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Related party transactions and balances
12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related party transactions and balances Related party transactions and balances
Sales to a related party
Name of Related PartyRelationshipNature of
Transactions
For the Years Ended
December 31,
20242023
USDUSD
Foremost Worldwide Co., Ltd.An entity under common controlSales$799,967$
$799,967$
Purchases from related parties
Name of Related PartyRelationshipNature of
Transactions
For the Years Ended
December 31,
20242023
USDUSD
Focal Capital Holding LimitedAn entity under common controlPurchases$6,157,455$7,003,714
Foremost Worldwide Co., Ltd.An entity under common controlPurchases8,385,6732,308,468
Rizhao Foremost Woodwork Manufacturing Co., Ltd.An entity under common controlPurchases330,72216,026
F.P.Z. Furniture (Cambodia) Co., Ltd.An entity under common controlPurchases125,208575,061
Foremost Australasia Pty LtdAn entity under common controlPurchases409,777
$14,999,058$10,313,046
The ending balances of such transactions as of December 31, 2024 and 2023 are listed of the following:
Prepayments — related parties
Name of Related PartyAs of
December 31,
2024
As of
December 31,
2023
USDUSD
Focal Capital Holding Limited$9,975,298 $6,658,498 
Rizhao Foremost Woodwork Manufacturing Co., Ltd.— 9,181 
$9,975,298 $6,667,679 
Accounts Payables — related parties
Name of Related PartyAs of
December 31,
2024
As of
December 31,
2023
USDUSD
Foremost Worldwide Co., Ltd.$718,605$735,308
Rizhao Foremost Woodwork Manufacturing Co., Ltd.$56,389$
F.P.Z. Furniture (Cambodia) Co., Ltd.$119,667$
$894,661$735,308
Shared Service and Miscellaneous expenses – related party
FGI Industries 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, 2024 and 2023 were $761,672 and $821,864, 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, 2024 and 2023 were $287,993 and $304,103, respectively.
Other Receivables (Payables) — related parties
Name of Related PartyRelationshipNature of
Transactions
As of
December 31,
2024
As of
December 31,
2023
USDUSD
Foremost Home Inc. (“FHI”)An entity under common controlShared services and Miscellaneous expenses2,654,286 1,183,612 
Foremost Worldwide Co., Ltd.An entity under common controlShared services and Miscellaneous expenses(340,901)(251,008)
F.P.Z. Furniture (Cambodia) Co., Ltd.An entity under common controlShared services and Miscellaneous expenses(291,710)— 
$2,021,675 $932,604 
Loan guarantee by a related party
Liang Chou Chen holds approximately 49.91% 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.