Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 345

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 345
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72.4 | % |     | $          | 27.8 | % |

F-25

GOLDENSTONE ACQUISITION LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2025 NOTE 9 — INCOME TAXES (cont.)

The Company’s net deferred tax assets (liabilities) were as follows as of:

|                             |     |   | March 31, 
      2025 |   |     |   | March 31, 
      2024 |   |
|:----------------------------|:----|:--|----------:|:--|:----|:--|----------:|:--|
| Deferred tax assets:        |     |   |           |   |     |   |           |   |
| Start-up/organization costs |     | $ |   575,740 |   |     | $ |   371,785 |   |
| Deferred tax liability:     |     |   |           |   |     |   |           |   |
| Accrued dividend income     |     |   |   (13,892 | ) |     |   |   (51,045 | ) |
| Total deferred tax assets   |     |   |   561,848 |   |     |   |   320,740 |   |
| Valuation allowance         |     |   |  (575,740 | ) |     |   |  (371,785 | ) |
| Deferred tax liability, net |     | $ |   (13,892 | ) |     | $ |   (51,045 | ) |

As of March 31, 2025 and 2024, the Company had $ and $ of U.S. federal and state gross deferred tax assets on start-up/organization costs carryovers available to offset future taxable income over the period of 180 months upon the consummation of the Business Combination. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future