Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 495

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 2
Chunk 495
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 of such loans may be convertible into private units at a price of $10.00 per unit at the option of the lender.

F-18

As
of March 31, 2025 and 2024, the Company had $2,976,966 and $1,791,000, respectively, of borrowings under the working capital and extension
loans.

Administrative
Services Agreement and Service Fees

The
Company is obligated, commencing from the closing of the Initial Public Offering and for 12 months, to pay the sponsor’s affiliate
and officers of the Company, a monthly fee of $25,000 for general and administrative services including office space, utilities, secretarial
support and officers’ services to the Company. The Administrative Services Agreement and the service fees to be paid to the officers
will terminate upon completion of the Company’s Business Combination or the liquidation of the Trust Account to public stockholders.
Such administrative services agreement and services fees was ended on March 31, 2023. As both of March 31, 2025 and 2024, the balance
due to the officers of the Company for general and administrative services amounted to $25,000.

Representative
Shares

The
Company issued 57,500 shares of Common Stock (the “Representative Shares”) to Maxim as part of representative compensation.
The Representative Shares are identical to the Common Stock sold as part of the Public Units, except that Maxim Group LLC has agreed
not to transfer, assign or sell any such representative shares until the completion of the Company’s initial Business Combination.
In addition, Maxim Group LLC has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion
of the Company’s initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account
with respect to such shares if the Company fails to complete its initial Business Combination within 12 months (or up to 21 months if
the Company extends the period of time to consummate a Business Combination) from the effective date of its registration statement. The
shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the
commencement of sales of the offering pursuant to Rule 5110(e)(1) of FINRA’s Rules. The lock-up period has expired.

NOTE
7 — COMMITMENTS & CONTINGENCIES

Risks
and Uncertainties

As
a result of the military