Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 70

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 70
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 six months ended June 30, 2024; and partially offset by increase in accounts and notes receivable and decrease in accrued expenses and other current liabilities in the six months ended June 30, 2024. Cash Flows Used in Investing Activities Cash used in investing activities primarily relate to purchase of property, plant, and equipment. Net cash used in investing activities was $1,443,282 and $669,761 for the six months ended June 30, 2024 and 2023, respectively. The increase was primarily due to increased investment in new property, plant and equipment. Cash Flows from Financing Activities Net cash used in financing activities was $49,089 for the six months ended June 30, 2024, which primarily consists of the proceeds of $19,462,348 from bank borrowings, offset by the repayment of $18,442,533 of bank borrowings and payment of offering costs of $1,068,904. Net cash used in financing activities was $6,798 for the six months ended June 30, 2023, which primarily consists of the proceeds of $15,412,533 from bank borrowings, offset by the repayment of $12,704,034 of bank borrowings and dividend distribution of $2,715,297. Cash flow for the Year Ended December 31, 2023 and 2022 Cash Flows (Used in) Provided by Operating Activities Cash flows generated from operating activities are typically re -investedto support the growth of the Group’s business. The Group’s operating cash inflows include cash from sales of its products. These cash inflows are offset by the Group’s payments to suppliers for production materials and parts used in the Group’s manufacturing process, operating expenses, and interest payments on the Group’s financings. During the year ended December 31, 2022, net cash provided by operating activities was $12,721,148. During the year ended December 31, 2023, net cash used in operating activities was $11,205,424. The decrease was mainly attributable to i) decrease in net income in the year ended December 31, 2023; ii) increase in inventories in the year ended December 31, 2023; iii) decrease in income taxes payable in the year ended December 31, 2023; iv) decrease in accrued expenses and other current liabilities in the year ended December 31, 2023; and partially offset by decrease in Accounts and