Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 94

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 94
---
pectively. Management does not expect the adoption of ASU 2023-07 to have any significant impact on the disclosures set out in these
unaudited condensed consolidated financial statements.

In December 2023, the FASB issued Accounting
Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”
(“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific
categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit
(separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal,
state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international,
federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December
15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for
issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The
Company is currently evaluating the potential impact of adopting this new guidance on the Company’s unaudited condensed
consolidated financial statements and related disclosures. ASU 2023-09 will be effective for the year ending March 31,
2025.

Management does not believe that any other recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed
consolidated financial statements.

15

NOTE 3 — CASH AND INVESTMENTS HELD IN TRUST ACCOUNT

As of December 31, 2024 and March 31, 2024, assets
held in the Trust Account were comprised of $18,473,627 and $55,495,253, respectively, in cash and money market funds which are invested
in U.S. Treasury Securities.

The following table presents information about
the Company’s assets that are measured at fair value on a recurring basis at December 31, 2024 and March 31, 2024 and indicates
the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

    Description 
    Level  
    December 31, 2024  
    March 31, 2024