Company: GDSTR
Filing Date: 2025-05-14
Form Type: S-4/A
Source: 0001213900-25-043297
Chunk: 396

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-05-14
Form: S-4/A
Chunk 396
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 2023, the Company had net operating loss carry -forwardsfor federal and state income tax reporting (tax effected) purposes of $7,336,277 and $1,047,508, respectively. As a result of the Tax Cuts Job Act 2017 (the “Act”), certain future carryforwards do not expire. The Company has not performed a formal analysis but believes its ability to use such net operating losses and tax credit carryforwards in the future is subject to annual limitations due to change of control provisions under Sections 382 and 383 of the Internal Revenue Code, which will significantly impact its ability to realize these deferred tax assets. The Company recorded a valuation allowance in the full amount of its net deferred tax assets. The management believed it is more likely than not that the tax benefit will not be utilized. The valuation allowance increased $3,419,428 and $1,084,406 during the years ended December 31, 2024 and 2023, respectively. A reconciliation of the statutory federal income tax benefit to actual tax benefit is as follows:

|                                                         |     |   |        As of 
 December 31, 
         2024 |    |     |   |        As of 
 December 31, 
         2023 |    |
|:--------------------------------------------------------|:----|:--|-------------:|:---|:----|:--|-------------:|:---|
| Federal statutory blended income tax rates              |     |   |        21.00 | %  |     |   |        21.00 | %  |
| State statutory income tax rate, net of federal benefit |     |   |         5.00 | %  |     |   |         5.00 | %  |
| Change in valuation allowance                           |     |   |       (26.00 | )% |     |   |       (26.00 | )% |
| Effective tax rate                                      |     | $ |            — | %  |     | $ |            — | %  |

As of the date of this filing, the Company has not filed its 2024 federal and state corporate income tax returns. The Company expects to file these documents as soon as practicable. The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

F-70

INFINTIUM F