Company: GDSTR
Filing Date: 2025-08-05
Form Type: S-4/A
Source: 0001213900-25-071731
Chunk: 250

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-05
Form: S-4/A
Chunk 250
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 to innovate our products in 2024. Depreciation and amortization Depreciation and amortization expenses for the year ended December 31, 2024 decreased by 14.5% to approximately $0.2 million as compared to approximately $0.3 million for the year ended December 31, 2023. The decrease was primarily due to our office equipment and special equipment had reached the end of its useful life and were fully depreciated with less depreciation in 2024. Allowance for credit losses Allowance for credit losses for the year ended December 31, 2024 decreased by 100.0% to $0 as compared to approximately $0.2 million for the year ended December 31, 2023. The decrease was mainly due to improved collection efforts and a more cautious approach to entering credit terms with our customer in 2024. Other (Expense) Income Other (expense) income primarily consists of interest expense and other income (expense), net. Other expense, net for the year ended December 31, 2024 was approximately $21,000 as compared to other expense of approximately $75,000 for the year ended December 31, 2023. The decrease was mainly driven by a reduction in interest expense of approximately $39,000, primarily due to the full repayment of a finance lease. Additionally, the decrease was offset by an increase in other income, net, of approximately $15,000, which resulted from higher credit card reward redemptions. Provision for Income Taxes We did not incur income tax expense for the years ended December 31, 2024 and 2023 as we had operating losses.

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Net Loss We incurred a net loss of approximately $7.5 million for the year ended December 31, 2024, as compared to a net loss of approximately $5.2 million for the year ended December 31, 2023. This change was the result of the combination of the changes as discussed above. Liquidity and Working Capital At March 31, 2025, we had cash on hand of approximately $2.7 million and a working capital of approximately $4.0 million, as compared to cash on hand of approximately $6.0 million and a working deficit of approximately $0.8 million at March 31, 2024. At December 31, 2024, we had cash on hand of $6,026,829 and a working deficit of $824,147, as compared