Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 1446

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 9C
Chunk 1446
---
     (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 $2,741,621 and $1,770,404 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 realization of the deferred tax assets and has therefore established a full valuation allowance of $575,740 and $371,785
as of March 31, 2025 and 2024, respectively. The valuation allowance increased by $203,955 from March 31, 2024 to March 31, 2025.

As
of March 31, 2025 and 2024, the Company prepaid income taxes of $287,911 and $0, respectively. The Company withdrew the prepaid income
taxes balance from the Trust Account as the Company was required to pay estimated federal income taxes payments for the year ending March
31, 2025 based on the actual year ending March 31, 2024 federal income taxes payments. The Company is expected to refund the prepaid
income taxes balance when it will file the federal income tax return in July 2025.

F-22

NOTE
10 — SEGEMNT INFORMATION

ASC
Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about
operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an
enterprise for which