Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 186

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 186
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 restricted cash of $401,110 for the year ended December 31 2023. (4)The loan is guaranteed by land and buildings of the Company for the year ended December 31, 2023 and 2023. (5)All the loans were guaranteed by David Chuang, the director of the Group. Interest expenses were $295,631 and $155,402 for the years ended December 31, 2023 and 2022, respectively. The weighted average interest rates for the years ended December 31, 2023 and 2022 were 2.07% and 2.14%, respectively.

F-21

FEMCO STEEL TECHNOLOGY CO., LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for share and per share data, or otherwise noted) 12.TAXATION The income tax provision consisted of the following components:

|                                        |     | For the years ended 
 December 31,        
 2023                |          |   |     | 2022 |           |   |
|:---------------------------------------|:----|:--------------------|:---------|:--|:----|:-----|----------:|:--|
| Current income tax expenses            |     | $                   | (87,844  | ) |     | $    | 3,317,778 |   |
| Deferred income tax (benefit) expenses |     |                     | (35,307  | ) |     |      |  (223,019 | ) |
| Total income tax (benefits) expenses   |     | $                   | (123,151 | ) |     | $    | 3,094,759 |   |

A reconciliation between the Group’s actual provision for income taxes and the provision at the parent company’s statutory rate is as follows:

|                                                                          |     | For the years ended 
 December 31,        
 2023                |            |   |     | 2022 |            |   |
|:-------------------------------------------------------------------------|:----|:--------------------|-----------:|:--|:----|:-----|-----------:|:--|
| (Loss) Income before income taxes                                        |     | $                   | (2,359,110 | ) |     | $    | 12,470,436 |   |
| Income tax expenses computed at statutory EIT rate                       |     |                     |   (488,104 | ) |     |