Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 90

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 90
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 recognized during the year. The Company
has taken a position as to the calculation of income tax expense in a current period based on ASC 740-270-25-3 which states, “If
an entity is unable to estimate a part of its ordinary income or loss or the related tax provision or benefit but is otherwise able to
make a reasonable estimate, the tax provision or benefit applicable to the item that cannot be estimated shall be reported in the interim
period in which the item is reported.” The Company believes its calculation to be a reliable estimate and allows it to properly
take into account the usual elements that can impact its annualized book income and its impact on the effective tax rate. As such, the
Company is computing its taxable income or loss and associated income tax provision or benefit based on actual results through the nine
months ended December 31, 2024 and 2023.

The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued
for interest and penalties as of December 31, 2024 and March 31, 2024. The Company is currently not aware of any issues under review
that could result in significant payments, accruals or material deviation from its position.

The Company has identified the United States as
its only “major” tax jurisdiction.

The Company may be subject to potential examination by federal and
state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions,
the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does
not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Federal tax returns
filed in fiscal years ended March 31, 2022 through 2024 remain subject to examination by any applicable tax authorities.

Net Income (Loss) per Share

 The Company complies with accounting and disclosure
requirements of FASB ASC 260, Earnings Per Share. In order to determine the net income (loss) attributable to both the redeemable shares
and non-redeemable shares, the Company first considered the undistributed income (loss) allocable to both the redeemable Common Stock
and non-redeemable Common Stock and the undistributed income (loss) is calculated using the total net income (loss) less any dividends
paid. The Company then allocated the undistributed income (loss) ratab