|
Cayman Islands
(国家或其他司法管辖区
公司或组织) |
| |
3430
(主要标准工业
分类代码号) |
| |
98-1603252
(I.R.S. Employer
识别码) |
|
| 大型加速文件服务器☐ | | | Accelerated filer ☐ | | | 非加速文件管理器 | | | 较小的报告公司 | |
| | | | | | | | | | 新兴成长型公司 | |
| | |
Page
|
| |||
PROSPECTUS SUMMARY
|
| | | | 1 | | |
RISK FACTORS
|
| | | | 10 | | |
关于前瞻性陈述的特别说明
|
| | | | 28 | | |
MARKET AND INDUSTRY DATA
|
| | | | 30 | | |
USE OF PROCEEDS
|
| | | | 31 | | |
MARKET INFORMATION
|
| | | | 32 | | |
DILUTION
|
| | | | 33 | | |
管理层对财务状况和经营成果的讨论和分析
|
| | | | 34 | | |
BUSINESS
|
| | | | 48 | | |
MANAGEMENT
|
| | | | 57 | | |
高管和董事薪酬
|
| | | | 62 | | |
某些关系和关联方交易
|
| | | | 67 | | |
PRINCIPAL SHAREHOLDERS
|
| | | | 69 | | |
股本说明
|
| | | | 70 | | |
有资格未来出售的股票
|
| | | | 75 | | |
美国联邦所得税对美国持有者的重大影响
|
| | | | 77 | | |
PLAN OF DISTRIBUTION
|
| | | | 80 | | |
LEGAL MATTERS
|
| | | | 81 | | |
EXPERTS
|
| | | | 81 | | |
您可以在哪里找到更多信息
|
| | | | 81 | | |
通过引用合并某些文件
|
| | | | 81 | | |
合并财务报表索引
|
| | | | F-1 | | |
|
Offering price per share
|
| | | | | | | | | $ | 6.00 | | |
|
截至2021年12月31日的每股有形账面净值
|
| | | $ | 1.08 | | | | | | | | |
|
可归因于新投资者的每股有形账面净值增加
|
| | | $ | 1.29 | | | | | | | | |
|
上市后每股有形账面净值
|
| | | | | | | | | $ | 2.37 | | |
|
对新投资者的每股摊薄
|
| | | | | | | | | $ | 3.63 | | |
| | |
截至本年度
十二月三十一日, |
| |
Change
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
Amount
|
| |
Percentage
|
| ||||||||||||
| | |
USD
|
| |
USD
|
| |
USD
|
| |
%
|
| ||||||||||||
Revenues
|
| | | $ | 181,943,027 | | | | | $ | 134,827,701 | | | | | $ | 47,115,326 | | | | | | 34.9 | | |
Cost of revenues
|
| | | | 149,740,619 | | | | | | 106,423,061 | | | | | | 43,317,558 | | | | | | 40.7 | | |
Gross profit
|
| | | | 32,202,408 | | | | | | 28,404,640 | | | | | | 3,797,768 | | | | | | 13.4 | | |
销售和分销费用
|
| | | | 17,636,820 | | | | | | 15,487,306 | | | | | | 2,149,514 | | | | | | 13.9 | | |
一般和行政费用
|
| | | | 6,194,789 | | | | | | 5,820,967 | | | | | | 373,822 | | | | | | 6.4 | | |
研发费用
|
| | | | 646,069 | | | | | | 814,254 | | | | | | (168,185) | | | | | | (20.7) | | |
营业收入
|
| | | | 7,724,730 | | | | | | 6,282,113 | | | | | | | | | | | | | | |
营业利润率
|
| | | | 4.2% | | | | | | 4.7% | | | | | | | | | | | | | | |
其他收入(支出)合计,净额
|
| | | | 1,142,820 | | | | | | (776,921) | | | | | | 1,919,741 | | | | | | 247.1 | | |
Provision for income taxes
|
| | | | 961,634 | | | | | | 774,444 | | | | | | 187,190 | | | | | | 24.2 | | |
Net income
|
| | | $ | 7,905,916 | | | | | $ | 4,730,748 | | | | | $ | 3,175,168 | | | | | | 67.1 | | |
调整后的运营收入(1)
|
| | | $ | 7,840,630 | | | | | $ | 6,282,113 | | | | | $ | 1,558,517 | | | | | | 24.8 | | |
Adjusted operating margins(1)
|
| | | | 4.3% | | | | | | 4.7% | | | |
40 bps
|
| | | | — | | | |||
Adjusted net income(1)
|
| | | $ | 6,284,572 | | | | | $ | 4,730,748 | | | | | $ | 1,553,823 | | | | | | 32.8 | | |
| | |
For the year ended December 31,
|
| |
Change
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
Percentage
|
| |
2020
|
| |
Percentage
|
| |
Percentage
|
| |||||||||||||||
| | |
USD
|
| |
%
|
| |
USD
|
| |
%
|
| |
%
|
| |||||||||||||||
Sanitaryware
|
| | | $ | 111,278,737 | | | | | | 61.2 | | | | | | 88,392,378 | | | | | | 65.6 | | | | | | 25.9 | | |
Bath Furniture
|
| | | | 55,136,664 | | | | | | 30.3 | | | | | | 38,214,235 | | | | | | 28.3 | | | | | | 44.3 | | |
Other
|
| | | | 15,527,626 | | | | | | 8.5 | | | | | | 8,221,088 | | | | | | 6.1 | | | | | | 88.9 | | |
Total
|
| | | $ | 181,943,027 | | | | | | 100.0 | | | | | $ | 134,827,701 | | | | | | 100.0 | | | | | | 34.9 | | |
