Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 63

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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Us not listed above were assessed and determined not to be applicable.

Note 3 — Accounts receivable, net

Accounts receivable, net consisted of the following:As ofSeptember 30, 2025As ofDecember 31, 2024USD USDAccounts receivable$19,658,445 $21,487,303 Allowance for credit losses(214,510)(191,821)Accrued defective return and discount(1,309,081)(1,001,927)Accounts receivable, net$18,134,854 $20,293,555 Movements of allowance for credit losses are as follows:For the Nine Months EndedSeptember 30,For the Year EndedDecember 31, 20252024USD USDBeginning balance$191,821 $244,879 Provision120,576 137,592 Write-off(97,887)(190,650)Ending balance$214,510 $191,821 Movements of accrued defective return and discount accounts are as follows:For the Nine Months EndedSeptember 30,For the Year EndedDecember 31, 20252024USD USDBeginning balance$1,001,927 $744,284 Provision (recovery)307,154 257,643 Ending balance$1,309,081 $1,001,927 

Note 4 — Inventories, net

Inventories, net consisted of finished goods as of September 30, 2025 and December 31, 2024.

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Note 5 — Prepayments and other assets

Prepayments and other assets consisted of the following:As ofSeptember 30, 2025As ofDecember 31, 2024USDUSDPrepayments$1,768,297 $1,806,555 Others839,667 284,852 Total prepayments and other assets$2,607,964 $2,091,407 

Note 6 — Property and equipment, net

Property and equipment, net consist of the following:As ofSeptember 30, 2025As ofDecember 31, 2024USDUSDBuilding$946,066 $946,066 Leasehold Improvements2,353,001 1,919,687 Machinery and equipment3,950,141 3,549,167 Furniture and fixtures277,268 274,