Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 82

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 82
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 the Fourth Extension, through the date of this filing, the Company has deposited a total of eight payments of $50,000
in the Trust Account, to initially extend the date by which the Company can complete an initial business combination by eight months to
February 21, 2025.

9

Liquidity and Going Concern

As of December 31, 2024, the Company had $8,434
in cash held outside its Trust Account available for the Company’s payment of expenses related to working capital purposes subsequent
to the Initial Public Offering and working deficit of $4,036,215.

In connection with the Company’s 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 the Company’s
ability to continue as a going concern. The management’s plan in addressing this uncertainty is through the Working Capital Loans,
as defined below (see Note 6). In addition, if the Company is unable to complete a Business Combination within the Combination Period
by February 21, 2025, if not further extended, the Company’s board of directors would proceed to commence a voluntary liquidation
and thereby a formal dissolution of the Company. There is no assurance that the Company’s 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 the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act
of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise
tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries
of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation
itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value
of the shares repurchased at the time of the repurchase. However, for purposes of calculating