| | |
For the year ended December 31,
|
| |
Change
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
Percentage
|
| |
2020
|
| |
Percentage
|
| |
Percentage
|
| |||||||||||||||
| | |
USD
|
| |
%
|
| |
USD
|
| |
%
|
| |
%
|
| |||||||||||||||
United States
|
| | | $ | 112,725,240 | | | | | | 62.0 | | | | | | 83,700,229 | | | | | | 62.1 | | | | | | 34.7 | | |
Canada
|
| | | | 50,391,183 | | | | | | 27.7 | | | | | | 35,008,869 | | | | | | 26.0 | | | | | | 43.9 | | |
Europe
|
| | | | 18,826,604 | | | | | | 10.3 | | | | | | 16,118,603 | | | | | | 11.9 | | | | | | 16.8 | | |
Total
|
| | | $ | 181,943,027 | | | | | | 100.0 | | | | | $ | 134,827,701 | | | | | | 100.0 | | | | | | 34.9 | | |
| | |
For the year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
经营活动提供(使用)的现金净额
|
| | | $ | (3,217,321) | | | | | $ | 5,784,759 | | |
投资活动中使用的净现金
|
| | | | (51,890) | | | | | | (61,532) | | |
融资活动提供(使用)的现金净额
|
| | | | 3,316,826 | | | | | | (4,250,298) | | |
汇率变动对现金的影响
|
| | | | (182,277) | | | | | | 128,750 | | |
Net change in cash
|
| | | | (134,662) | | | | | | 1,601,679 | | |
Cash at beginning of the year
|
| | | | 4,018,558 | | | | | | 2,416,879 | | |
Cash at end of the year
|
| | | $ | 3,883,896 | | | | | $ | 4,018,558 | | |
| | |
Useful Life
|
|
租赁改进 | | |
租期或预期使用年限较短
|
|
机械设备 | | |
3 – 5 years
|
|
Furniture and fixtures | | |
3 – 5 years
|
|
Vehicles | | |
5 years
|
|
Molds | | |
3 – 5 years
|
|
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
按产品线划分的收入 | | | | | | | | | | | | | |
Sanitaryware
|
| | | $ | 111,278,737 | | | | | | 88,392,378 | | |
Bath Furniture
|
| | | | 55,136,664 | | | | | | 38,214,235 | | |
Other
|
| | | | 15,527,626 | | | | | | 8,221,088 | | |
Total
|
| | | $ | 181,943,027 | | | | | | 134,827,701 | | |
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
按地理位置划分的收入 | | | | | | | | | | | | | |
United States
|
| | | $ | 112,725,240 | | | | | $ | 83,700,229 | | |
Canada
|
| | | | 50,391,183 | | | | | | 35,008,869 | | |
Europe
|
| | | | 18,826,604 | | | | | | 16,118,603 | | |
Total
|
| | | | 181,943,027 | | | | | $ | 134,827,701 | | |
| | |
For the year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Income from operations
|
| | | | 7,724,730 | | | | | | 6,282,113 | | |
Adjustments: | | | | | | | | | | | | | |
COVID one-time expenses
|
| | | | 115,900 | | | | | | | | |
调整后的运营收入
|
| | | | 7,840,630 | | | | | | 6,282,113 | | |
Revenue
|
| | | | 181,943,027 | | | | | | 134,827,801 | | |
调整后的营业利润率
|
| | | | 4.3% | | | | | | 4.7% | | |
| | |
For the year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net Income
|
| | | | 7,905,916 | | | | | | 4,730,748 | | |
Adjustments:
COVID一次性费用 |
| | | | 115,900 | | | | | | — | | |
其他收入(购买力平价贷款减免)
|
| | | | (1,680,900) | | | | | | — | | |
Total
|
| | | | 6,340,916 | | | | | | 4,730,748 | | |
18%有效税率调整对税收的影响
|
| | | | 281,700 | | | | | | — | | |
GILTI high tax re-selection
|
| | | | (338,044) | | | | | | — | | |
Adjusted net income
|
| | | | 6,284,572 | | | | | | 4,730,748 | | |
NAME
|
| |
AGE
|
| |
POSITION(S)
|
|
执行主任 | | | | | | | |
David Bruce | | | 56 | | | 董事首席执行官兼总裁 | |
John Chen | | | 43 | | | 董事执行主席 | |
Perry Lin | | | 46 | | | 首席财务官 | |
Bob Kermelewicz | | | 59 | | | FGI美国执行副总裁 | |
Jennifer Earl | | | 47 | | | FGI加拿大执行副总裁 | |
Norman Kroenke | | | 59 | | | FGI欧洲执行副总裁 | |
非员工董事 | | | | | | | |
Todd Heysse(1)(2) | | | 48 | | | Director | |
Kellie Zesch Weir(1)(3) | | | 41 | | | Director | |
