Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 284

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 284
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 |  (36,973 | ) |
| Foreign exchange differences reserve   |     |   |   (2,762 | ) |
| Deferred tax assets (liabilities), net |     | $ |  115,459 |   |

The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits
associated with the tax positions. As of March 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain
tax positions.

Taxes payable consist of the following:

|                      |     |   | March 31, 
      2024 |     |   | March 31, 
      2023 |
|:---------------------|:----|:--|----------:|:----|:--|----------:|
| GST taxes payable    |     | $ |    64,166 |     | $ |    39,640 |
| Income taxes payable |     |   |   952,977 |     |   |   929,661 |
| Totals               |     | $ | 1,017,143 |     | $ |   969,301 |

<div align='center'>F-51

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 15 — Concentration of Credit risk

| (a) | Major customers |

For the year ended March 31, 2024, customers
A, F, B and C from the Company’s distribution of console game segment are accounted for approximately 17%, 12%, 11%, and 11% of
the Company’s total revenue, respectively. For the year ended March 31, 2023 customers A, B and C from the Company’s
distribution of console game segment accounted for approximately 13%, 11% and 10% of the Company’s total revenue, respectively.

As of March 31, 2024, customers A and B from
the Company’s distribution of console game segment accounted for approximately 42% and 14% of the total balance of account receivable,
respectively. As of March 31, 2023, customers D, A and B from the Company’s distribution of console game segment accounted
for approximately 35%, 25% and 15% of the total balance of account receivable, respectively.

| (b) |