Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 1500

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 10
Chunk 1500
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 stock were tendered for redemption. As a result, $38,044,345 (approximately $11.20 per share) has been removed from
the Company’s Trust Account to pay such holders, without taking into account additional allocation of payments to cover any tax
obligation of the Company, such as United States income taxes and franchise taxes, but not including any excise tax, since that date.
On June 18, 2024, the Company filed a second amendment to its Amended and Restated Certificate of Incorporation with the Delaware Secretary
of State (the “Charter Amendment”), to extend the date to consummate a business combination until June 21, 2025, as approved
by the Company’s stockholders at the Annual Meeting. Pursuant to the Fourth Extension, through the date of this filing, the Company
has deposited a total of twelve payments of $50,000 in the Trust Account, to initially extend the date by which the Company can complete
an initial business combination by twelve months to June 21, 2025.

Liquidity
and Going Concern

As
of March 31, 2025, the Company had $14,692 in cash held outside its Trust Account available for the Company’s payment of expenses
related to working capital purposes subsequent to the Initial Public Offering and working deficit of $4,217,347.

In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
Accounting Standards Codification Subtopic 205-40, Presentation of Financial Statements - Going Concern,” management has determined
that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The management’s
plan in addressing this uncertainty is through the Working Capital Loans, as defined below (see Note 6). In addition, if the Company
is unable to complete a Business Combination within the Combination Period by June 21, 2025, if not further extended, the Company’s
board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance
that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management
has determined that such conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Inflation
Reduction Act of 2022

On