Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 390

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 390
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 and $11,233, respectively; in January 2024, lender B and the Company entered into a loan conversion agreement, whereby the entire amount of the loan payable was converted into shares of common stock at a price per share of $0.8057 for an aggregate number of shares of 620,570. Upon conversion, the loan payable was deemed to be repaid in full and the Company has no further obligation in connection with the loan to lender B. As of September 30, 2024, the balance of the loan payable and interest payable are zero and $11,233; interest expense accrued on the loan was $11,233 and zero for both of the nine month periods ended September 30, 2024 and 2023, respectively.

F-82

INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited) NOTE 10 — LOANS PAYABLE – RELATED PARTY The Company’s related party accounts included the following:

|                                                                       |     |   | September 30, 
          2024 |     |   | December 31, 
         2023 |
|:----------------------------------------------------------------------|:----|:--|--------------:|:----|:--|-------------:|
| Loans payable – related party, non-current, limited liability company |     | $ |     1,205,951 |     | $ |    1,205,951 |
| Loans payable – related party, non-current, shareholders              |     |   |       200,000 |     |   |      200,000 |
| Loans payable – related party, non-current, lenders                   |     |   |     1,300,000 |     |   |            — |
| Loans payable – related party, current, lenders                       |     |   |     1,500,000 |     |   |      300,000 |
| Total loans payable – related party                                   |     | $ |     4,205,951 |     | $ |    1,705,951 |

Loan Payable — related party, limited liability company In March 2020, the Company entered into a promissory note with a related party limited liability company controlled by the Company’s ultimate major shareholder, with proceeds to the Company of $1,205,951 and an interest rate of zero percent. As of September 30, 2024 and December 31, 2023, the balance of the