Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 20

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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Item 1. Financial Statements.

FGI INDUSTRIES LTD.

INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024 (Audited)6Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2025 and 20247Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2025 and 20248Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 20249Notes to Unaudited Condensed Consolidated Financial Statements10-31

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Table of Contents

FGI INDUSTRIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

As ofMarch 31, 2025As ofDecember 31, 2024USD USD(Unaudited)ASSETSCURRENT ASSETS  Cash$1,226,365 $4,558,160 Accounts receivable, net18,932,030 20,293,555 Inventories, net12,550,585 13,957,867 Prepayments and other current assets2,385,062 2,091,407 Prepayments and other receivables – related parties11,436,719 11,996,973 Total current assets46,530,761 52,897,962 PROPERTY AND EQUIPMENT, NET3,836,282 3,634,340 OTHER ASSETS  Intangible assets1,877,415 1,849,951 Operating lease right-of-use assets, net11,378,346 12,823,747 Deferred tax assets, net3,424,283 2,665,585 Other noncurrent assets1,415,145 1,589,830 Total other assets18,095,189 18,929,113 Total assets$68,462,232 $75,461,415 LIABILITIES AND SHAREHOLDERS’ EQUITY  CURRENT LIABILITIES  Short-term loans$13,171,555 $14,502,367 Accounts payable16,928,446 19,349,529 Accounts payable – related parties260,278 894