Company: GDSTR
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112608
Chunk: 127

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 8
Chunk 127
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 option of the lender.   The Sponsor has informed Goldenstone that it
does not anticipate converting any of the loans into private units.

As of September 30, 2025 and March 31, 2024, we
had $3,301,966 and $2,976,9660, respectively, of borrowings under the working capital and extension loans.

In connection with our assessment of going concern
considerations in accordance with Financial Accounting Standards    Board’s Accounting Standards Codification Subtopic
205-40, “Presentation   of Financial Statements - 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 August
21, 2025, if not 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 Combination will be successful within the Combination Period. As
a result, management has determined that such conditions 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. 

29

Critical Accounting Estimates

Use of Estimates

The preparation of unaudited condensed consolidated
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 November 2023, the FASB issued ASU No. 2023-07,
“Segment Reporting (Topic 280)” (“ASU 2023-07” or “Topic 280). The amendments in ASU 2023-07 improve
financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities
to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment
profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources.
Topic 280 also requires other specified segment items and amounts