Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 894

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 7
Chunk 894
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 business combination.
We will not generate any operating revenues until the closing and completion of our initial business combination, at the earliest. On
June 26, 2024, the Company entered into a Business Combination Agreement as discussed above. The Company filed its initial Form S-4 Registrant
Statement on January 30, 2025 and filed two amendments to the Form S-4 on April 24, 2025 and May 14, 2025, however, there is no assurance
that the Registration Statement will be declared effective or that the Business Combination will be completed.

For
the year ended March 31, 2025, we generated a net income of $109,366, which consisted of interest income on the Trust Account of $1,330,551
and franchise tax credit of $37,275, partially offset by formation and operating costs of $971,217 and income taxes provision of $287,243. 

For
the year ended March 31, 2024, we generated a net income of $1,596,567, which consisted of interest income on the Trust Account of $2,934,879,
business combination income of $125,000 as our previous potential target did not move forward with the merger and we were able to keep
the merger deposit funds, offset by formation and operating costs of $717,167, franchise tax expense of $129,953 and income taxes provision
of $616,192. 

Liquidity
and Going Concern

As
of March 31, 2025, we had $14,692 in cash in our operating account as compared to cash of $30,823 at March 31, 2024 and working deficit
of $4,217,347 as compared to $2,870,013 at March 31, 2024. The change in liquidity is attributable to cash used in operating activities
of $1,493,543 and cash used in financing activities of $36,858,379, and offset by cash provided by investing activities of $38,335,791.

For
the year ended March 31, 2025, there was $1,493,543 of cash used in operating activities resulting from interest income earned on investment
held in Trust Account amounting to $1,330,551, and non-cash deferred tax benefit of $37,152, increase in prepaid income taxes of $287,911,
increase in prepaid franchise taxes of $26,165