Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 194

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 194
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 pricing the asset or liability. The following summarizes
the three levels of inputs required to measure fair value, of which the first two are considered observable and the third is considered
unobservable:

Level 1 - Unadjusted quoted prices in active markets for identical
assets or liabilities.

Level 2 - Observable inputs other than Level
1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that
are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported
by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value for certain
assets and liabilities such as cash and restricted cash, accounts receivable, net, amount due from related parties, other receivables
and other current assets, prepayments, banking facilities, accounts payable, contract liabilities, amount due to related parties, other
payables and accrued liabilities, and tax payables have been determined to approximate carrying amounts due to the short maturities of
these instruments. The Company believes that its long-term bank facilities approximate the fair value based on current yields for debt
instruments with similar terms.

The following table
sets forth by level within the fair value hierarchy our financial asset and liability that were accounted for at fair value on a
recurring basis As of March 31, 2025 and 2024:

                                                                               Carrying Value at      Fair Value Measurement at                               
                                                                                       March 31,      March 31, 2025                                          
                                                                                            2025      Level 1                        Level 2         Level 3  
  Derivative asset attributable to Buy-Back Feature embedded in 2Game SPA               $269,119      $                              $              $269,119  
  Contingent consideration for acquisition of 2Game                                   $1,121,006      $                              $            $1,121,006  
  Derivative liabilities (Top-Up Shares)                                              $3,086,519      $                              $            $3,086,519  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

F-22

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                                          Carrying Value at      Fair Value Measurement at                              
                                                                  March 31,      March 31