Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 398

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 398
---
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 |          |    |
| 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