Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 42

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 42
---
373  
    $266,617  
    $456,632 
  
    State 
     —  
     —  
     —  
     — 
  
    Deferred 

    Federal 
     (1,204) 
     50,774  
     (36,551) 
     2,704 
  
    State 
     —  
     —  
     —  
     — 
  
    Income tax provision 
    $41,216  
    $204,147  
    $230,066  
    $459,336 

The Company’s effective tax rate was 69.3%
and 26.6% for the three months ended December 31, 2024 and 2023, respectively. The Company’s effective tax rate was 69.8%
and 33.7% for the nine months ended December 31, 2024 and 2023, respectively. The effective tax rate differs from the statutory tax
rate of 21.0% primarily due to the valuation allowance on the deferred tax assets.

The Company’s net deferred tax assets (liabilities) were as follows
as of:

    December 31, 2024  
    March 31, 2024 
  
    Deferred tax assets: 

    Start-up/organization costs 
    $532,650  
    $371,785 
  
    Deferred tax liability: 

    Accrued dividend income 
     (14,494) 
     (51,045)
  
    Total deferred tax assets 
     518,156  
     320,740 
  
    Valuation allowance 
     (532,650) 
     (371,785)
  
    Deferred tax liability, net 
    $(14,494) 
    $(51,045)

As of December 31, 2024 and March 31, 2024, the
Company had $2,536,430 and $1,770,404 of U.S. federal and state gross deferred tax assets on start-up/organization costs carryovers available
to offset future taxable income over the period of 180 months upon the consummation of the Business Combination. In assessing the realization
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will
not be realized. The ultimate realization of