Company: GDSTR
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112608
Chunk: 44

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 44
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 costs 
    $697,269  
    $575,740 
  
    Deferred tax liability: 

    Accrued dividend income 
     (3,669) 
     (13,892)
  
    Total deferred tax assets 
     693,600  
     561,848 
  
    Valuation allowance 
     (697,269) 
     (575,740)
  
    Deferred tax liability, net 
    $(3,669) 
    $(13,892)

As of September 30, 2025 and March 31, 2025, the
Company had $3,320,328 and $2,741,621 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 income and tax planning strategies in making this assessment. After consideration
of all of the information available, management believes that significant uncertainty exists with respect to future realization of the
deferred tax assets and has therefore established a full valuation allowance of $697,269 and $575,740 as of September 30, 2025 and March
31, 2025, respectively. The valuation allowance increased by $121,529 from March 31, 2025 to September 30, 2025.

As of September 30, 2025 and March 31, 2025, the
Company prepaid income taxes of $22,974, net of current provision for the six months ended September 30, 2025, and $287,911, respectively.
The Company withdrew the prepaid income taxes balance from the Trust Account as the Company was required to pay estimated federal income
taxes payments for the year ending March 31, 2025 based on the actual year ending March 31, 2024 federal income taxes payments during
the year ended March 31, 2025. In September 2025, the Company received the refunds of the prepaid income taxes balance of $