Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 43

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 43
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 deferred tax assets is dependent upon the generation of future taxable income during the
periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration
of all of the information available, management believes that significant uncertainty exists with respect to future realization of the
deferred tax assets and has therefore established a full valuation allowance of $532,650 and $371,785 as of December 31, 2024 and March
31, 2024, respectively. The valuation allowance increased by $160,865 from March 31, 2024 to December 31, 2024.

As of December 31, 2024 and March 31, 2024, the
Company prepaid income taxes of $192,613 and $0, respectively. The Company withdrew the prepaid income taxes balance from the Trust Account
as the Company was required to pay estimated federal income taxes payments for the year ending March 31, 2025 based on the actual year
ending March 31, 2024 federal income taxes payments. The Company is expected to refund the prepaid income taxes balance when it will file
the federal income tax return in July 2025.

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date through February 14, 2025 when these unaudited condensed financial statements were issued.
Based on this review, except as disclosed below, the Company did not identify any other subsequent events that would require adjustment
or disclosure in the unaudited condensed consolidated financial statements.

In January 2025, the Company issued an unsecured promissory note in
the principal amount of $50,000 to the Sponsor. The proceeds of the promissory note were deposited into the Company’s Trust
Account for the public stockholders, which enables the Company to extend the period of time it has to consummate its initial Business
Combination from January 21, 2025 to February 21, 2025.

22

ITEM 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

References to the “Company,” “Goldenstone”
“our,” “us” or “we” refer to Goldenstone Acquisition Limited. The following discussion and analysis
of the Company’s financial condition and results of operations should be read in conjunction with the unaudited interim condensed