Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 19

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 19
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on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

 At this time, it has been determined that the
IR Act tax provisions have an impact to the Company’s three and nine months ended December 31, 2024 and for the year ended March
31, 2024 excise tax expense as there were redemptions by the public stockholders in June 2024 and October 2023; as a result, the Company
recorded $462,021 and $81,578 excise tax liability as of December 31, 2024 and March 31, 2024, respectively, with corresponding charge
to accumulated deficit. The Company will continue to monitor for updates to the Company’s business along with guidance issued with
respect to the IR Act to determine whether any adjustments are needed to the Company’s charge to accumulated deficit in future periods.
The excise tax return for the year ended March 31, 2024 in the amount of $81,578 are required to be filed by October 31, 2024. The excise
tax return for the year end ending March 31, 2025 in the amount of $380,443 are required to be filed by July 31, 2025. As of the date
of this filing, the Company has not filed its March 31, 2024 excise tax return and estimated that the interest and penalties will be immaterial
to the Company’s unaudited condensed consolidated financial statements.

10

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statement
are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and
pursuant to the rules and regulations of the SEC, and include all normal and recurring adjustments that management of the Company considers
necessary for a fair presentation of its financial position and operation results. Interim results are not necessarily indicative of results
to be expected for any other interim period or for the full year. The information included in this Form 10-Q should be read in conjunction
with information included in the Company’s annual report on Form 10-K for the year ended March 31, 2024, filed with the Securities
and Exchange Commission on June 3, 2024. The accompanying condensed consolidated balance sheet as of March 31, 2024 has been derived from
the audited