Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 242

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 1B
Chunk 242
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 to extend the date by which we have to consummate a business combination up to nine (9) times,
each such extension for an additional one month period, from September 21, 2023 to June 21, 2024, and must deposit into the Trust Account
in the sum of $100,000 for each one month extended. On June 18, 2024, the Company’s stockholders approved a second amendment to
the Company’s Amended and Restated Certificate of Incorporation to extend the date by which the Company has to consummate a business
combination up to twelve (12) times, each such extension for an additional one month period, from June 21, 2024 to June 21, 2025, and
must deposit into the Trust Account in the sum of $50,000 for each one month extended. Any such payments would be made in the form of
a loan. Any such loans will be non-interest bearing and payable upon the consummation of our initial Business Combination. If we complete
our initial Business Combination, we would either repay such loaned amounts out of the proceeds of the Trust Account released to us,
or up to $1,725,000 of such loans may be convertible into private units at a price of $10.00 per unit at the option of the lender.

As
of March 31, 2025 and 2024, we had $2,976,966 and $1,791,000, respectively, of borrowings under the working capital and extension loans.

In
connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting
Standards Codification Subtopic 205-40, Presentation of Financial Statements - Going Concern,” management has determined that these
conditions raise substantial doubt about our ability to continue as a going concern. The management’s plan in addressing this uncertainty
is through the Working Capital Loans. In addition, if we are unable to complete a Business Combination within the Combination Period
by June 21, 2025, if not further extended, our board of directors would proceed to commence a voluntary liquidation and thereby a formal
dissolution of us. There is no assurance that our plans to consummate a Business Combination will be successful within the Combination
Period. As a result, management has determined that such conditions raise substantial doubt about our ability to continue as a going
concern. The consolidated financial statements does not include any adjustments that might result from the outcome of this