Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 197

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 197
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 12  

The following table sets forth a summary of single
suppliers who represented 10% or more of the Group’s total purchase:

                                                For the years ended                  
                                                       December 31,                  
                                                               2024                  
  Percentage of the Group’s total purchase                                           
 ─────────────────────────────────────────────────────────────────────────────────────
  Supplier A                                                             33      21  
  Supplier B                                                             12      20  
  Supplier C                                                              *      15  
  Total                                                                  45      56  

  Represent percentage less than 10%  
 ──────────────────────────────────────

The following table sets forth a summary of single
suppliers who represented 10% or more of the Group’s total accounts payable:

                                                  As of December 31,                            
                                                                2024              2023          
  Percentage of the Group’s accounts payable                                                    
 ────────────────────────────────────────────────────────────────────────────────────────────────
  Supplier A                                                              45                31  
  Total                                                                   45                31  

F-31

FST Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

16. COMMITMENTS
AND CONTINGENCIES

Contingencies

The Group’s significant unrecognized contractual
commitments are as follows:

                                                    December 31,                   December 31,                 
                                                    2024                           2023                         
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Acquisition of property, plant and equipment      $                  48,842      $                 1,319,465  
  Access to software license services                                 428,229                          349,755  
  Other services                                                       21,775                                -  
  Total                                             $                 498,846      $                 1,669,220  

In the ordinary course of business, the Group
may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records
contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable.
In the opinion of management, there were no material pending or threatened claims and litigation as of the issuance date of these consolidated
financial statements.

17. SUBSEQUENT EVENTS

Closing of the Business Combination

On January 15, 2025 (the “ Closing Date”),
the