Company: GDSTR
Filing Date: 2025-08-05
Form Type: S-4/A
Source: 0001213900-25-071731
Chunk: 390

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-05
Form: S-4/A
Chunk 390
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 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. F-58

INFINTIUM FUEL CELL SYSTEMS, INC.
NOTES TO FINANCIAL STATEMENTS NOTE 3 — GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS As of December 31, 2024, the Company had $6,026,829 in its operating bank account and a working capital deficit of $824,147. 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 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, 2024, the Company has an accumulated deficit of $35,507,206 and has experienced losses from continuing operations. Based on the Company’s cash balance as of December 31, 2024 and projected cash needs for the twelve months following the issuance of these financial statements, management estimates that it will need to rely upon ownership contributions from stockholders, officers and directors, or their affiliates, as well as successful capital raises through equity and debt financings to