Company: GDSTR
Filing Date: 2025-05-14
Form Type: S-4/A
Source: 0001213900-25-043297
Chunk: 226

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-05-14
Form: S-4/A
Chunk 226
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 our initial business combination. We will not generate any operating revenues until the closing and completion of our initial business combination, at the earliest. For the nine months ended December31, 2024, we generated a net income of $99,459, which consisted of interest income on the trust account of $1,137,036, offset by formation and operating costs of $766,026, franchise tax expense of $41,485 and income taxes provision of $230,066. 120 For the nine months ended December31, 2023, we generated net income of $904,790, which consisted of interest income on the trust account of $2,223,710, offset by formation and operating costs of $823,184, franchise tax expense of $36,400 and income taxes provision of $459,336. For the year ended March 31, 2024, we generated a net income of $1,596,567, which consisted of interest income on the trust account of $2,934,879, business combination income of $125,000 as our previous potential target did not move forward with the merger and we were able to keep the merger deposit funds, offset by formation and operating costs of $717,167, franchise tax expense of $129,953 and income taxes provision of $616,192. For the year ended March 31, 2023, we generated a net income of $145,511, which consisted of interest income on the trust account of $1,483,785, offset by formation and operating costs of $998,735, franchise tax expense of $38,043 and income taxes provision of $301,496. Liquidity and Going Concern As of December31, 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 a working capital deficit of $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 December31, 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