Company: GDSTR
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112608
Chunk: 75

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 8
Chunk 75
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

SEPTEMBER 30, 2025

NOTE 1 — ORGANIZATION AND BUSINESS BACKGROUND

Goldenstone Acquisition Limited (the “Company”)
is a Delaware corporation incorporated as a blank check company on September 9, 2020. The Company was formed for the purpose of entering
into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with
one or more businesses or entities (the “Business Combination”). The Company is not limited to a particular industry or geographic
region for purposes of consummating a Business Combination.

On June 2, 2022, Goldenstone Merger Sub, Inc.
(“Merger Sub 1”) was incorporated in the state of Delaware as a corporation and is wholly-owned by the Company. Merger Sub
1 was formed in connection with the execution of a business combination agreement that was subsequently terminated. It has not conducted
any activities and is inactive.

On June 20, 2024, Pacifica Acquisition Corp (“Merger
Sub 2”) was incorporated in the state of Delaware as a corporation and is wholly-owned by the Company. Merger Sub 2 was formed in
connection with the execution of the June 26, 2024 Business Combination Agreement described below. It has not conducted any activities
and is inactive.

The Company has selected March 31 as its fiscal
year end. As of September 30, 2025 and March 31, 2025, the Company had not commenced any operations. For the period from September 9,
2020 (inception) to September 30, 2025, the Company’s efforts have been limited to organizational activities as well as activities
related to the Initial Public Offering (as defined below) and to consummate a Business Combination. The Company will not generate any
operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income from the proceeds derived from the Initial Public Offering.

On March 21, 2022, the Company closed its initial
public offering of 5,750,000 units, which includes the full exercise of the underwriters’ over-allotment option. The units were
sold at a price of $10.00 per unit, resulting in total gross proceeds of $57,500,000. Each unit