Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 101

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 8
Chunk 101
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 repay such loaned amounts out of the proceeds of the
Trust Account released to the Company, 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. The Sponsor has informed Goldenstone that it does not anticipate converting any of
the loans into private units.

As of June 30, 2025 and March 31, 2025, the Company
had $3,301,966 and $2,976,966, respectively, of borrowings under the working capital and extension loans.

18

Administrative Services Agreement and Service Fees

The Company is obligated, commencing from the closing of the Initial
Public Offering and for 12 months, to pay the sponsor’s affiliate and officers of the Company, a monthly fee of $25,000 for general
and administrative services including office space, utilities, secretarial support and officers’ services to the Company. The Administrative
Services Agreement and the service fees to be paid to the officers will terminate upon completion of the Company’s Business Combination
or the liquidation of the Trust Account to public stockholders. Such administrative services agreement and services fees were   ended
on March 31, 2023. As both of June 30, 2025 and March 31, 2025, the balance due to the officers of the Company for general and administrative
services amounted to $25,000.

Representative Shares

The Company issued 57,500 shares of Common Stock
(the “Representative Shares”) to Maxim as part of representative compensation. The Representative Shares are identical to
the Common Stock sold as part of the Public Units, except that Maxim Group LLC has agreed not to transfer, assign or sell any such representative
shares until the completion of the Company’s initial Business Combination. In addition, Maxim Group LLC has agreed (i) to waive
its redemption rights with respect to such shares in connection with the completion of the Company’s initial Business Combination
and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete
its initial Business Combination within 12 months (or up to 21 months if the Company extends the period of time to consummate a Business
Combination) from the effective date of its registration statement. The shares have been deemed compensation by FINRA and are therefore
subject to a lock-up for a period of 180 days immediately following the commencement