Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 50

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 50
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 effective or that the Business Combination will be completed.

For the three months ended December 31, 2024,
we generated a net income of $18,240, which consisted of interest income on the Trust Account of $211,618, partially offset by formation
and operating costs of $136,809, franchise tax expense of $15,353 and income taxes provision of $41,216. 

For the three months ended December 31, 2023,
we generated a net income of $562,676, which consisted of interest income on the Trust Account of $983,627, partially offset by formation
and operating costs of $205,304, franchise tax expense of $11,500 and income taxes provision of $204,147.

For the nine months ended December 31, 2024, we
generated a net income of $99,459, which consisted of interest income on the Trust Account of $1,137,036, partially offset by formation
and operating costs of $766,026, franchise tax expense of $41,485 and income taxes provision of $230,066. 

For the nine months ended December 31, 2023, we generated a net income
of $904,790, which consisted of interest income on the Trust Account of $2,223,710, partially offset by formation and operating costs
of $823,184, franchise tax expense of $36,400 and income taxes provision of $459,336.

25

Liquidity and Going Concern

As of December 31, 2024, we had $8,434 in cash
in our operating account as compared to cash of $30,823 at March 31, 2024 and working deficit of $4,036,215 as compared to $2,870,013
at March 31, 2024. The change in liquidity is attributable to cash used in operating activities of $1,275,758 and cash used in financing
activities of $37,079,345, and offset by cash provided by investing activities of $38,332,714.

For the nine months ended December 31, 2024, there
was $1,275,758 of cash used in operating activities resulting from interest income earned on investment held in Trust Account amounting
to $1,137,036, and non-cash deferred tax benefit of $36,551, increase in prepaid income taxes of $192,613, decrease in income tax payable