Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 395

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 395
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30, 2024 and 2023 was $845,148 and $567,252, respectively. The table below summarizes the fair value of an option granted in 2024 and 2023 and the assumptions included in the Binomial model (or lattice model) used to estimate the fair value:

|                                 |     |     Nine months 
           ended 
   September 30, 
            2024 |     |     Nine months 
           ended 
   September 30, 
            2023 |
|:--------------------------------|:----|----------------:|:----|----------------:|
| Fair value                      |     |   $1.00 – $1.23 |     |   $0.79 – $1.25 |
| Exercise price                  |     |           $0.29 |     |           $0.29 |
| Risk-free interest rate         |     |   3.63% – 4.33% |     |   3.39% – 4.88% |
| Average life of options (years) |     |              10 |     |              10 |
| Volatility                      |     | 72.52% – 73.54% |     | 72.40% – 75.59% |
| Dividend yield                  |     |              0% |     |              0% |

The fair value of the options refers to the fair value of the ordinary shares as of the equity valuation dates, and the exercise price is determined according to each share option agreement. The risk -freeinterest rate is based on the rates available at the time of the grant for zero -couponU.S. government issues with a remaining term equal to the option’s expected life, and the average life of an option is based on both historical and projected exercise and lapsing data. Expected volatility is based on implied volatilities from historical volatilities of comparable companies. Dividend yield is based on the option’s exercise price and annual dividend rate at the time of grant, which is zero. As of September 30, 2024, the Company had 2,531,005 unvested shares with an unrecognized stock -basedcompensation of $2,314,083, related to unvested stock option awards, which is expected to be recognized over an estimated weighted -averageperiod of 2.7 years.

F-86

INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATE