Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 584

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 3
Chunk 584
---
 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
consolidated financial statements and related disclosures.

Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company’s consolidated financial statements.

F-16

NOTE 3
— CASH AND INVESTMENTS HELD IN TRUST ACCOUNT

As
of March 31, 2025 and 2024, assets held in the Trust Account were comprised of $18,666,931 and $55,495,253, respectively, in cash and
money market funds which are invested in U.S. Treasury Securities.

The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31,
2025 and 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

    Description 
    Level 
    March 31,
    2025  
    March
    31, 2024 
  
    Assets: 

    Trust
    Account - U.S. Treasury Securities Money Market Fund 
    1 
    $18,666,931  
    $55,495,253 

NOTE
4 — INITIAL PUBLIC OFFERING

On
March 21, 2022, the Company closed its Initial Public Offering of 5,750,000 units, which includes the full exercise of the underwriters’
over-allotment option. The units were sold at a price of $10.00 per unit, resulting in total gross proceeds of $57,500,000. Each unit