Company: FGI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052375
Chunk: 50

Company: FGI Industries Ltd.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 50
---
)(1,443,510)Accrued expenses and other current liabilities(123,781)1,094,693 Net cash used in operating activities(1,670,736)(8,042,745)CASH FLOWS FROM INVESTING ACTIVITIES  Purchase of property and equipment(818,650)(1,374,500)Purchase of intangible assets(75,196)(669,764)Net cash used in investing activities(893,846)(2,044,264)CASH FLOWS FROM FINANCING ACTIVITIES  Net proceeds from (repayments of) revolving credit facility(426,021)5,526,322 Net cash (used in) provided by financing activities(426,021)5,526,322 EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH308,125 (171,892)NET CHANGES IN CASH(2,682,478)(4,732,579)CASH, BEGINNING OF PERIOD4,558,160 7,777,241 CASH, END OF PERIOD$1,875,682 $3,044,662 SUPPLEMENTAL CASH FLOW INFORMATION  Cash paid during the period for interest$(989,844)$(881,759)Cash paid during the period for income taxes$(513,974)$(961,890)NON-CASH INVESTING AND FINANCING ACTIVITIES  Lease liability arising from obtaining a right-of-use asset$1,150,282 $(16,807)Derecognition of right-of-use asset and lease liability upon early termination$(1,251,111)$— Acquisition of intangible asset partially through prior period advanced payment$— $(1,241,664)_________________________________________________

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

10

FGI INDUSTRIES LTD.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Nature of business and organization

FGI Industries Ltd. (“FGI” or the “Company”) is a holding company organized on May 26, 2021, under the laws of the Cayman Islands. The Company has no substantive operations other than holding all of the outstanding equity of its operating subsidiaries as described below. The Company is a supplier of global kitchen and bath products and currently focuses on the following categories: sanitaryware