Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 247

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 247
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 contributed to maintaining a lower gross loss. We also expect our gross loss will turn into gross profit in 2025 due to economies of scale and continued improvement of operational efficiency.

133

Operating Expenses Our operating expenses include selling, general and administrative expenses, research and development expenses and allowance for credit losses. The following table sets forth the components of operating expenses for the years indicated:

|                                     |     | For the Year Ended December 31, 
                            2024 |     |      2023 |     |    Change |   |     | Percentage 
     Change |   |
|:------------------------------------|:----|--------------------------------:|:----|----------:|:----|----------:|:--|:----|-----------:|:--|
|                                     |     |                             US$ |     |       US$ |     |       US$ |   |     |          % |   |
| Selling, general and administrative |     |                       6,633,652 |     | 4,122,472 |     | 2,511,180 |   |     |       60.9 |   |
| Research and development            |     |                         616,397 |     |    97,428 |     |   518,969 |   |     |      532.7 |   |
| Depreciation and amortization       |     |                         234,374 |     |   274,157 |     |   (39,783 | ) |     |      (14.5 | ) |
| Allowance for credit losses         |     |                               — |     |   164,699 |     |  (164,699 | ) |     |     (100.0 | ) |
| Total Operating Expenses            |     |                       7,484,423 |     | 4,658,756 |     | 2,825,667 |   |     |       60.7 |   |

Selling, General and Administrative Selling, general and administrative expenses for the year ended December 31, 2024 increased by 60.9% to approximately $6.6 million as compared to approximately $4.1 million for the year ended December 31, 2023. The increase is mainly due to higher salary and benefits expense of approximately $0.6 million as we expanded our workforce to support growth initiatives. Additionally, legal and professional fees surged by approximately $1.6 million due to higher costs associated with our plan to