Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 202

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 202
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 respectively. As of June 30, 2024 and December 31, 2023, the JPY denominated cash and cash equivalents amounted to $95,226 and $105,373, respectively. (b)Liquidity risks The Group is exposed to liquidity risks, which is the risk it will be unable to provide sufficient capital resources and liquidity to meet its commitments and business needs. The Group is also exposed to liquidity risk on the repayment of matured bank borrowings. As of June 30, 2024 and December 31, 2023, short -termbank loans amounted to $13,869,220 and $14,236,270, respectively. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Group may turn to bank and other financial institutions to take loans to meet liquidity shortages. (c)Interest rate risk The Group is subject to interest rate risk. Bank interest bearing loans are charged at variable interest rates within the reporting period. The Group is subject to the risk of adverse changes in the interest rates charged by the banks when these loans are refinanced. (d)Credit risks Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable. The Group conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Group evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Group conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. The following table sets forth a summary of single customers who represented 10% or more of the Group’s total revenue.

|                                         |     | For the six months ended 
                 June 30, |   |     |            |
|                                         |     |                     2024 |   |     |       2023 |
|                                         |     |               -Unaudited |   |     | -Unaudited |
| Percentage of the Group’s total revenue |     |                          |   |     |            |
| Customer A                              |     |                       11 | % |     |          * |
| Total                                   |     |                       11 | % |     |          * |

____________ *Represent percentage less than 10%

F-42

FEMCO STEEL TECHNOLOGY CO., LTD.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except