Company: GDSTR
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112608
Chunk: 61

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 61
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 September 30, 2025, pursuant to Rule 15d-15(e) under the Exchange Act.
Based upon that evaluation, our Certifying Officer concluded that, as of September 30, 2025, our disclosure controls and procedures were
not effective due to the material weaknesses in our internal control over financial reporting that are described below.

We do not expect that our disclosure controls
and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and
operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.
Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits
must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation
of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances
of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Identification of Material Weaknesses in Internal
Control Over Financial Reporting

Management determined that our internal control
over financial reporting was not operating effectively as of September 30, 2025, to provide reasonable assurance that:

(1) the withdrawals from the
Trust comply with the terms of the Investment Management Trust Agreement, authorized and supported by appropriate documentation and used
for the stated purpose,

(2) the redemption payments
are accurate based on a verification of funds available for withdrawal and supported by stockholder delivery of a valid redemption notice,
and

(3) financial instruments
are appropriately valued and disclosed within the financial statements.

Based on our assessment of these control deficiencies
as material weaknesses, management determined that we did not maintain effective internal control over financial reporting as of September
30, 2025.

Management is in the process of implementing remediation
steps to improve our internal control over financial reporting. Specifically, we performed sufficient detail review over the calculation
of complex financial instruments and plan to communicate to the redemption stockholders in late August 2025 for additional payment to
be paid in August 2025. We remediated the deficiency by reevaluating the estimated income tax and deposited the excess withdrawal made
in July 2025 back to the Trust Account in November 2025.

Changes in Internal Control over Financial