Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 391

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 391
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 provisions under Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets. The Company recorded a valuation allowance in the full amount of its net deferred tax assets. The management believed it is more likely than not that the tax benefit will not be utilized. The valuation allowance increased $3,419,428 and $1,084,406 during the years ended December 31, 2024 and 2023, respectively. A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:

|                                                         |     |   |        As of 
 December 31, 
         2024 |    |     |   |        As of 
 December 31, 
         2023 |    |
|:--------------------------------------------------------|:----|:--|-------------:|:---|:----|:--|-------------:|:---|
| 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 2024 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-67

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 — SEGMENT INFORMATION The Company conducts business as a single operating segment which is based upon the Company