Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 373

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 373
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 asset amortization         |     | $ |          918 |   |     | $ |          405 |   |
| Deferred revenue                 |     |   |      114,338 |   |     |   |            — |   |
| Reserve accounts                 |     |   |      112,968 |   |     |   |      141,157 |   |
| Net operating loss – state       |     |   |    1,047,508 |   |     |   |      897,190 |   |
| Net operating loss – federal     |     |   |    7,336,277 |   |     |   |    6,526,516 |   |
| Depreciation                     |     | $ |      (51,662 | ) |     | $ |      (89,328 | ) |
| Total net deferred tax asset     |     |   |    8,560,347 |   |     |   |    7,475,940 |   |
| Valuation allowance              |     |   |   (8,560,347 | ) |     |   |   (7,475,940 | ) |
|                                  |     | $ |            — |   |     | $ |            — |   |

As of December 31, 2023, the Company had net operating loss carry -forwardsfor federal and state income tax reporting (tax effected) purposes of $7,336,277 and $1,047,508, respectively; as of December 31, 2022, the Company had net operating loss carry -forwardsfor federal and state income tax reporting (tax effected) purposes of $6,526,516 and $897,190, respectively. As a result of the Tax Cuts Job Act 2017 (the “Act”), certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control provisions under Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets. The Company recorded a valuation allowance in the full amount of its net deferred tax assets. The management believed it is more likely than not that the tax benefit will not be utilized. The valuation allowance increased $1,084,406 and $1,162,172 during the