Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 151

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 2
Chunk 151
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 The amendments in ASU 2023-07 are
effective for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted
retrospectively. We adopted ASU 2023-07 for the year ended March 31, 2025, and during the three months ended June 30, 2025,
and provided the requiring disclosure in the accompanying notes to the unaudited condensed consolidated financial statements.

In December 2023, the FASB
issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”),
which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation,
(2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3)
income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires
entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance
is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have
not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective
application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the Company’s
unaudited condensed consolidated financial statements and related disclosures.

Management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on
our unaudited condensed consolidated financial statements.

Off-Balance Sheet Arrangements; Commitments and Contractual Obligations

Registration Rights

Pursuant to a registration
rights agreement entered into on September 10, 2021, the holders of the founder shares, the private placement units and private placement
units that may be issued upon conversion of working capital loans will be entitled to registration rights pursuant to a registration rights
agreement to be signed prior to or on the closing date of this offering requiring us to register such securities for resale. The holders
of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities.