Company: GDSTR
Filing Date: 2025-04-24
Form Type: S-4/A
Source: 0001213900-25-034782
Chunk: 226

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-04-24
Form: S-4/A
Chunk 226
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 our initial Business Combination. If we complete our initial Business Combination, we would either repay such loaned amounts out of the proceeds of the trust account released to us, or up to $1,725,000 of such loans may be convertible into private units at a price of $10.00 per unit at the option of the lender. As of June 30, 2024, March 31, 2024 and 2023, we had $2,001,000, $1,791,000 and $320,000, respectively, of borrowings under the working capital and extension loans. In connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014 -15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about our ability to continue as a going concern. The management’s plan in addressing this uncertainty is through the Working Capital Loans. In addition, if we are unable to complete a Business Combination within the Combination Period by February 21, 2025 (unless further extended), our board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of us. There is no assurance that our plans to consummate a Business 118 Combination will be successful within the Combination Period. As a result, management has determined that such condition raise substantial doubt about our ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Critical Accounting Estimates Use of Estimates The preparation of unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The Company does not have any critical accounting estimates. Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update No. 2023 -09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023 -09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense