Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 87

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 8
Chunk 87
---
 the Company has not
filed its March 31, 2025 and 2024 excise tax return,   and has not paid the excise taxes when due, and estimated that the interest
and penalties will be immaterial   to the Company’s unaudited condensed consolidated financial statements  
as of June 30, 2025. 

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statement
are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and
pursuant to the rules and regulations of the SEC, and include all normal and recurring adjustments that management of the Company considers
necessary for a fair presentation of its financial position and operating   results. Interim results are not necessarily indicative
of results to be expected for any other interim period or for the full year. The information included in this Form 10-Q should be read
in conjunction with information included in the Company’s annual report on Form 10-K for the year ended March 31, 2025, filed with
the Securities and Exchange Commission on June 16, 2025.   The accompanying condensed consolidated balance sheet as of March
31, 2025 has been derived from our audited financial statements included in Form 10-K.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the
accounts of the Company and its subsidiaries.   All intercompany transactions and balances are eliminated in consolidation.

A subsidiary is an entity in which the Company,
directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies,
to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Emerging Growth Company Status

The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in its periodic reports