Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 210

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 210
---
 provisions of ASC 740 -10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more -likely - than-notthreshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended December 31, 2023. The Group will recognize interest and penalties, if any, related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties will be included on the related tax liability line in the consolidated balance sheet. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. (g)Recent accounting pronouncements In December 2023, the FASB issued ASU 2023 -09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023 -09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements ASU 2023 -09is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group’s management does not believe the adoption of ASU 2023 -09will have a material impact on its financial statements and disclosures. The Group’s management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. F-51 FST Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for share and per share data, or otherwise noted) 4. Related party transactions For the period from November24, 2023 (inception) through December31, 2023, the Company’s related party, FST, made payment on behalf of the Group. The payments were non -interestbearing and had no due date, which was offering costs of US$15,300 and formation costs of US$20,768. The balance of amount due to a related party was $36,068 as of June30, 2024. 5.