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Goldenstone Acquisition Limited (GDST) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net income of $18,240, compared to $562,676 in the same quarter the previous year. The income was primarily from interest earned on investments held in the Trust Account.
Operating costs for the quarter were $136,809, with additional franchise tax expenses of $15,353. The company also reported an income tax provision of $41,216.
The company had $8,434 in cash as of December 31, 2024, with a working deficit of $4,036,215. Cash used in operating activities was $1,275,758 for the nine months ended December 31, 2024.
Goldenstone is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The company has entered into a Business Combination Agreement with Infintium Fuel Cell Systems, Inc., with plans to merge Infintium as a wholly-owned subsidiary.
The company has extended the deadline to complete its initial business combination multiple times, with the current deadline set for June 21, 2025.
As of December 31, 2024, the company had $18,473,627 in investments held in the Trust Account, primarily in U.S. Treasury securities.
The company has identified substantial doubt about its ability to continue as a going concern due to its working capital deficit and the need to complete a business combination by the deadline.
Goldenstone has outlined its intention to redeem public shares if it does not complete a business combination by the specified deadline, with funds held in the Trust Account to be used for this purpose.
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 February 14, 2025. To report an error, please email earnings@qz.com.