Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 34

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 34
---
 each such extension for an additional one month period, from September 21, 2023 to June 21,
2024, and must deposit into the Trust Account in the sum of $100,000 for each one month extended. On June 18, 2024, the Company’s
stockholders approved a second amendment to the Company’s Amended and Restated Certificate of Incorporation to extend the date by
which the Company has to consummate a business combination up to twelve (12) times, each such extension for an additional one month period,
from June 21, 2024 to June 21, 2025, and must deposit into the Trust Account in the sum of $50,000 for each one month extended. Any such
payments would be made in the form of a loan. Any such loans will be non-interest bearing and payable upon the consummation of its initial
Business Combination. If the Company completes its initial Business Combination, the Company would either repay such loaned amounts out
of the proceeds of the Trust Account released to the Company, 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 December 31, 2024 and March 31, 2024, the
Company had $2,756,000 and $1,791,000, respectively, of borrowings under the working capital and extension loans.

17

Administrative Services Agreement and Service Fees

The Company is obligated, commencing from the closing of the Initial
Public Offering and for 12 months, to pay the sponsor’s affiliate and officers of the Company, a monthly fee of $25,000 for general
and administrative services including office space, utilities, secretarial support and officers’ services to the Company. The Administrative
Services Agreement and the service fees to be paid to the officers will terminate upon completion of the Company’s Business Combination
or the liquidation of the Trust Account to public stockholders. Such administrative services agreement and services fees was ended on
March 31, 2023. As both of December 31, 2024 and March 31, 2024, the balance due to the officers of the Company for general and administrative
services amounted to $25,000.

Representative Shares

The Company issued 57,500 shares of Common Stock
(the “Representative Shares”) to Maxim as part of representative compensation. The Representative Shares are