Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 343

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 343
---
,979 |   |     |   |   315,935 |   |
| Inventory write-off               |     |            |       204,369 |   |     |   |   180,329 |   |
| Less: valuation allowance*        |     |            |       (55,298 | ) |     |   |    (7,916 | ) |
| Deferred tax assets, net          |     | $          |     1,392,187 |   |     | $ |   997,953 |   |
| Deferred tax liabilities:         |     |            |               |   |     |   |           |   |
| Right of use assets               |     | $          |       464,353 |   |     | $ |   325,463 |   |
| Amortization of intangible assets |     |            |       421,495 |   |     |   |   557,030 |   |
| Deferred tax liabilities          |     | $          |       885,848 |   |     | $ |   882,493 |   |
| Deferred tax assets, net          |     | $          |       506,339 |   |     | $ |   115,460 |   |

As of September 30,
2024, the Company had net operating losses carry forward from GCL Global SG, Titan Digital, Starry, Martiangear, 2Game Brazil, 4Divinity
and Epicsoft Malaysia combined amounted to $4,475,215. 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 and 2Game Brazil 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 $55,298 related to Martiangear
and 2Game Brazil as of September 30, 2024.

<div align='center'>F-89

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

As of March 31,
2024, the Company had net operating losses carry forward from GCL Global SG, Titan Digital,