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Related Party Transactions and Balances | 6 Months Ended
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Jun. 30, 2024
Related Party Transactions [Abstract] |
Related Party Transactions and Balances | ​ Note 12 — Related party transactions and balances P urchases from a related party – consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Nature of |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Name of Related Party | ​ | Relationship | ​ | transactions | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | USD | ​ | USD | ​ | USD | ​ | USD
Focal Capital Holding Limited | ​ | An entity under common control | ​ | Purchase | ​ | $ | 1,177,582 | ​ | $ | 2,121,969 | ​ | $ | 2,754,804 | ​ | $ | 4,969,730
Foremost Worldwide Co., Ltd |  | An entity under common control |  | Purchase | ​ | ​ | 2,401,118 | ​ | ​ | 427,516 | ​ | ​ | 3,954,057 | ​ | ​ | 1,080,745
Rizhao Foremost Woodwork Manufacturing Co., Ltd. | ​ | An entity under common control |  | Purchase | ​ | ​ | 7,045 | ​ | ​ | — | ​ | ​ | 24,069 | ​ | ​ | —
Foremost Home Inc. | ​ | An entity under common control |  | Purchase | ​ | ​ | — | ​ | ​ | 206,143 | ​ | ​ | — | ​ | ​ | 206,143
​ | ​ | ​ | ​ | ​ | ​ | $ | 3,585,745 | ​ | $ | 2,755,628 | ​ | $ | 6,732,930 | ​ | $ | 6,256,618
​ The ending balance of such transactions as of June 30, 2024 and December 31, 2023, are listed of the following: Prepayments — related parties
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ |  | June 30, |  | December 31,
Name of Related Party | ​ | 2024 | ​ | 2023
​ | ​ | USD | ​ | USD
​ | ​ | ​ | ​ | ​
Focal Capital Holding Limited | ​ | $ | 11,658,181 | ​ | $ | 6,658,498
Rizhao Foremost Woodwork Manufacturing Co., Ltd. | ​ | ​ | 15,917 | ​ | ​ | 9,181
​ | ​ | $ | 11,674,098 | ​ | $ | 6,667,679
​ Accounts Payables — related parties
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ |  | June 30, |  | December 31,
Name of Related Party | ​ | 2024 | ​ | 2023
​ | ​ | USD | ​ | USD
​ | ​ | ​ | ​ | ​
Foremost Worldwide Co., Ltd | ​ | $ | 1,016,263 | ​ | $ | 735,308
​ | ​ | $ | 1,016,263 | ​ | $ | 735,308
​ 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 were $187,050 and $232,367 for the three months ended June 30, 202 4 and 202 3, respectively, and $362,962 and $476,981 for the six months ended June 30, 2024 and 2023, 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 $60,682 and $75,898 for the three months ended June 30, 202 4 and 202 3, respectively, and $134,596 and $145,242 for the six months ended June 30, 2024 and 2023, respectively. ​ Other Payables (Receivables) — related parties
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | As of | ​ | As of
​ |  | ​ |  | Nature of |  | June 30, |  | December 31,
Name of Related Party | ​ | Relationship | ​ | transactions | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | USD | ​ | USD
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foremost Home Inc. (“FHI”) | ​ | An entity under common control | ​ | Shared services and Miscellaneous expenses | ​ | ​ | 1,853,015 | ​ | ​ | 1,183,612
Foremost Worldwide Co., Ltd | ​ | An entity under common control | ​ | Shared services and Miscellaneous expenses | ​ | ​ | 266,176 | ​ | ​ | (251,008)
Focal Capital Holding Limited | ​ | An entity under common control | ​ | Shared services and Miscellaneous expenses | ​ | ​ | 12,756 | ​ | ​ | —
F.P.Z. Furniture (Cambodia) Co., Ltd | ​ | An entity under common control | ​ | Shared services and Miscellaneous expenses | ​ | ​ | (124,938) | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | $ | 2,007,009 | ​ | $ | 932,604
​ 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 is a guarantor of the loans under the Credit Agreement and under the CTBC Credit Line. See Note 8 for details.

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