Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 472

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 2
Chunk 472
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 deemed to be an investment company under the Investment Company Act. The proceeds held in the Trust Account
will not be released until the earlier of: (1) the completion of the Company’s initial Business Combination within the required
time period and (2) its redemption of 100% of the outstanding public shares if the Company has not completed a Business Combination in
the required time period. Therefore, unless and until the Company’s initial Business Combination is consummated, the proceeds held
in the Trust Account will not be available for the Company’s use for any expenses related to the Initial Public Offering or expenses
which the Company may incur related to the investigation and selection of a target business and the negotiation of an agreement in connection
with its initial Business Combination.

The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the shareholders
meeting on extension of the time to complete the Business Combination or upon the completion of an initial Business Combination at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to
the consummation of its initial Business Combination, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay its taxes, divided by the number of then outstanding public shares, subject to certain limitations. The
amount in the Trust Account was anticipated to be $10.15 per public share. The per-share amount the Company will distribute to investors
who properly redeem their shares will not be reduced by deferred underwriting commissions the Company will pay to the underwriters (as
discussed in Note 6). The common stock subject to redemption was initially being recorded at a redemption value and classified as temporary
equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic
480 “Distinguishing Liabilities from Equity.”

For
the years ended March 31, 2025 and 2024, the Company withdrew $991,446 and $698,946 to pay for income taxes and franchise taxes, respectively.

As of March 31, 2025, the Company over withdrew $19,067 of its federal income tax payment from the Trust Account. The Company will deduct
this balance from the next estimated income tax payment withdrawal from the Trust Account.

The
Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation