Company: GDSTR
Filing Date: 2025-08-05
Form Type: S-4/A
Source: 0001213900-25-071731
Chunk: 401

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-05
Form: S-4/A
Chunk 401
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   11,979,775 |   |     |   |    8,560,347 |   |
| Valuation allowance               |     |   |  (11,979,775 | ) |     |   |   (8,560,347 | ) |
| Total net deferred tax asset, net |     | $ |            — |   |     | $ |            — |   |

As of December 31, 2024, the Company had net operating loss carry -forwardsfor federal and state income tax reporting (tax effected) purposes of $10,049,429 and $1,971,480, respectively. As of December 31, 2023, the Company had net operating loss carry -forwardsfor federal and state income tax reporting (tax effected) purposes of $7,336,277 and $1,047,508, respectively. As a result of the Tax Cuts Job Act 2017 (the “Act”), certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control 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