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Consolidated Balance Sheets
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Current assets    
Cash and cash equivalents $ 5,098,420 $ 8,904,618
Restricted cash 203,779 401,110
Accounts and notes receivable, net 5,294,088 4,731,658
Short-term investment 60,994
Inventories, net 14,530,841 15,205,624
Current tax asset 98,471 95,993
Prepaid expenses and other current assets 1,307,040 1,128,798
Total current assets 26,655,003 30,481,933
Non-current assets    
Property, plant and equipment, net 19,521,672 18,195,534
Intangible assets, net 5,138,437 5,331,343
Long-term investments 344,876 195,555
Right-of-use assets 5,421,236 6,938,482
Deferred tax assets 492,221 1,149,249
Prepayment and other non-current assets 1,007,586 1,084,924
Total non-current assets 31,926,028 32,895,087
Total assets 58,581,031 63,377,020
Current liabilities    
Short-term bank loans 15,265,739 14,236,270
Accounts payable 1,500,927 1,216,287
Lease liabilities 2,060,022 2,172,368
Current tax liability 126,332 301,595
Accrued expenses and other current liabilities 3,040,716 3,161,258
Total current liabilities 22,113,495 21,363,245
Non-current liabilities    
Long-term bank loan 9,446,467 8,597,848
Lease liabilities 3,911,466 5,255,281
Deferred tax liability 111,329 663,411
Defined benefit plan liability, net 4,822
Total non-current liabilities 13,469,262 14,521,362
Total liabilities 35,582,757 35,884,607
COMMITMENTS AND CONTINGENCIES (Note 16)
SHAREHOLDERS’ EQUITY    
Ordinary share (par value of US$0.0001 per share; 500,000,000 shares authorized; 37,749,381 issued and outstanding as of December 31, 2024; par value of US$0.33 per share; 100,000,000 shares authorized, 54,554,395 shares issued and outstanding as of December 31, 2023) 3,775 17,951,198
Additional paid in capital 22,246,969 4,443,095
Retained earnings 3,054,350 6,310,293
Accumulated other comprehensive loss (2,471,137) (1,212,173)
Total FST Corp. shareholders’ equity 22,833,957 27,492,413
Non-controlling interest 164,317
Total equity 22,998,274 27,492,413
Total liabilities and shareholders’ equity 58,581,031 63,377,020
Related Party    
Current assets    
Amounts due from related parties 61,370 14,132
Current liabilities    
Amounts due to related parties $ 119,759 $ 275,467