Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 853

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 6
Chunk 853
---
 issuances
in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same
taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because
the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax
have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and
in the Company’s ability to complete a Business Combination.

At
this time, it has been determined that the IR Act tax provisions have an impact to the Company’s years ended March 31, 2025
and 2024 excise tax expense as there were redemptions by the public stockholders in June 2024 and October 2023; as a result, the
Company recorded $462,021 and $81,578 excise tax liability as of March 31, 2025 and 2024, respectively, with corresponding
charge to accumulated deficit. The Company will continue to monitor for updates to the Company’s business along with guidance
issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s charge to accumulated
deficit in future periods. The excise tax return for the year ended March 31, 2024 in the amount of $81,578 are required to be filed
by October 31, 2024. The excise tax return for the year end ending March 31, 2025 in the amount of $380,443 are required to be filed
by July 31, 2025. As of the date of this filing, the Company has not filed its March 31, 2025 and 2024 excise tax return and
estimated that the interest and penalties will be immaterial to the Company’s consolidated financial statements.

F-11

NOTE
2 — SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying consolidated financial statement are presented in conformity with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.

Principles
of Consolidation

The
consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany transactions and balances
are eliminated in consolidation.

A
subsidiary is an entity in which