Company: GDSTR
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112608
Chunk: 112

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 8
Chunk 112
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 million, or $0.21 per Warrant, using the Black-Scholes Option Pricing Model. The fair value of the warrants is estimated
as of the date of grant using the following assumptions: (1) expected volatility of 12.96%, (2) risk-free interest rate of 1.16%, (3)
expected life of 5 years, (4) exercise price of $11.50 and (5) stock price of $9.03.

NOTE 9 — INCOME TAXES

The Company’s taxable income primarily consists
of interest earned on investment held in Trust Account.

The income tax provision (benefit) consists of
the following:

    For the  
    For the  
    For the  
    For the 

    Three Months  Ended  
    Three Months  Ended  
    Six Months  Ended  
    Six Months  Ended 

    September 30,  2025  
    September 30,  2024  
    September 30,  2025  
    September 30,  2024 
  
    Current 

    Federal 
    $36,362  
    $74,445  
    $75,039  
    $224,197 
  
    State 
     —  
     —  
     —  
     — 
  
    Deferred 

    Federal 
     (9,823) 
     (28,597) 
     (10,223) 
     (35,347)
  
      State 
     —  
     —  
     —  
     — 
  
    Income tax provision 
    $26,539  
    $45,848  
    $64,816  
    $188,850 

22

The Company’s effective tax rate was (17.3)
% and 43.9% for the three months ended September 30, 2025 and 2024, respectively. The Company’s effective tax rate was (18.5)
% and 69.9% for the six months ended September 30, 2025 and 2024, respectively. The effective tax rate differs from the statutory
tax rate of 21.0% primarily due to the valuation allowance on the deferred tax assets.

The Company’s net deferred tax assets (liabilities)
were as follows as of: