Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 53

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 53
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 stockholders approved a second amendment to the Company’s Amended and Restated Certificate of Incorporation
to extend the date by which the Company has to consummate a business combination up to twelve (12) times, each such extension for an additional
one month period, from June 21, 2024 to June 21, 2025, and must deposit into the Trust Account in the sum of $50,000 for each one month
extended. Any such payments would be made in the form of a loan. Any such loans will be non-interest bearing and payable upon the consummation
of our initial Business Combination. If we complete our initial Business Combination, we would either repay such loaned amounts out of
the proceeds of the Trust Account released to us, or up to $1,725,000 of such loans may be convertible into private units at a price of
$10.00 per unit at the option of the lender.

As of December 31, 2024 and March 31, 2024, we
had $2,756,000 and $1,791,000, respectively, of borrowings under the working capital and extension loans.

In connection with our assessment of going concern considerations in
accordance with Financial Accounting Standard 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 February 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
does not include any adjustments that might result from the outcome of this uncertainty. 

26

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