Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 398

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 398
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              |            — |   |
| Current                       |     | $            |      244,065 |   |     | $            |      550,465 |   |
| Deferred                      |     |              |     (224,337 | ) |     |              |     (240,110 | ) |
| State and local               |     |              |            — |   |     |              |            — |   |
| Current                       |     |              |            — |   |     |              |            — |   |
| Deferred                      |     |              |            — |   |     |              |            — |   |
| Change in valuation allowance |     |              |      224,337 |   |     |              |      240,110 |   |
| Income tax provision          |     | $            |      244,065 |   |     | $            |      550,465 |   |

As of December 31, 2024, the
Company had no U.S. federal operating loss carryovers.

In assessing the realization
of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets
will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during
the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration
of all of the information available, management believes that significant uncertainty exists with respect to future 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 |          |