accounting Firm (Marcum Asia CPAs LLP, PCAOB ID 5395)                     
 Consolidated                                                                                               
 Balance Sheets as of March 31, 2025 and 2024                                                               
 Consolidated                                                                                               
 Statements of Operations and Comprehensive Income (Loss) for the years ended March 31, 2025, 2024 and 2023 |     | F-2 
 F-3 
 F-4 |
|:-----------------------------------------------------------------------------------------------------------|:----|:----|
| Consolidated                                                                                               
 Statements of Change in Shareholders’ Equity for the years ended March 31, 2025, 2024 and 2023             |     | F-5 |
| Consolidated                                                                                               
 Statements of Cash Flows for the years ended March 31, 2025, 2024 and 2023                                 |     | F-6 |
| Notes                                                                                                      
 to Consolidated Financial Statements                                                                       |     | F-7 |

<div align='center'>BAN LEONG TECHNOLOGIES LIMITED AND ITS SUBSIDIARIES</div>

| Audited                                                                            
 Financial Statements                                                               
 Report                                                                             
 of Independent Registered Public Accounting Firm (