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Goldenstone Acquisition Limited (GDST0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $58,624, compared to $52,927 in the same quarter the previous year. The income was primarily driven by interest income from the trust account.
Operating costs for the quarter were $113,854, with additional franchise tax expenses of $13,832. Income taxes provision amounted to $45,848.
As of September 30, 2024, Goldenstone reported total assets of $18,397,505, a decrease from $55,829,899 as of March 31, 2024. The decrease is mainly due to redemptions of common stock.
Cash used in operating activities for the six months ended September 30, 2024, was $1,067,424. Cash provided by investing activities was $38,375,986, primarily from the withdrawal of investments held in the trust account.
Cash used in financing activities was $37,334,345, mainly due to the redemption of common stock.
The company has extended the deadline to complete its initial business combination to June 21, 2025, with provisions for monthly extensions.
Goldenstone is pursuing a business combination with Infintium Fuel Cell Systems, Inc. A business combination agreement was signed on June 26, 2024.
The company has a working capital deficit of $3,798,362 as of September 30, 2024. Management plans to address liquidity issues through working capital loans.
The filing outlines risks and uncertainties, including potential impacts from geopolitical events and regulatory changes affecting the business combination process.
Goldenstone continues to explore opportunities for its initial business combination and has outlined plans for potential extensions to meet regulatory and operational requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Goldenstone Acquisition Limited quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.