Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 89

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 89
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 entity’s financial statements will not be prevented or detected by the entity’s internal controls. Effective internal control is necessary to provide reliable financial reports and effectively prevent fraud. If New Infintium cannot provide reliable financial reports or prevent fraud, it could be subject to regulatory action or other litigation and its operating results could be harmed. The ineffectiveness of Infintium’s internal control over financial reporting was due to the following material weaknesses, which are indicative of many small companies with small number of staff: •Inadequate segregation of duties consistent with control objectives; •Lack of independent board of directors (as of the balance sheet date) and absence of an audit committee to exercise oversight responsibility related to financial reporting and internal control; •Lack of risk assessment procedures on internal controls to detect financial reporting risks in a timely manner; and •Lack of documentation on policies and procedures that are critical to the accomplishment of financial reporting objectives. Infintium’s management continues to implement measures designed to ensure that control deficiencies contributing to the material weakness are remediated, such that these controls are designed, implemented, and operating effectively. The remediation actions planned include: •Identify gaps in Infintium’s skills base and the expertise of its staff required to meet the financial reporting requirements of a public company; •Establish an independent board of directors and an audit committee to provide oversight for remediation efforts and ongoing guidance regarding accounting, financial reporting, overall risks and the internal control environment; •Retain additional accounting personnel with public company financial reporting, technical accounting, SEC compliance, and strategic financial advisory experience to achieve adequate segregation of duties; and •Continue to develop formal policies and procedures on accounting and internal control over financial reporting and monitor the effectiveness of operations on existing controls and procedures. Infintium’s management will continue to monitor and evaluate the relevance of its risk -basedapproach and the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow. Infintium’s, and thereby New Infintium’s, intended business, operations, and accounting are expected to be substantially more complex than Infintium’s has been to date. It may be time consuming, difficult, and costly for New Infintium to develop and implement the internal control and reporting procedures required by the Exchange Act. New Infintium may need to hire additional financial reporting, internal control, and other finance personnel in order to develop and implement appropriate internal control and reporting procedures. If New