Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 348

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 348
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 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, 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.

Movement in deferred tax assets (liabilities)
are as following:

| Balance at March 31, 2023                 |     | $ | (514,675 | ) |
| Recognized in profit or loss              |     |   |  669,869 |   |
| Recognized in goodwill                    |     |   |  (36,973 | ) |
| Foreign exchange differences reserve      |     |   |   (2,761 | ) |
| Balance at March 31, 2024                 |     |   |  115,460 |   |
| Recognized in profit or loss              |     |   |  359,472 |   |
| Foreign exchange differences reserve      |     |   |   31,407 |   |
| Balance at September 30, 2024 (unaudited) |     | $ |  506,339 |   |

The Company evaluates each uncertain
tax position (including the potential