Company: FGI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001628280-25-015656
Chunk: 7

Company: FGI Industries Ltd.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 7
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 engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2020.

Melville, NY

March 31, 2025

45

FGI INDUSTRIES LTD.

CONSOLIDATED BALANCE SHEETS

As ofDecember 31, 2024As ofDecember 31, 2023USDUSDASSETSCURRENT ASSETSCash$4,558,160 $7,777,241 Accounts receivable, net20,293,555 16,195,543 Inventories, net13,957,867 9,923,852 Prepayments and other current assets2,091,407 4,617,751 Prepayments and other receivables – related parties11,996,973 7,600,283 Total current assets52,897,962 46,114,670 PROPERTY AND EQUIPMENT, NET3,634,340 1,910,491 OTHER ASSETSIntangible assets1,849,951 102,227 Operating lease right-of-use assets, net12,823,747 15,203,576 Deferred tax assets, net2,665,585 1,168,833 Other noncurrent assets1,589,830 1,245,133 Total other assets18,929,113 17,719,769 Total assets$75,461,415 $65,744,930 LIABILITIES AND SHAREHOLDERS’ EQUITY  CURRENT LIABILITIESShort-term loans$14,502,367 $6,959,175 Accounts payable19,349,529 14,524,607