Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 244

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 244
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 |   7,916 |   |
| Decrease due to dissolution    |     |           |  (5,874 | ) |
| Balance as of March 31, 2024   |     | $         |   7,916 |   |
| Allowance made during the year |     | $         | 195,252 |   |
| Foreign exchange difference    |     |           |  (3,660 | ) |
| Balance as of March 31, 2025   |     | $         | 199,508 |   |

As of March 31, 2024,
the Company’s net operating losses carry forward from GCL Global SG, Titan Digital, Starry, Martiangear, and Epicsoft Malaysia combined
amounted to $2,378,580. The net operating losses from GCL Global SG and Martiangear can be carried forward indefinitely in Singapore.
The Company believes it is not more likely than not that Martiangear’s future operation will be able to fully utilize its deferred tax assets
related to the net operating loss carryforwards in Singapore due to recuring historical loss. As a result, the Company provided a 100%
allowance on deferred tax assets on net operating losses of approximately $7,916 related to Martiangear as of March 31, 2024. In
addition, the valuation allowance of $5,874 was assessed for Starlight’s net operating loss as of March 31,2023, which was
reversed as of March 31, 2024, due to dissolution of the business entity.

Movement in deferred tax assets (liabilities)
are as following:

| Balance at March 31, 2023            |     | $ | (514,675 | ) |
| Recognized in profit or loss         |     |   |  669,869 |   |
| Recognized in goodwill               |     |   |  (36,973 | ) |
| Foreign exchange differences reserve |     |   |   (2,761 | ) |
| Balance at March 31, 2024            |     |   |  115,460 |   |
| Recognized in profit or loss         |     |   |  233,848 |   |
| Foreign exchange differences reserve |     |   |    1,752 |   |
| Balance at March 31, 2025            |     | $ |  351,060 |   |