Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 148

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 148
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oremost Worldwide Co., Ltd.An entity under common controlSales$735,560$—$735,560$—

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Purchases from related partiesName of Related PartyRelationshipNature ofTransactionsFor the Three Months EndedMarch 31,20252024USDUSDFocal Capital Holding LimitedAn entity under common controlPurchases$1,502,734$1,577,222Foremost Worldwide Co., Ltd.An entity under common controlPurchases1,344,1101,552,940Rizhao Foremost Woodwork Manufacturing Co., Ltd.An entity under common controlPurchases149,62217,023$2,996,466$3,147,185The ending balances of such transactions as of March 31, 2025 and December 31, 2024 are listed of the following:Prepayments — related partiesName of Related PartyAs ofMarch 31,2025As ofDecember 31,2024USDUSDFocal Capital Holding Limited$8,476,013 $9,975,298 Foremost Worldwide Co., Ltd.278,734 — $8,754,747 $9,975,298 Accounts Payables — related partiesName of Related PartyAs ofMarch 31,2025As ofDecember 31,2024USDUSDForemost Worldwide Co., Ltd.$—$718,605Rizhao Foremost Woodwork Manufacturing Co., Ltd.$140,611$56,389F.P.Z. Furniture (Cambodia) Co., Ltd.$119,667$119,667$260,278$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 $170,963 and $175,912 for the three months ended March 31, 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 $60,696 and $73,914 for the three months ended March 31, 2025 and 2024, respectively.

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Other Receivables (Payables) — related partiesName of Related PartyRelationshipNature ofTransactionsAs ofMarch 31,2025As ofDecember 31,2024USDUSDForemost Home Inc. (“FHI”)