Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 96

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 96
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 (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption
date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the
instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes over the
period from the date of issuance to the earliest redemption date of the instrument of twelve months. The accretion or remeasurement is
treated as a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital).
Interest earned on investment held in Trust Account, net of applicable taxes, and the extension payments made by the Company are subject
to subsequent accretion of carrying value to redemption value.

As of December 31, 2024 and March 31,2024, the common stock subject
to possible redemption reflected on the balance sheet is reconciled in the following table:

    Common stock subject to possible redemption, March 31, 2023
     
    $
    59,544,769

    Redemption of common stock

    (8,157,801
    )
  
    Plus:

    Subsequent accretion of carrying value to redemption value

    4,039,650

    Common stock subject to possible redemption, March 31, 2024

    55,426,618

    Redemption of common stock

    (38,044,345
    )
  
    Plus:

    Subsequent accretion of carrying value to redemption value

    1,423,955

    Common stock subject to possible redemption, December 31, 2024
     
    $
    18,806,228

16

NOTE 5 — PRIVATE PLACEMENT

Simultaneously with the closing of the Initial
Public Offering, the Company completed the private sale of 351,250 units (the “Private Units”) to the Sponsor, Ray Chen, our
former Chief Financial Officer, and Yongsheng Liu, our former Chief Operating Officer, each through their respective affiliated entities.
Each Private Unit consists of one share of common stock, one warrant (“Private Warrant”) and one right (each, a “Private
Right”). Each Private Warrant entitles the holder to purchase one-half of one share of common stock at an exercise price of $11.50
per whole share. Each Private Right entitles the holder to receive