Goldenstone Acquisition (US:GDST)2025-08-20 00:15IPO and Trust Account - The company completed its IPO on March 21, 2022, raising $57.5 million by selling 5,750,000 units at $10.00 per unit, including the underwriters' over-allotment [132]. - A total of $58,362,500 was deposited in a Trust Account for the benefit of public stockholders, amounting to $10.15 per share from the IPO and private placement [134]. - The company has extended the deadline for completing its initial business combination to June 21, 2025, with a total of $1,725,000 deposited into the Trust Account for extensions [142]. - On June 18, 2024, approximately $38.0 million was removed from the Trust Account to pay redeeming shareholders, with 3,395,590 shares tendered for redemption [147]. - As of June 30, 2025, the company had 442,996 shares of public common stock outstanding and approximately $5.1 million remaining in the Trust Account after redemptions [149]. Business Combination Efforts - The company entered into a nonbinding LOI for a potential business combination with Infintium Fuel Cell Systems, Inc., with a non-refundable earnest money deposit of $200,000 [140]. - The company has filed its initial Form S-4 Registrant Statement on January 30, 2025, for the business combination with Infintium, but there is no assurance of completion [141]. - The company has removed the net tangible asset requirement of at least $5,000,001 for consummating a business combination as part of the amendments approved on September 21, 2023 [145]. - The company has made a total of twelve deposits of $50,000 into the Trust Account to extend the business combination deadline by twelve months [147]. - The company cannot assure that its plans to complete the initial business combination will be successful [136]. - The company has until August 21, 2025, to complete a Business Combination, with the possibility of extending this period up to 21 months [161]. Financial Performance - For the three months ended June 30, 2025, the company incurred a net loss of $235,827, with operating costs of $379,823 and interest income of $194,873 [151]. - As of June 30, 2025, the company had $4,224 in cash and a working capital deficit of $4,937,384, compared to $14,692 in cash at March 31, 2025 [153]. - Cash used in operating activities for the three months ended June 30, 2025, was $185,468, primarily due to a net loss of $235,827 [154]. - Cash provided by financing activities for the three months ended June 30, 2025, was $325,000, mainly from working capital and extension loans from the Sponsor [158]. - The company had $3,301,966 in borrowings under working capital and extension loans as of June 30, 2025 [162]. - For the three months ended June 30, 2024, the company generated a net income of $22,595, with interest income of $693,260 [152]. - Cash provided by investing activities for the three months ended June 30, 2024, was $38,447,855, primarily from the withdrawal of investments for stockholder redemptions [157]. Going Concern and Accounting - The company plans to address going concern uncertainties through Working Capital Loans, with substantial doubt raised about its ability to continue as a going concern [163]. - The company does not anticipate any material effect from recently issued accounting pronouncements on its financial statements [167].