Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 115

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 115
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, partially offset by formation
and operating costs of $766,026, franchise tax expense of $41,485 and income taxes provision of $230,066. 

For the nine months ended December 31, 2023, we generated a net income
of $904,790, which consisted of interest income on the Trust Account of $2,223,710, partially offset by formation and operating costs
of $823,184, franchise tax expense of $36,400 and income taxes provision of $459,336.

25

Liquidity and Going Concern

As of December 31, 2024, we had $8,434 in cash
in our operating account as compared to cash of $30,823 at March 31, 2024 and working deficit of $4,036,215 as compared to $2,870,013
at March 31, 2024. The change in liquidity is attributable to cash used in operating activities of $1,275,758 and cash used in financing
activities of $37,079,345, and offset by cash provided by investing activities of $38,332,714.

For the nine months ended December 31, 2024, there
was $1,275,758 of cash used in operating activities resulting from interest income earned on investment held in Trust Account amounting
to $1,137,036, and non-cash deferred tax benefit of $36,551, increase in prepaid income taxes of $192,613, decrease in income tax payable
of $358,882, and offset by net income of $99,459, decrease in prepaid expenses of $58,250, increase in accrued expenses of $251,320, and
increase in franchise tax payable of $40,295.

For the nine months ended December 31, 2023, there
was $715,755 of cash used in operating activities resulting from interest income earned on investment held in Trust Account amounting
to $2,223,710, and offset by net income of $904,790, non-cash deferred tax expense of $2,704, decrease in prepaid expenses of $52,500,
increase in accrued expenses of $374,681, increase in due to related parties of $155,000, increase in income tax payable of $13,135, and
increase in franchise tax payable of $5,145.

For the nine months ended December 31, 2024,
there was $38,