Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 221

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 221
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 not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flows mode; as of September 30, 2024, December 31, 2023 and 2022, no assets were impaired. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.

115 Leases With the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 842 — Accounting for Leases(“ASC 842”), operating lease agreements are required to be recognized on the balance sheet as Right -of-Use(“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight -linebasis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. The Company adopted the provisions of ASC 842 under the Effective Method on January 1, 2022. The new standard was applied at the adoption date and all periods prior to that date were presented under ASC 840, with no retroactive adjustment. In addition, the Company has elected the practical expedient for short -termleases, and the package, or suite, of practical expedients related to the transition of ASC 840 to ASC 842, which allows entities the following relief in the adoption of this guidance: no reassessment of lease classification, no re -evaluationof embedded leases and no reassessment of initial direct costs. The Company has one finance lease, which was recorded as a capital lease under ASC 840 prior to the adoption of ASC 842; the Company will continue to treat the lease in similar fashion after the adoption of ASC 842 and amortize lease costs and interest expense over the remaining lease term. Such lease began on January 1, 2021 and is for the rental of a forklift, with a remaining lease term of 26 months and monthly lease payments of approximately $300. The Company has the option to purchase the forklift upon maturation of the lease for $1. On November 1, 2021, the Company entered into a