Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 195

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 195
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. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statement. In December 2023, the FASB issued ASU No. 2023 -09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. For public business entities, this standard is effective for annual periods beginning after December 15, 2024. For non -publicbusiness entities, this standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company is in the process of evaluating the potential impact of the new guidance on its consolidated financial statements and related disclosures.

F-34

FEMCO STEEL TECHNOLOGY CO., LTD.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for share and per share data, or otherwise noted) 3.ACCOUNTS AND NOTES RECEIVABLE, NET Accounts receivable and notes receivable, net consisted of the following:

|                                    |     |            |     As of 
  June 30, 
      2024 |   |     |   |        As of 
 December 31, 
         2023 |   |
|:-----------------------------------|:----|:-----------|----------:|:--|:----|:--|-------------:|:--|
|                                    |     | -Unaudited |           |   |     |   |              |   |
| Accounts receivable, gross         |     | $          | 4,231,474 |   |     | $ |    4,955,083 |   |
| Notes receivable                   |     |            |     3,261 |   |     |   |       22,463 |   |
| Allowance for doubtful accounts    |     |            |  (243,166 | ) |     |   |     (245,888 | ) |
| Accounts and notes receivable, net |     | $          | 3,991,569 |   |     | $ |    4,731,658