Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 290

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 290
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 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 |   |

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, 2025 and 2024, the Company did not have any significant unrecognized
uncertain tax positions.

Taxes payable consist of the following:

|                      |     |   | March 31, 
      2025 |     |   | March 31, 
      2024 |
|:---------------------|:----|:--|----------:|:----|:--|----------:|