Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 282

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 282
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 |   |     |   |        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 and Hong Kong. The Company believes it is not more likely than not that Starlight’s
future operation will be able to fully utilize its deferred tax assets related to the net operating loss carryforwards in Hong Kong due
to ease operation in September 2022. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses
of approximately $5,874 related to Starlight as of March 31, 2023. In addition, a small valuation allowance of $1,688 was assessed
for GCL Global SG’s NOL as of March 31, 2022, which was reversed