Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 395

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 395
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2024, in exchange for the conversion of debt of $500,000, the Company issued 620,570 common shares at a fair value of $0.8057 per share for a total value of $500,000 to a related party debt holder.

F-66

INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS NOTE 17 — INCOME TAXES The Company accounts for income taxes under ASC 740 -10, which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts calculated for income tax purposes. Significant components of the Company’s deferred tax assets are summarized below.

|                                   |     |   |        As of 
 December 31, 
         2024 |   |     |   |        As of 
 December 31, 
         2023 |   |
|:----------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Deferred tax assets/liabilities:  |     |   |              |   |     |   |              |   |
| Lease asset amortization          |     | $ |       16,918 |   |     | $ |          918 |   |
| Deferred revenue                  |     |   |            — |   |     |   |      114,338 |   |
| Reserve accounts                  |     |   |            — |   |     |   |      112,968 |   |
| Net operating loss – state        |     |   |    1,971,480 |   |     |   |    1,047,508 |   |
| Net operating loss – federal      |     |   |   10,049,429 |   |     |   |    7,336,277 |   |
| Depreciation/Amortization         |     |   |      (58,052 | ) |     |   |      (51,662 | ) |
| Total net deferred tax asset      |     |   |   11,979,775 |   |     |   |    8,560,347 |   |
| Valuation allowance               |     |   |  (11,979,775 |