Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 76

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 8
Chunk 76
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 expenses which the Company may incur related to the investigation and selection
of a target business and the negotiation of an agreement in connection with its initial Business Combination.

The Company will provide its public shareholders
with the opportunity to redeem all or a portion of their public shares upon the shareholders meeting on extension of the time to complete
the Business Combination or upon the completion of an initial Business Combination at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of its initial Business Combination,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided
by the number of then outstanding public shares, subject to certain limitations. The amount in the Trust Account was anticipated to be
$10.15 per public share. The per-share amount the Company will distribute to investors who properly redeem their shares will not be reduced
by deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). The common stock subject to redemption
was initially being recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering,
in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

For the three months ended June 30, 2025 and 2024, the Company withdrew
$0 and $653,510 to pay for income taxes and franchise taxes, respectively.   As of June 30, 2025 and March 31, 2025, the Company
over withdrew $249,234, net of current provision for the three months ended June 30, 2025, and $287,911, respectively, of its federal
income tax payment from the Trust Account to pay for income taxes estimates. The Company will deposit this balance back to the Trust Account
as soon as the Company will receive the tax refunds from the Internal Revenue Service and to distribute the $207,991 to the redeeming
shareholders tendered for redemption in June 2025.

6

The Company will proceed with a Business Combination
if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks
shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. The requirement of having
net tangible assets of at least $5,000,001 upon such