Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 167

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 167
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 31, 2025 reporting date and no material changes in valuation inputs were
identified, we did not record a significant change in fair value between the two measurement dates. The Top-Up Share liability was recorded
at approximately $2.7 million as of the conversion date and $3.1 million as of March 31, 2025.

Goodwill impairment

We perform annual goodwill
impairment test by comparing the fair value of a reporting unit with its carrying amount. For the years ended March 31, 2025 and 2023,
management evaluated the recoverability of goodwill by performing qualitative assessment on its reporting units and determined that it
is less likely than not that the fair value of the reporting unit is less than its carrying amount, and therefore, no impairment loss
on goodwill was recognized for the year ended March 31, 2025 and 2023. For the years ended March 31, 2024, management evaluated the recoverability
of goodwill by comparing the fair value of a reporting unit with its carrying amount. We had engaged a third-party appraiser to assess
the fair value of the game distribution reporting unit by applying income approach which considers the present value of the game distribution
reporting unit’s future after-tax cash flows, discounting them to present value using a 13.0% discount rate. As a result, the fair
value of the game distributing reporting unit’s fair value exceeds its carrying value, and therefore, no impairment loss on goodwill
was recognized for the year ended March 31, 2024.

Recent Accounting Pronouncements

See Note 2 of the notes
to the consolidated financial statements included elsewhere in this prospectus for a discussion of recently issued accounting standards.

<div align='center'>92

BAN LEONG MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Unless the context otherwise requires, for purposes of this section, the terms “Ban Leong”, “we,” “us,” or “our,” refer to Ban Leong Technologies Limited which became an indirect wholly-owned subsidiary of GCL on August 26, 2025. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this prospectus. Some of the information contained in this discussion and analysis are set forth elsewhere in this prospectus, and include statements based on our current expectations and assumptions regarding our business, the economy and other future conditions