Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 359

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 359
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, a minimum loss contingency amount is recorded. Legal fees are recorded as incurred. Concentration of Risk and Guarantees The Company had one customer in the year ended December 31, 2023 that accounted for approximately 80% of its revenue and approximately 60% of its accounts receivable; for the year ended December 31, 2022, the Company had a different customer that accounted for approximately 85% of its revenue and less than 1% of its accounts receivable. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016 -13, Financial Instruments — Credit Losses, which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset. The Company adopted the standard on January 1, 2020. The new standard did not have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019 -12— Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,which among other things, eliminates certain exceptions in the current rules regarding the approach for intra -periodtax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step -upin the tax basis of goodwill. The Company adopted the standard on January 1, 2021. The new standard did not have an impact on its financial statements. In December 2018, the FASB issued ASU 2018 -20, Leases (Topic 842): Narrow -Scope Improvements for Lessors. This update provides a policy election to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs, clarify the accounting for certain lessor costs and require lessors to allocate (rather than recognize) certain variable payments to lease and non -leasecomponents when the changes in facts and circumstances on which a variable payment is based occurs. The Company has elected to adopt the guidance on January 1, 2022 and apply a practical expedient offered in the updated guidance which allows entities to apply the guidance and comparative periods are not restated; the current financials reflect the adoption of this guidance in which the comparative periods are not restated. Recently Issued Accounting Pronouncements The Company considers