XML 60 R2.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash $ 7,777,241 $ 10,067,428
Accounts receivable, net 16,195,543 14,295,859
Inventories, net 9,923,852 13,292,591
Prepayments and other current assets 4,617,751 2,588,081
Prepayments and other receivables - related parties $ 7,600,283 $ 5,643,649
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type Related Party [Member] Related Party [Member]
Total current assets $ 46,114,670 $ 45,887,608
PROPERTY AND EQUIPMENT, NET 1,910,491 1,269,971
OTHER ASSETS    
Intangible assets 102,227  
Operating lease right-of-use assets, net 15,203,576 9,815,572
Deferred tax assets, net 1,168,833 1,265,539
Other noncurrent assets 1,245,133 2,128,240
Total other assets 17,719,769 13,209,351
Total assets 65,744,930 60,366,930
CURRENT LIABILITIES    
Short-term loans 6,959,175 9,795,052
Income tax payable 189,119 33,350
Operating lease liabilities - current 1,595,998 1,543,031
Accrued expenses and other current liabilities 4,039,499 3,580,359
Total current liabilities 28,043,706 29,775,203
OTHER LIABILITIES    
Operating lease liabilities - noncurrent 13,674,452 7,847,317
Total liabilities 41,718,158 37,622,520
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Preference Shares ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2022)
Ordinary shares ($0.0001 par value, 200,000,000 shares authorized, 9,547,607 and 9,500,000 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively) 955 950
Additional paid-in capital 20,877,832 20,459,859
Retained earnings 4,413,524 3,679,920
Accumulated other comprehensive loss (1,111,499) (1,396,319)
FGI Industries Ltd. shareholders' equity 24,180,812 22,744,410
Non-controlling interests (154,040)  
Total shareholders' equity 24,026,772 22,744,410
Total liabilities and shareholders' equity 65,744,930 60,366,930
Nonrelated Party [Member]    
CURRENT LIABILITIES    
Accounts payable 14,524,607 14,718,969
Related Party [Member]    
CURRENT LIABILITIES    
Accounts payable $ 735,308 $ 104,442