Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 238

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 238
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, 2024 and 2023 a Monte Carlo simulation methodology
was used in estimating the fair value of the Private Placement Warrants. The key inputs for Monte Carlo simulation for the Private Placement
Warrants as of December 31, 2024 and 2023 were as follows:

  Input                        December 31,                 December 31,                  
                               2024                         2023                          
 ──────────────────────────────────────────────────────────────────────────────────────────
  Public Warrant Price         $                  0.04      $                       0.01  
  Risk-free interest rate                         4.22                              4.64  
  Expected term (years)                           0.65                              1.26  
  Expected volatility                             13.3                        de minimis  
  Stock price                  $                  9.63      $                      11.03  
  Exercise price               $                 11.50      $                      11.50  

F-53

NOTE 10 - SEGMENT INFORMATION

ASC Topic 280, “ Segment Reporting,”
establishes standards for companies to report in their financial statements information about operating segments, products, services,
geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial
information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how
to allocate resources and assess performance.

The Company’s chief operating decision maker
has been identified as theChief Executive Officer(“ CODM”), who reviews the operating results for the Company as a
whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the
Company only has one operating segment.

When evaluating the Company’s performance
and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

                                                                            For the Year Ended                                          
                                                                            December 31,                                                
                                                                            2024                                   2023                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Professional service fee in connection with the Business Combination      $                       1,616,046      $           724,652  
  Financing costs                                                                                   1,179,000                        —  
  Other operating expenses                                                                            933,110                1,418,967  
  Total operating expenses                                                  $                       3,728,156      $         2,143,619  
  Interest earned on cash held in Trust Account