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Related Party Transactions and Balances | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
Related Party Transactions and Balances | Note 12 — Related party transactions and balances Sales/ Purchase from a related party – consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Nature of |  | For the Year Ended December 31,
Name of Related Party | ​ | Relationship | ​ | transactions | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | USD | ​ | USD
Focal Capital Holding Limited | ​ | An entity under common control | ​ | Purchase | ​ | $ | 7,003,714 | ​ | $ | 9,850,083
Foremost Worldwide Co., Ltd |  | An entity under common control |  | Purchase | ​ | ​ | 2,308,468 | ​ | ​ | 5,812,457
F.P.Z. FURNITURE (CAMBODIA) CO., LTD | ​ | An entity under common control | ​ | Purchase | ​ | ​ | 575,061 | ​ | ​ | —
Foremost Australasia Pty Ltd | ​ | An entity under common control |  | Purchase | ​ | ​ | 409,777 | ​ | ​ | —
RIZHAO FOREMOST WOODWORK MANUFACTURING CO. LTD | ​ | An entity under common control |  | Purchase | ​ | ​ | 16,026 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | $ | 10,313,046 | ​ | $ | 15,662,540
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Nature of | ​ | For the Year Ended December 31,
Name of Related Party | ​ | Relationship | ​ | transactions | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | USD | ​ | USD
Foremost Worldwide Co., Ltd |  | An entity under common control |  | Sales | ​ | $ | — | ​ | $ | 593,578
​ | ​ | ​ | ​ | ​ | ​ | $ | — | ​ | $ | 593,578
​ The ending balance of such transactions as of December 31, 2023 and December 31, 2022, are listed of the following: Prepayments — related parties
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ |  | December 31, |  | December 31,
Name of Related Party | ​ | 2023 | ​ | 2022
​ | ​ | USD | ​ | USD
​ | ​ | ​ | ​ | ​
Focal Capital Holding Limited | ​ | $ | 6,658,498 | ​ | $ | 3,806,873
Rizhao Foremost Woodwork Manufacturing Co., Ltd. | ​ | ​ | 9,181 | ​ | ​ | —
​ | ​ | $ | 6,667,679 | ​ | $ | 3,806,873
​ Accounts Payables — related parties
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ |  | December 31, |  | December 31,
Name of Related Party | ​ | 2023 | ​ | 2022
​ | ​ | USD | ​ | USD
​ | ​ | ​ | ​ | ​
Foremost Worldwide Co., Ltd |  | $ | 735,308 | ​ | $ | 104,442
​ | ​ | $ | 735,308 | ​ | $ | 104,442
​ Shared Service and Miscellaneous expenses – related party FGI Industries, Inc. is party to the FHI Shared Services Agreement with FHI. Total amounts provided to FHI under the FHI Share Services Agreement for the years ended December 31, 2023 and 2022 were $821,864 and $1,122,996, 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 for the years ended December 31, 2023 and 2022 were $304,103 and $126,745, respectively. The ending balance as of December 31, 2023 and December 31, 2022, are listed of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | As of | ​ | As of
​ |  | ​ |  | Nature of |  | December 31, |  | December 31,
Name of Related Party | ​ | Relationship | ​ | transactions | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | USD | ​ | USD
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foremost Home Inc. (“FHI”) | ​ | An entity under common control | ​ | Shared services and Miscellaneous expenses | ​ | ​ | 1,183,612 | ​ | ​ | 1,879,249
Foremost Worldwide Co., Ltd | ​ | An entity under common control | ​ | Shared services and Miscellaneous expenses | ​ | ​ | (251,008) | ​ | ​ | (42,473)
​ | ​ | ​ | ​ | ​ | ​ | $ | 932,604 | ​ | $ | 1,836,776
​ Property purchase — related party In July 2022, FGI entered into a property purchase agreement with a common control related party to purchase a building and sub-lease the land use right with an initial term of 50 years in amount of $1,963,521. As building and sub-lease the land use right were recorded at historic cost in amount of $946,066 and $519,450, respectively. The excess payment over carrying value $498,005 was recorded under shareholders equity statement. ​ Loan guarantee by a related party Liang Chou Chen holds approximately 49.89% of the voting control of Foremost, the Company’s majority shareholder and guarantor of the loan obtained by FGI Industries from East West Bank under the Credit Agreement. See Note 8 for details.

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