Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 177

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 177
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,865,032 |     |      |  3,701,751 |
| Japan                        |     |                     |  1,746,123 |     |      |  2,394,098 |
| Mexico                       |     |                     |  1,130,696 |     |      |  6,967,180 |
| Europe                       |     |                     |    824,563 |     |      |  4,133,723 |
| Others                       |     |                     |    951,941 |     |      |  2,361,534 |
| Total                        |     | $                   | 28,730,549 |     | $    | 49,779,465 |

Contract balances When the Group begins to deliver the products or services pursuant to the performance obligations in the contract, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the Group’s performance and the customer’s payment.

F-13 FEMCO STEEL TECHNOLOGY CO., LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except for share and per share data, or otherwise noted) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Accounts receivable represent revenue recognized for the amounts invoiced when the Group has satisfied its performance obligation and has unconditional right to the payment. The contract liabilities consist of deferred revenue, which represents the billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Group’s revenue recognition criteria are met. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. The Group’s deferred revenue, which was included in accrued expenses and other current liabilities in the consolidated balance sheets, was $35,080 and $98,708 as of December 31, 2023 and 2022, respectively. Till the date of issuance of the consolidated financial statements, the Company recognized $6,705 revenue that was included in contractual liabilities as of December 31, 2023. Other than accounts receivable and deferred revenue, which was included in accrued expenses and other current liabilities in the consolidated balance sheets, the Group had no other material contract assets or recorded on its consolidated balance sheets as of December 31, 2023 and 2022. (r)Cost of sales Cost of sales mainly consists of costs of raw materials