Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 218

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 1A
Chunk 218
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    Federal 
     (37,152) 
     2,975 
  
    State 
     —  
     — 
  
    Income
    tax provision 
    $287,243  
    $616,192 

A
reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

    For
                                            the Year
                                            Ended  
    For
                                            the Year
                                            Ended 

    March
    31, 2025  
    March
    31, 2024 
  
    U.S.
    statutory rate 
     21.0% 
     21.0%
  
    Change
    in valuation allowance 
     51.4% 
     6.8%
  
    Effective
    tax rate 
     72.4% 
    $27.8%

The
Company’s net deferred tax assets (liabilities) were as follows as of:

    March 31,
    2025  
    March 31,
    2024 
  
    Deferred tax assets: 

    Start-up/organization
    costs 
    $575,740  
    $371,785 
  
    Deferred
    tax liability: 

    Accrued
    dividend income 
     (13,892) 
     (51,045)
  
    Total
    deferred tax assets 
     561,848  
     320,740 
  
    Valuation
    allowance 
     (575,740) 
     (371,785)
  
    Deferred
    tax liability, net 
    $(13,892) 
    $(51,045)

As
of March 31, 2025 and 2024, the Company had $2,741,621 and $1,770,404 of U.S. federal and state gross deferred tax assets on start-up/organization
costs carryovers available to offset future taxable income over the period of 180 months upon the consummation of the Business Combination.
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of
future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible.
Management considers the scheduled reversal of deferred tax assets, projected future taxable