Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 284

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 284
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 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 as of March 31, 2023, due to its unlimited carryforward
period and expectation that the NOL will be realized before expiration.

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

| Balance at April 1, 2022               |     | $ |   33,989 |   |
| Recognized in profit or loss           |     |   |  253,166 |   |
| Recognized in goodwill                 |     |   | (806,140 | ) |
| Foreign exchange differences reserve   |     |   |    4,310 |   |
| Balance at March 31, 2023              |     |   | (514,675 | ) |
| Recognized in profit or loss           |     |   |  669,869 |   |
| Recognized in goodwill                 |     |   |  (36,973 | ) |
| Foreign exchange differences reserve   |     |   |   (2,762 | ) |
| Deferred tax assets (liabilities), net |     | $ |  115,459 |   |

The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits
associated with the tax positions. As of March 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain
tax positions.

Taxes payable consist of the following:

|                      |     |   | March 31, 
      2024 |     |   | March 31, 
      2023 |
|:---------------------|:----|:--|----------:|:----|:--|----------:|
| GST taxes payable    |     | $ |    64,166 |     | $ |    39,640 |
|