Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 372

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 372
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 an aggregate of 145,000,000shares of common stock; the authorized capital is divided into: (i) 120,000,000shares of Class A common stock having a par value of $0.0001 per share to be issued to investors and (ii) 25,000,000shares of Class B common stock having a par value of $0.0001 to be issued in connection with the Plan. The Company has not issued any preferred shares. In August 2022, the Company issued 1,280,067 common shares at a fair value of $0.7812 per share for a total value of $1,000,000 to a related party investor for cash consideration. In December 2023, in exchange for the conversion of a technology development loan (see Note 10), the Company issued an aggregate of 7,622,470 common shares at a fair value of $0.8057 per share for a total value of $6,141,510 to five related party investors/loan holders. In December 2023, in exchange for the conversion of debt totaling $1,392,937 (see Note 10), the Company issued 1,728,829 common shares at a fair value of $0.8057 per share for a total value of $1,392,937 to a related party loan holder. NOTE 17 — INCOME TAXES The Company accounts for income taxes under ASC 740 -10, which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on

F-67

INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS NOTE 17 — INCOME TAXES (cont.) anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts calculated for income tax purposes. Significant components of the Company’s deferred tax assets are summarized below.

|                                  |     |   |        As of 
 December 31, 
         2023 |   |     |   |        As of 
 December 31, 
         2022 |   |
|:---------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Deferred tax assets/liabilities: |     |   |              |   |     |   |              |   |
| Lease