Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 189

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 189
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

11. BORROWINGS (cont.)

  (2)      The loan is secured by restricted cash of $ 401,110 for the year  

  (3)      The loan is secured by restricted cash of $ 203,779 for the year ended December 31 2024.  

  (4)      The loan is collateralized by land and buildings of the Company  
           for the years ended December 31, 2024 and 2023.                  
 ────────────────────────────────────────────────────────────────────────────

  (5)      All the loans above were guaranteed by David Chuang, the director  

Interest expenses were $507,198and $295,631for
the years ended December 31, 2024 and 2023, respectively. The weighted average interest rates for the years ended December 31,
2024 and 2023 were2.18% and1.91%, respectively.

As of December 31, 2024, the Group had unused
credit facilities of approximately $8,238,823.

Aggregate borrowings maturities for the next five
fiscal years and thereafter are as follows：

  For the years ended December 31,                  
                              2025      15,265,739  
 ────────────────────────────────────────────────────
                              2026         914,913  
                              2027               -  
                              2028               -  
                              2029       1,890,033  
                        Thereafter       6,641,521  
                             Total      24,712,206  

F-25

FST Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

12. INCOME TAXES

Income (loss) before income tax expense by geographic
locations is as follows:

                             For the years ended                                                       
                             December 31,                                                              
                             2024                                      2023                            
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                       (As Restated)                   
  Taiwan operations          $                            261,503      $                      391,534  
  Non-Taiwan operations                               ( 3,040,432                         ( 3,310,216