Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 163

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 163
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 As part of our audits, we are required to obtain
an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of
the Group’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the 2023 consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
2023 consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the 2023 consolidated financial statements. We believe that our audits
provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Group’s auditor from
2023 through 2024.

Singapore,

April 01, 2024, except for Note 2(aa) and the restatements in Notes
5 and 12 as to which the date is May 15, 2025

F-3

FST Corp.

(In U. S. dollars, except for share and per
share data, or otherwise noted)

                                                                                                                                                                                                            As of December 31,                                                       
                                                                                                                                                                                                                          2024                       2023                            
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                                                                                                                                                                     (As Restated)                   
  ASSETS                                                                                                                                                                                                                                                                             
  Current assets                                                                                                                                                                                                                                                                     
  Cash and cash equivalents                                                                                                                                                                                                           5,098,420                           8,904,618  
  Restricted cash                                                                                                                                                                                                                       203,779                             401,110  
  Accounts and notes receivable, net                                                                                                                                                                                                  5,294,088                           4,731,658  
  Short-term investment                                                                                                                                                                                                                  60,994                                   -  
  Inventories, net                                                                                                                                                                                                                   14,530,841                          15,205,624  
  Amounts due from related parties                                                                                                                                                                                                       61,370                              14,132  
  Current tax asset                                                                                                                                                                                                                      98,471                              95,993  
  Prepaid expenses and other current assets                                                                                                                                                                                           1,307,040                           1,128,798  
  Total current assets                                                                                                                                                                                                               26,655,003                          30,481,