Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 21

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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,661 Income tax payable40,975 23,189 Operating lease liabilities – current1,513,911 1,867,956 Accrued expenses and other current liabilities5,299,634 5,905,124 Total current liabilities37,214,799 42,542,826 OTHER LIABILITIES  Operating lease liabilities – noncurrent10,334,602 11,352,939 Total liabilities47,549,401 53,895,765 COMMITMENTS AND CONTINGENCIES  SHAREHOLDERS’ EQUITY  Preference Shares ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024)— — Ordinary shares ($0.0001 par value, 200,000,000 shares authorized, 9,589,503 and 9,563,914 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)959 956 Additional paid-in capital21,355,350 21,279,047 Retained earnings2,583,343 3,212,435 Accumulated other comprehensive loss(2,153,128)(2,239,560)FGI Industries Ltd. shareholders’ equity21,786,524 22,252,878 Non-controlling interests(873,693)(687,228)Total shareholders’ equity20,912,831 21,565,650 Total liabilities and shareholders’ equity$68,462,232 $75,461,415 

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

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Table of Contents

FGI INDUSTRIES LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Three Months EndedMarch 31,20252024USDUSDRevenue$33,212,548 $30,753,519 Cost of revenue24,312,290 22,340,036 Gross profit8,900,258 8,413,483 Operating expenses  Selling and distribution7,163,178 6,130,886 General and administrative2,701,213 2,282,858 Research and development316,726 320,673 Total operating expenses