Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 56

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 1
Chunk 56
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, we had $3,301,966 and $2,976,9660, respectively, of borrowings under the working capital and extension loans.

In connection with our assessment of going concern considerations in
accordance with Financial Accounting Standards    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 August 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 unaudited condensed consolidated financial
statements do   not include any adjustments that might result from the outcome of this uncertainty. 

29

Critical Accounting Estimates

Use of Estimates

The preparation of unaudited
condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The Company does not
have any critical accounting estimates.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, “Segment
Reporting (Topic 280)” (“ASU 2023-07” or “Topic 280). The amendments in ASU 2023-07 improve financial reporting
by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors
to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that
the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. Topic 280
also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under
certain circumstances. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments