Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 359

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 359
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ely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications discussed below. ASU 2023 -09is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. F-37

INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited) NOTE 2 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company does not expect this standard to have a material impact on the Company’s year ended December 31, 2025 financial statement. In November 2024, the FASB issued ASU 2024 -03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 -40): Disaggregation of Income Statement Expenses to disclose additional information about specific expense categories. ASU 2024 -03is effective for fiscal years beginning after December 15, 2026, with early adoption permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of this standard. NOTE 3 — GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS As of March 31, 2025, the Company had $2,685,242 in its operating bank account and a working capital of $3,992,693. To date, the Company has been funding operations through a combination of ownership contributions, proceeds from loans payables, advances from related parties and the issuance of common stock. The Company’s ability to continue as a going concern is dependent on many factors, including, among other things, the ability to comply with the covenants in its existing debt agreements and the ability to pay, retire, amend, replace, or refinance indebtedness as defaults occur or as interest and principal payments come due. Despite the terms of the ownership contributions and the Company’s current operations and expectations for continued growth, it believes that cash generated from operating activities will not be adequate to meet current and expected operating needs, anticipated capital investment and debt service obligations for the next twelve months from the issuance date of these unaudited condensed financial statements. The accompanying unaudited condensed financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months