Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 215

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 215
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             |  (839,522 | ) |
| Total net assets of 2Game  |     |             | 3,910,244 |   |
| Goodwill                   |     | $           | 2,047,154 |   |

The purchase price was allocated to the identifiable
intangible assets acquired and liabilities assumed based on their acquisition date estimated fair values. The identifiable intangible
assets principally included customer relationships, with estimated useful lives of 4.6 years based on the expected future economic
benefit of the assets and are being amortized over the estimated useful life in proportion to the economic benefits consumed using the
straight-line method.

The Company, with the assistance
of a third-party appraiser, assessed the fair value of the 100% equity interest, identifiable intangible assets acquired, and noncontrolling
interest in 2Game through using income approach based on the following factors: (a) assumptions on the market and the asset that
are considered to be fair and reasonable; (b) financial performance that shows a consistent trend of the operation; (c) consideration
and analysis on the micro and macro economy affecting the subject asset; (d) analysis on tactical planning, management standard and synergy
of the subject assets; (e) analytical review of the subject asset; and (f) assessment of the leverage and liquidity of the subject
asset. The significant assumption being used by the Company includes financial forecast, discount rate and attribution rate.

The fair value of the non-controlling interest
in 2Game’s was measured based on significant inputs that are not observable in the market and thus represents a Level 3 measurement.
Key assumption includes adjustments because of the lack of control that market participants would consider when estimating the fair value
of the noncontrolling interest in 2Game.

The fair value of client relationships was estimated
using a multi-period excess earnings method. To calculate fair value, the Company estimated the attribution rate and used cash flows discounted
at a rate considered appropriate given the inherent risks associated with each client grouping.

The goodwill is not deductible for income tax
purposes and is related primarily to the expected synergies from combining the operations into the Company’s business operation
in console game.

Note 5 — Long-term investments

As of March 31, 2025 and 2024, Long-term investments
comprised of the following:

|                                  |     | 2025 |  March 31, |     | 2024 | March 31,