Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 363

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 363
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 2025) and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company does not expect this standard to have a material impact on the Company’s financial statement. In November 2024, the FASB issued ASU 2024 -03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 -40): Disaggregation of Income Statement Expenses to disclose additional information about specific expense categories. ASU 2024 -03is effective for fiscal years beginning after December 15, 2026, with early adoption permitted and should be applied either prospectively or retroactively. The Company is currently evaluating the impact of this standard. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the financial statements are available to be issued. Material subsequent events that required recognition or additional disclosure in the financial statements are presented. NOTE 3 — GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS As of December 31, 2023, the Company had $876,407 in its operating bank account and a working capital surplus of $2,449,757. To date, the Company has been funding operations through a combination of ownership contributions, proceeds from loans payables, advances from related parties and the issuance of common stock. The Company’s ability to continue as a going concern is dependent on many factors, including, among other things, the ability to comply with the covenants in its existing debt agreements and the ability to pay, retire, amend, replace, or refinance indebtedness as defaults occur or as interest and principal payments come due. Despite the terms of the ownership contributions and the Company’s current operations and expectations for continued growth, it believes that cash generated from operating activities will not be adequate to meet current and future expected operating needs, anticipated capital investment and debt service obligations for the next twelve months from the issuance date of these financial statements. The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2023, the Company has an accumulated deficit of $27,917,642 and has experienced losses from continuing operations. Based on the Company’s cash balance as of December 31, 2023 and