Company: FSTWF
Filing Date: 2025-07-08
Form Type: F-1/A
Source: 0001213900-25-061884
Chunk: 181

Company: FST Corp.
Filing Date: 2025-07-08
Form: F-1/A
Chunk 181
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 |     |      |  1,865,032 |
| Japan                        |     |                     |  1,729,559 |     |      |  1,746,123 |
| Europe                       |     |                     |  1,159,928 |     |      |    824,563 |
| Others                       |     |                     |  1,015,562 |     |      |    951,941 |
| Total                        |     | $                   | 36,499,644 |     | $    | 28,730,549 |

F-16 FST Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for share and per share data, or otherwise noted) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Contract balances If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Accounts receivable represent revenue recognized for the amounts invoiced when the Group has satisfied its performance obligation and has unconditional right to the payment. The contract liabilities consist of deferred revenue, which represents the billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Group’s revenue recognition criteria are met. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. The Group’s deferred revenue, which was included in accrued expenses and other current liabilities in the consolidated balance sheets, was $ 166,582, $ 35,080and $ 98,708as of December 31, 2024, 2023 and 2022, respectively. The Group recognized revenue of $ 21,313and $ 63,686that was included in contractual liabilities as of January 1, 2024 and 2023, respectively. Other than accounts receivable and deferred revenue, which was included in accrued expenses and other current liabilities in the consolidated balance sheets, the Group had no other material contract assets or contract liabilities recorded on its consolidated balance sheets as of December 31, 2024 and 2023.