Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 394

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 394
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 realization of the
deferred tax assets and has therefore established a full valuation allowance. For the period ended December 31, 2024 and December 31,
2023, the change in the valuation allowance was $224,337 and $240,110, respectively.

<div align='center'>F-119</div>

A reconciliation of the federal
income tax rate to the Company’s effective tax rate is as follows:

|                             |     | For the Year |       |    |     | For the Year |          |    |
|                             |     |        Ended |       |    |     |        Ended |          |    |
|                             |     | December 31, |       |    |     | December 31, |          |    |
|                             |     |         2024 |       |    |     |         2023 |          |    |
| U.S. federal statutory rate |     |              |  21.0 | %  |     |              |     21.0 | %  |
| Transaction Costs           |     |              | (23.6 | )% |     |              | (2,074.9 | )% |
| Penalties                   |     |              |     — | %  |     |              |    (21.5 | )% |
| Valuation allowance         |     |              | (29.1 | )% |     |              | (1,605.7 | )% |
| Income tax provision        |     |              | (31.7 | )% |     |              | (3,681.1 | )% |

The Company files income tax
returns in the U.S. federal jurisdiction and is subject to examination by the various taxing authorities. The Company’s tax returns
since inception remain open to examination by the taxing authorities.

NOTE 12. SUBSEQUENT EVENTS

The Company evaluated subsequent
events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. Based upon
this review, other than below, the Company did not identify any subsequent events that would have required adjustment or disclosure in
the financial statements, except for the following.

On January 23, 2025, a Special
Meeting was held in which the Company’s stockholders of record approved a proposal to adopt (a) the agreement and plan of merger,
dated October 18, 2023 (as amended), by and among the Company, GCL Global Holdings Ltd,