Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 344

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 344
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 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 application of interest and penalties) based on the technical merits, and measures the unrecognized
benefits associated with the tax positions. As of September 30, 2024 and March 31, 2024, the Company did not have any significant
unrecognized uncertain tax positions.

Taxes payable consist of the following:

|                      |     |            | September 30, 
          2024 |     |   | March 31, 
      2024 |
|:---------------------|:----|:-----------|--------------:|:----|:--|----------:|
|                      |     | -Unaudited |               |