Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 575

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 3
Chunk 575
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2024 excise tax expense as there were redemptions by the public stockholders in June 2024 and October 2023; as a result, the
Company recorded $462,021 and $81,578 excise tax liability as of March 31, 2025 and 2024, respectively, with corresponding
charge to accumulated deficit. The Company will continue to monitor for updates to the Company’s business along with guidance
issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s charge to accumulated
deficit in future periods. The excise tax return for the year ended March 31, 2024 in the amount of $81,578 are required to be filed
by October 31, 2024. The excise tax return for the year end ending March 31, 2025 in the amount of $380,443 are required to be filed
by July 31, 2025. As of the date of this filing, the Company has not filed its March 31, 2025 and 2024 excise tax return and
estimated that the interest and penalties will be immaterial to the Company’s consolidated financial statements.

F-11

NOTE
2 — SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying consolidated financial statement are presented in conformity with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.

Principles
of Consolidation

The
consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany transactions and balances
are eliminated in consolidation.

A
subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power
to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast
a majority of votes at the meeting of directors.

Emerging
Growth Company Status

The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply