Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 155

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 155
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 For the Years Ended March 31, |        2025 |   |     |   |      2024 |   |     |   |       2023 |   |
|:----------------------------------------------------------|:----|:------------------------------|------------:|:--|:----|:--|----------:|:--|:----|:--|-----------:|:--|
| Net cash (used in) provided by operating activities       |     | $                             | (10,308,634 | ) |     | $ | 1,316,296 |   |     | $ | (4,365,870 | ) |
| Net cash used in investing activities                     |     |                               |  (6,342,398 | ) |     |   |  (780,624 | ) |     |   |   (615,528 | ) |
| Net cash provided by financing activities                 |     |                               |  33,557,446 |   |     |   |   135,236 |   |     |   |  4,359,210 |   |
| Effect of exchange rate changes                           |     |                               |     138,564 |   |     |   |  (168,777 | ) |     |   |    (27,696 | ) |
| Net change in cash, cash equivalents, and restricted cash |     | $                             |  17,044,978 |   |     | $ |   502,131 |   |     | $ |   (649,884 | ) |

<div align='center'>87</div>

Operating activities

Net cash used in operating
activities was approximately $10.3 million for the year ended March 31, 2025. The net cash used in operating activities was primarily
attributable to (i) approximately $6.6 million increase in accounts receivable, as a result of increase in our revenue, (ii) approximately
$7.5 million increase in indefinite-lived intangible assets as we as we maintain more console game code for resale, (iii) approximately
$1.1 million increase in other receivables and other current assets due to payment of advertising fees on behalf of a vendor and other
prepaid expenses such as D&O insurance, (iv) approximately $0.9 million decrease of operating lease liabilities as we remit timely
payment in accordance with lease contract during the period, (v) approximately $1.0 million increase