Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 83

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 83
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 the excise tax, repurchasing corporations
are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the
same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”)
has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.
Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and
repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the
nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not
in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations
and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder,
the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available
on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

 At this time, it has been determined that the
IR Act tax provisions have an impact to the Company’s three and nine months ended December 31, 2024 and for the year ended March
31, 2024 excise tax expense as there were redemptions by the public stockholders in June 2024 and October 2023; as a result, the Company
recorded $462,021 and $81,578 excise tax liability as of December 31, 2024 and March 31, 2024, respectively, with corresponding charge
to accumulated deficit. The Company will continue to monitor for updates to the Company’s business along with guidance issued with
respect to the IR Act to determine whether any adjustments are needed to the Company’s charge to accumulated deficit in future periods.
The excise tax return for the year ended