Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 267

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 267
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 (473 | ) |
| Ending balance         |     | $ |   114,792 |   |     | $ |   209,412 |     | $ |    51,755 |   |

<div align='center'>F-37

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 10 — Loan to third party

Loan to third party consist of the following:

| Name of third party* 
 2 Game LLC           |     | Maturities                                        
 Repay in two installments, to be due on September 
 1, 2025, and March 1, 2026                        |     | Interest Rate                  
 10% started from April 1, 2025 |     | As of     
 March 31, 
 2025      | 382,024 |     | As of     
 March 31, 
 2024      | - |
|:---------------------|:----|:--------------------------------------------------|:----|:-------------------------------|:----|:----------|--------:|:----|:----------|:--|
| Total                |     |                                                   |     |                                |     | $         | 382,024 |     | $         | - |

2Game LLC is an e-sports
company engaged in digital gaming and online tournament operations. In order to promote 2Game’s platform and create potential business
synergies between both parties, the Company provided a loan to 2Game LLC.

Note 11 — Property and equipment, net

Property and equipment consist of the following:

|                                   |     | 2025 |  March 31, |   |     | 2024 | March 31, |   |
|:----------------------------------|:----|:-----|-----------:|:--|:----|:-----|----------:|:--|
| Office equipment                  |     | $    |  1,003,594 |   |     | $    |   822,262 |   |
| Furniture & Fitting               |     |      |     70,563 |   |     |      |    68,490 |   |
| Office and warehouse renovation   |     |      |    455,313 |   |     |      |   431,293 |   |
| Subtotal                          |     |      |  1,529,470 |   |