Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 49

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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1,559,057)$(466,690)$23,346,031 Share-based compensation—— 208,506 — — — 208,506 Net loss—— — (550,137)— (148,111)(698,248)Foreign currency translation adjustments—— — — 47,269 — 47,269 Balance at September 30, 20241,912,783$956 $21,414,428 $3,614,763 $(1,511,788)$(614,801)$22,903,558 

(1) Giving retroactive effect to the Reverse Share Split of the Preference Shares and Ordinary Shares at a ratio of 1-for-5 that became effective July 31, 2025. See Note 9 “Shareholders' Equity” for details.

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

9

FGI INDUSTRIES LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months EndedSeptember 30,20252024USDUSDCASH FLOWS FROM OPERATING ACTIVITIESNet loss$(4,128,088)$(1,259,522)Adjustments to reconcile net loss to net cash used in operating activities Depreciation493,977 324,683 Amortization1,662,110 1,818,366 Share-based compensation314,981 536,597 Provision for credit losses120,576 79,762 Provision for defective return307,154 489,975 Foreign exchange transaction (gain) loss412,060 (225,317)Deferred income tax expense (benefit)640,760 (850,825)Changes in operating assets and liabilities Accounts receivable1,730,971 (3,792,409)Inventories1,621,965 (3,861,657)Prepayments and other current assets(303,419)785,879 Prepayments and other receivables – related parties(5,738,818)(5,960,704)Other noncurrent assets446,197 (627,654)Income taxes(236,328)(124,369)Accounts payable3,323,093 5,703,521 Accounts payable - related parties(870,950)(730,254)Operating lease liabilities(1,343,196