Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 74

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 74
---
,975,298 Accounts Payables — related partiesName of Related PartyAs ofSeptember 30,2025As ofDecember 31,2024USDUSDForemost Worldwide Co., Ltd.$—$718,605Rizhao Foremost Woodwork Manufacturing Co., Ltd.23,71156,389F.P.Z. Furniture (Cambodia) Co., Ltd.—119,667$23,711$894,661 Shared Service and Miscellaneous expenses – related partyFGI Industries is party to the FHI Shared Services Agreement with FHI. Total amounts provided to FHI under the FHI Share Services Agreement were $167,381 and $189,081 for the three months ended September 30, 2025 and 2024, respectively, and $510,917 and $552,043 for the nine months ended September 30, 2025 and 2024, respectively, which were booked under selling and distribution expenses and administration expenses. FGI is party to the Worldwide Shared Services Agreement with Foremost Worldwide. Total amounts provided from Foremost Worldwide under the Worldwide Shared Services Agreement were $76,690 and $82,908 for the three months ended September 30, 2025 and 2024, respectively, and $210,261 and $217,504 for the nine months ended September 30, 2025 and 2024, respectively.

27

Other Receivables (Payables) — related partiesName of Related PartyRelationshipNature ofTransactionsAs ofSeptember 30,2025As ofDecember 31,2024USDUSDForemost Home Inc. (“FHI”)An entity under common controlShared services and Miscellaneous expenses3,521,891 2,654,286 Foremost Worldwide Co., Ltd.An entity under common controlShared services and Miscellaneous expenses(314,014)(340,901)Focal Capital Holding LimitedAn entity under common controlMiscellaneous expenses15,257 — F.P.Z. Furniture (Cambodia) Co., Ltd.An entity under common controlMiscellaneous expenses(486,152)(291,710)$2,736,982 $2,021,675 Loan guarantee by a related partyLiang Chou Chen holds approximately 49.91% of the voting control of Foremost, the Company’s majority shareholder and is a guarantor of the loans under the Credit Agreement and under the CTBC Credit Line. See Note 8 for details.

Note 13 — Concentrations of risks

Credit riskFinancial instruments that