Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 141

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 2
Chunk 141
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 until the closing
and completion of our initial business combination, at the earliest. On June 26, 2024, the Company entered into a Business Combination
Agreement as discussed above. The Company filed its initial Form S-4 Registrant Statement on January 30, 2025, however, there is no assurance
that the Registration Statement will be declared effective or that the Business Combination will be completed.

For the three months ended December 31, 2024,
we generated a net income of $18,240, which consisted of interest income on the Trust Account of $211,618, partially offset by formation
and operating costs of $136,809, franchise tax expense of $15,353 and income taxes provision of $41,216. 

For the three months ended December 31, 2023,
we generated a net income of $562,676, which consisted of interest income on the Trust Account of $983,627, partially offset by formation
and operating costs of $205,304, franchise tax expense of $11,500 and income taxes provision of $204,147.

For the nine months ended December 31, 2024, we
generated a net income of $99,459, which consisted of interest income on the Trust Account of $1,137,036, 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