Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 526

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 3
Chunk 526
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 and payable upon the consummation of our initial Business Combination. If we complete
our initial Business Combination, we would either repay such loaned amounts out of the proceeds of the Trust Account released to us,
or up to $1,725,000 of such loans may be convertible into private units at a price of $10.00 per unit at the option of the lender.

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

In
connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting
Standards Codification Subtopic 205-40, Presentation of Financial Statements - Going Concern,” management has determined that these
conditions raise substantial doubt about our ability to continue as a going concern. The management’s plan in addressing this uncertainty
is through the Working Capital Loans. In addition, if we are unable to complete a Business Combination within the Combination Period
by June 21, 2025, if not further extended, our board of directors would proceed to commence a voluntary liquidation and thereby a formal
dissolution of us. There is no assurance that our plans to consummate a Business Combination will be successful within the Combination
Period. As a result, management has determined that such conditions raise substantial doubt about our ability to continue as a going
concern. The consolidated financial statements does not include any adjustments that might result from the outcome of this uncertainty. 

Critical
Accounting Estimates

Use
of Estimates

The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The Company
does not have any critical accounting estimates.

22

Recent
Accounting Pronouncements

In
November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280)” (“ASU 2023-07” or
“Topic 280). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information
on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic
280 requires a public entity