Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 393

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 393
---
| Total deferred tax assets            |     |              |      644,728 |   |     |              |      420,391 |   |
| Valuation Allowance                  |     |              |     (644,728 | ) |     |              |     (420,391 | ) |
| Deferred tax asset, net of allowance |     | $            |            — |   |     | $            |            — |   |

|                               |     | For the year 
 ended        | December 31, 
         2024 |   |     | For the year 
 ended        | December 31, 
         2023 |   |
|:------------------------------|:----|:-------------|-------------:|:--|:----|:-------------|-------------:|:--|
| Federal                       |     |              |            — |   |     |              |            — |   |
| 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