Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 283

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 283
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              |     |   |         (7,916 | ) |     |   |         (5,874 | ) |
| Deferred tax assets, net               |     | $ |        997,953 |   |     | $ |        379,110 |   |
| Deferred tax liabilities:              |     |   |                |   |     |   |                |   |
| Right of use assets                    |     | $ |        325,463 |   |     | $ |        175,689 |   |
| Amortization of intangible assets      |     |   |        557,031 |   |     |   |        718,096 |   |
| Deferred tax liabilities               |     | $ |        882,494 |   |     | $ |        893,785 |   |
| Deferred tax assets (liabilities), net |     | $ |        115,459 |   |     | $ |       (514,675 | ) |

<div align='center'>F-50

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

As of March 31, 2024, the Company had 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 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 NOL as of March 31,2023, which was reversed as of March 31, 2024, due to dissolution
of the business entity.

As of March 31, 2023, the Company had net operating
losses carry forward from GCL Global SG and Starlight combined amounted to $696,702. The net operating losses from GCL Global SG and starlight
can be carried forward indefinitely in Singapore