Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 147

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 1A
Chunk 147
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 order to extend the time available for us to consummate our initial Business Combination, our sponsor or its affiliates
or designees, upon ten days advance notice prior to the applicable deadline, must deposit into the Trust Account $575,000 ($0.10 per
share) on or prior to the date of the applicable deadline, for each three month extension (or up to an aggregate of $1,725,000, or $0.30
per share if the Company extends for the full nine months). On September 21, 2023, our stockholders approved the amendment to our Amended
and Restated Certificate of Incorporation to extend the date by which we have to consummate a business combination up to nine (9) times,
each such extension for an additional one month period, from September 21, 2023 to June 21, 2024, and must deposit into the Trust Account
in the sum of $100,000 for each one month extended. On June 18, 2024, the Company’s stockholders approved a second amendment to
the Company’s Amended and Restated Certificate of Incorporation to extend the date by which the Company has to consummate a business
combination up to twelve (12) times, each such extension for an additional one month period, from June 21, 2024 to June 21, 2025, and
must deposit into the Trust Account in the sum of $50,000 for each one month extended. Any such payments would be made in the form of
a loan. Any such loans will be non-interest bearing and payable upon the consummation of our initial Business Combination. If we complete
our initial Business Combination, we would either repay such loaned amounts out of the proceeds of the Trust Account released to us,
or up to $1,725,000 of such loans may be convertible into private units at a price of $10.00 per unit at the option of the lender.

As
of March 31, 2025 and 2024, we had $2,976,966 and $1,791,000, respectively, of borrowings under the working capital and extension loans.

In
connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting
Standards Codification Subtopic 205-40, Presentation of Financial Statements - Going Concern,” management has determined that these
conditions raise substantial doubt about our ability to continue as a going concern. The management’s plan