Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 93

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 1
Chunk 93
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ise tax. The
U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry
out and prevent the abuse or avoidance of the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in
connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the
Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number
of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension
or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances
in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same
taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because
the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax
have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and
in the Company’s ability to complete a Business Combination.

At
this time, it has been determined that the IR Act tax provisions have an impact to the Company’s years ended March 31, 2025
and 2024 excise tax expense as there were redemptions by the public stockholders in June 2024 and October 2023; as a result, the
Company recorded $462,021 and $81,578 excise tax liability as of March 31, 2025 and 2024, respectively, with corresponding
charge to accumulated deficit. The Company will continue to monitor for updates to the Company’s business along with guidance
issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s charge to accumulated
deficit in future periods. The excise tax return for the year ended March 31, 2024 in the amount of $81,578 are required to be filed
by October 31, 2024. The excise tax return for the year end ending March 31, 2025 in the amount of $380,443 are required to be