Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 4

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 4
---
Share-based compensation—— 47,6075 417,973 — — 417,978 — 417,978 Net income (loss)—— —— — 733,604 — 733,604 (154,040)579,564 Foreign currency translation adjustments—— —— — — 284,820 284,820 — 284,820 Balance at December 31, 2023—$— 9,547,607$955 $20,877,832 $4,413,524 $(1,111,499)$24,180,812 $(154,040)$24,026,772 Share-based compensation—— 16,3071 401,215 — — 401,216 — 401,216 Net loss—— —— — (1,201,089)— (1,201,089)(533,188)(1,734,277)Foreign currency translation adjustments—— —— — — (1,128,061)(1,128,061)— (1,128,061)Balance at December 31, 2024—$— 9,563,914$956 $21,279,047 $3,212,435 $(2,239,560)$22,252,878 $(687,228)$21,565,650 _________________________________________________

The accompanying notes are an integral part of these consolidated financial statements.

48

FGI INDUSTRIES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years EndedDecember 31,20242023USDUSDCASH FLOWS FROM OPERATING ACTIVITIESNet (loss) income$(1,734,277)$579,564 Adjustments to reconcile net (loss) income to net cash used in operating activities Depreciation474,828 200,764 Amortization2,701,615 1,816,738 Share-based compensation401,216 417,978 Provision for credit losses137,592 78,640 Provision for defective return257,643 (851,554)Foreign exchange transaction (gain) loss(659,544)185,317 Deferred income tax (benefit) expense(1,496,752)96,707 Changes in operating assets and liabilities Accounts receivable(4,928,997)(1,126,770)Inventories