Goldenstone Acquisition Limited, a shell company formed to pursue business combinations, reported its financial results for the period ending September 30, 2024. The company has not commenced any operations and continues to focus on completing a business combination, with a deadline extended to June 21, 2025.

As of September 30, 2024, Goldenstone's total assets amounted to $18.4 million, a significant decrease from $55.8 million as of March 31, 2024. This decline is primarily attributed to a reduction in cash and investments held in the Trust Account, which fell from $55.5 million to $18.2 million. The company reported cash of $5,040, down from $30,823 at the end of the previous fiscal period. Total current liabilities increased to $3.9 million from $3.0 million, contributing to an accumulated deficit of $(6.0 million), up from $(4.6 million).

For the three months ended September 30, 2024, Goldenstone reported net income of $58,624, compared to $52,927 for the same period in 2023. However, for the six months ended September 30, 2024, net income decreased to $81,219 from $342,114 in the prior year. The decline in profitability is linked to a drop in interest income, which fell to $232,158 from $529,824 year-over-year for the three-month period, and from $1.2 million to $925,418 for the six-month period.

The company experienced cash used in operating activities of $(1.1 million) for the six months ended September 30, 2024, compared to $(593,088) in the same period of 2023. Cash provided by investing activities was significantly positive at $38.4 million, primarily due to the withdrawal of funds from the Trust Account for stockholder redemptions, which totaled $38 million.

In terms of strategic developments, Goldenstone entered into a Business Combination Agreement with Infintium Fuel Cell Systems, Inc. on June 26, 2024, which will result in Infintium becoming a wholly-owned subsidiary. The company plans to change its name to "Infintium Fuel Cell Systems Holdings, Inc." following the merger. Additionally, the company has raised concerns regarding its ability to continue as a going concern, emphasizing the need for successful completion of a business combination by the extended deadline or potential voluntary liquidation.

As of September 30, 2024, Goldenstone had 3,442,121 shares of common stock issued and outstanding, with a working capital deficit of $3.8 million. The company continues to monitor its financial condition closely, particularly in light of the excise tax liabilities arising from stock redemptions.