Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 243

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 243
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 |   |  (199,508 | ) |     |   |    (7,916 | ) |
| Deferred tax assets, net          |     | $ | 1,194,127 |   |     | $ |   997,953 |   |
| Deferred tax liabilities:         |     |   |           |   |     |   |           |   |
| Right of use assets               |     | $ |   468,476 |   |     | $ |   325,463 |   |
| Amortization of intangible assets |     |   |   374,591 |   |     |   |   557,030 |   |
| Deferred tax liabilities          |     | $ |   843,067 |   |     | $ |   882,493 |   |
| Deferred tax assets, net          |     | $ |   351,060 |   |     | $ |   115,460 |   |

<div align='center'>F-49

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

As of March 31, 2025, the
Company’s net operating losses carry forward from GCL Global SG, Titan Digital, Starry, Martiangear, 2Game Brazil, 2 Game Dubai,
RFAC, and Epicsoft Malaysia combined amounted to $5,075,982. The net operating losses from GCL Global SG and Martiangear can be carried
forward indefinitely in Singapore. The Company believe it is not more likely than not that Martiangear RFAC, 2Game Dubai and 2Game Brazil
will be able to fully utilize their deferred tax assets associated with net operating loss carryforwards given their history of recurring
losses and ongoing uncertainty regarding future profitability. As a result, the Company provided a 100% allowance on deferred tax assets
on net operating losses of $199,508 related to Martiangear, RFAC, 2Game Dubai, and 2Game Brazil as of March 31, 2025.

The movements of the valuation allowance are as follows:

| Balance as of March 31, 2023   |     | March 31, 
 2025      |   5,874 |   |
|:-------------------------------|:----|:----------|--------:|:--|
| Allowance made during the year |     |