XML 36 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of property and equipment, net

    

Useful Life

Building

20 years

Leasehold Improvements

Lesser of lease term and
expected useful life

Machinery and equipment

 

3 – 5 years

Furniture and fixtures

 

3 – 5 years

Vehicles

 

5 years

Molds

 

3 – 5 years

 

As of

As of

    

June 30, 2024

    

December 31, 2023

 

USD

USD

Building

$

946,066

$

946,066

Leasehold Improvements

2,829,927

1,695,361

Machinery and equipment

 

1,731,582

 

1,613,439

Furniture and fixtures

 

278,578

 

259,449

Vehicles

 

147,912

 

147,912

Molds

 

26,377

 

26,377

Subtotal

 

5,960,442

 

4,688,604

Less: accumulated depreciation

 

(3,079,463)

 

(2,778,113)

Prepayment for purchase of equipment and construction-in-progress

16,100

Total

$

2,897,079

$

1,910,491

Schedule of disaggregated revenues by product line

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2024

2023

2024

2023

    

USD

     

USD

     

USD

     

USD

 

Revenue by product line

 

  

 

  

  

 

  

Sanitaryware

$

17,334,714

$

18,816,220

$

37,852,276

$

34,170,766

Bath Furniture

 

4,031,120

 

4,813,239

 

7,120,331

 

9,779,897

Shower System

5,889,847

4,286,672

11,650,716

9,317,229

Others

 

2,115,268

 

1,273,782

 

3,501,145

 

3,084,287

Total

$

29,370,949

$

29,189,913

$

60,124,468

$

56,352,179

 

Schedule of revenues and assets by geographic location

Total Revenue

Total Revenue

Total Assets

For the Three Months Ended

For the Six Months Ended

As of

As of

June 30, 

June 30, 

June 30, 

December 31,

2024

2023

2024

2023

2024

2023

    

USD

    

USD

    

USD

    

USD

USD

    

USD

 

Revenue/ total assets by geographic location

United States

$

18,039,583

$

19,033,168

$

37,637,488

$

36,565,294

$

44,641,133

$

38,401,665

Canada

 

8,593,329

 

7,517,459

 

16,474,410

 

14,038,444

 

13,961,515

 

17,850,709

Europe

2,659,858

2,639,286

5,855,046

5,748,441

746,056

528,068

Rest of World

 

78,179

 

 

157,524

 

 

10,530,025

 

8,964,488

Total

$

29,370,949

$

29,189,913

$

60,124,468

$

56,352,179

$

69,878,729

$

65,744,930

 

Schedule of earnings per share

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

2024

2023

2024

2023

USD

    

USD

    

USD

    

USD

Numerator:

Net income (loss) attributable to FGI Industries Ltd. Shareholders

$

163,565

$

88,481

$

(248,624)

$

(214,894)

Denominator:

 

 

 

 

Weighted-average number of ordinary shares outstanding basic

9,564,779

9,500,000

9,566,433

9,500,000

Potentially dilutive shares from outstanding options/warrants

134,782

192,500

Weighted-average number of ordinary shares outstanding — diluted

9,699,561

9,692,500

9,566,433

9,500,000

Earnings (loss) per share — basic

$

0.02

$

0.01

$

(0.03)

$

(0.02)

Earnings (loss) per share — diluted

$

0.02

$

0.01

$

(0.03)

$

(0.02)