Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 106

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 106
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able, assignable or salable until 30 days after the completion of our initial business combination except to permitted
transferees.

The Company accounted for the warrant as a cost of the IPO resulting
in a charge directly to stockholders’ equity. The Company estimates that the fair value of the warrants is approximately $1.2 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.

21

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  
    Nine Months  Ended  
    Nine Months  Ended 

    December 31,  2024  
    December 31,  2023  
    December 31,  2024  
    December 31,  2023 
  
    Current 

    Federal 
    $42,420  
    $153,373  
    $266,617  
    $456,632 
  
    State 
     —  
     —  
     —  
     — 
  
    Deferred 

    Federal 
     (1,204) 
     50,774  
     (36,551) 
     2,704 
  
    State 
     —  
     —  
     —  
     — 
  
    Income tax provision 
    $41,216  
    $204,147  
    $230,066  
    $459,336 

The Company’s effective tax rate was 69.3%
and 26.6% for the three months ended December 31, 2024 and 2023, respectively. The Company’s effective tax rate was 69.8%
and 33.7% for the nine months ended December