Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 2

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 2
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Accounts payable – related parties894,661 735,308 Income tax payable23,189 189,119 Operating lease liabilities – current1,867,956 1,595,998 Accrued expenses and other current liabilities5,905,124 4,039,499 Total current liabilities42,542,826 28,043,706 OTHER LIABILITIESOperating lease liabilities – noncurrent11,352,939 13,674,452 Total liabilities53,895,765 41,718,158 COMMITMENTS AND CONTINGENCIES  SHAREHOLDERS’ EQUITY  Preference Shares ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2023)— — Ordinary shares ($0.0001 par value, 200,000,000 shares authorized, 9,563,914 and 9,547,607 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively) 956 955 Additional paid-in capital21,279,047 20,877,832 Retained earnings3,212,435 4,413,524 Accumulated other comprehensive loss(2,239,560)(1,111,499)FGI Industries Ltd. shareholders’ equity22,252,878 24,180,812 Non-controlling interests(687,228)(154,040)Total shareholders’ equity21,565,650 24,026,772 Total liabilities and shareholders’ equity$75,461,415 $65,744,930 

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

46

FGI INDUSTRIES LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

For the Years EndedDecember 31,20242023USDUSDRevenue$131,818,073 $117,241,604 Cost of revenue96,390,733 85,164,322 Gross profit35,427,340 32,077,282 Operating expensesSelling and distribution25,627,634 19,971,912 General and administrative10,199,914 8,424,083 Research and development1,699,383 1,376,844 Total operating expenses37