Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 374

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 374
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 years ended December 31, 2023 and 2022, respectively. A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:

|                                                         |     |        As of 
 December 31, 
         2023 |    |     |        As of 
 December 31, 
         2022 |    |
|:--------------------------------------------------------|:----|-------------:|:---|:----|-------------:|:---|
| Federal statutory blended income tax rates              |     |        21.00 | %  |     |        21.00 | %  |
| State statutory income tax rate, net of federal benefit |     |         5.00 | %  |     |         5.00 | %  |
| Change in valuation allowance                           |     |       (26.00 | )% |     |       (26.00 | )% |
| Effective tax rate                                      |     |            — | %  |     |            — | %  |

As of the date of this filing, the Company has not filed its 2023 federal and state corporate income tax returns. The Company expects to file these documents as soon as practicable. The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

F-68 INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS NOTE 18 — COMMITMENTS AND CONTINGENCIES From time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results of operations, or cash flows of the Company. NOTE 19 — SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements are available to be issued. Other than below, there are no subsequent events identified that would require disclosure in the financial statements. Issuance of Options In January 2024, pursuant to the Plan (see Note 14 above), the Company granted an aggregate of 110,000 options to two individuals with an aggregate fair value of $109,772; the options vest at a rate of twenty -fivepercent after one year of service, and then in equal installments over thirty -sixsubsequent months, and have a maximum term of ten