Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 71

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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838 243,959 420,013 Total share-based compensation expenses$114,052 $208,506 $314,981 $536,597 As of September 30, 2025, there was $1,148,381 in total unrecognized employee share-based compensation expense related to unvested options and RSUs, which may be adjusted for actual forfeitures occurring in the future. Total unrecognized compensation cost may be recognized over a weighted-average period of 2.80 years.

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Note 11 — Income taxes

The source of pre-tax income and the components of income tax expense are as follows:For the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,2025202420252024USDUSDUSDUSDIncome componentsUnited States$(237,190)$(1,614,080)$(3,669,132)$(3,455,011)Outside United States168,723 1,183,369 466,537 2,186,900 Total pre-tax loss$(68,467)$(430,711)$(3,202,595)$(1,268,111)Provision for (benefit of) income taxes    Current    Federal$— $(12,757)$— $(12,219)State(6,388)29,128 5,244 37,553 Foreign242,614 502,214 279,489 831,959 236,226 518,585 284,733 857,293 Deferred    Federal1,271,304 (154,816)484,868 (572,163)State379,362 (96,232)163,185 (149,646)Foreign(7,293)— (7,293)(144,073)1,643,373 (251,048)640,760 (865,882)Total benefit of income taxes$1,879,599 $267,537 $925,493 $(8,589)Reconciliations between taxes at the U.S. federal income tax rate and taxes at the Company’s effective income tax rate on earnings before income taxes are as follows:For the Nine Months EndedSeptember 30,20252024%%Federal statutory rate 21.0 21.0 Increase (decrease) in tax rate resulting from:State and local income taxes, net of federal benefit 6.4 6