Jae Chung(1)(2)(3) | | | 54 | | | Director | |
姓名和主要职务
|
| |
Fiscal
Year |
| |
Salary
($) |
| |
Bonus
($) |
| |
All Other
Compensation(1) ($) |
| |
Total
($) |
| |||||||||||||||
David Bruce | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
首席执行官
|
| | | | 2021 | | | | | | 237,835 | | | | | | 96,636 | | | | | | 12,371 | | | | | | 346,842 | | |
John Chen | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Executive Chairman
|
| | | | 2021 | | | | | | 250,000 | | | | | | — | | | | | | 1,151 | | | | | | 251,151 | | |
Perry Lin | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
首席财务官
|
| | | | 2021 | | | | | | 137,245 | | | | | | 5,000 | | | | | | 4,051 | | | | | | 146,296 | | |
| | |
Before Offering
|
| |
After Offering
|
| ||||||||||||||||||
Name of Beneficial Owner
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage of
Shares Beneficially Owned |
| |
Number of
Shares Beneficially Owned |
| |
Percentage of
Shares Beneficially Owned |
| ||||||||||||
Greater than 5% Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foremost Groups Ltd.(1)
|
| | | | 6,816,250 | | | | | | 71.8% | | | | | | 6,816,250 | | | | | | 56.6% | | |
董事和指定高管: | | | | | | | | | | | | | | | | | | | | | | | | | |
David Bruce
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
John Chen
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Perry Lin
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Todd Heysse
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Kellie Zesch Weir
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Jae Chung
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
董事和高管(9人)
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
|
独立注册会计师事务所报告(PCAOB ID:688)
|
| |
F-2
|
|
|
截至2021年12月31日和2020年12月31日的合并资产负债表
|
| |
F-3
|
|
|
截至2021年12月31日和2020年12月31日的合并损益表和全面收益表
|
| |
F-4
|
|
|
截至2021年12月31日和2020年12月31日的年度母公司净投资变动表
|
| |
F-5
|
|
|
截至2021年12月31日和2020年12月31日的年度现金流量表合并报表
|
| |
F-6
|
|
|
合并财务报表附注
|
| |
F-7 – F-24
|
|
| | |
As of
December 31, 2021 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash
|
| | | $ | 3,883,896 | | | | | $ | 4,018,558 | | |
应收账款,净额
|
| | | | 26,350,650 | | | | | | 17,338,279 | | |
库存,净额
|
| | | | 21,263,961 | | | | | | 8,308,342 | | |
预付款和其他流动资产
|
| | | | 1,546,623 | | | | | | 799,724 | | |
预付款和其他应收账款 - 关联方
|
| | | | 3,119,822 | | | | | | 3,263,136 | | |
流动资产总额
|
| | | | 56,164,952 | | | | | | 33,728,039 | | |
财产和设备,净额
|
| | | | 387,655 | | | | | | 545,697 | | |
OTHER ASSETS | | | | | | | | | | | | | |
无形资产。
|
| | | | 42,683 | | | | | | 128,050 | | |
经营性租赁使用权资产,净额
|
| | | | 8,087,969 | | | | | | 9,311,277 | | |
递延税金资产,净额
|
| | | | 1,478,589 | | | | | | 1,263,395 | | |
其他非流动资产
|
| | | | 2,989,012 | | | | | | 171,003 | | |
其他资产总额
|
| | | | 12,598,253 | | | | | | 10,873,725 | | |
Total assets
|
| | | $ | 69,150,860 | | | | | $ | 45,147,461 | | |
负债和母公司净投资 | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
短期贷款
|
| | | $ | 14,657,280 | | | | | $ | 11,074,383 | | |
应付账款
|
| | | | 32,009,851 | | | | | | 19,510,272 | | |
应付所得税
|
| | | | 1,220,939 | | | | | | 580,036 | | |
经营租赁负债 - Current
|
| | | | 1,315,848 | | | | | | 1,245,629 | | |
应计费用和其他流动负债。
|
| | | | 5,512,438 | | | | | | 3,008,959 | | |
流动负债总额
|
| | | | 54,716,356 | | | | | | 35,419,279 | | |
OTHER LIABILITIES | | | | | | | | | | | | | |
经营性租赁负债 - 非流动
|
| | | | 6,884,794 | | | | | | 8,196,486 | | |
总负债
|
| | | | 61,601,150 | | | | | | 43,615,765 | | |
承付款和或有事项 | | | | | | | | | | | | | |
PARENT’S NET INVESTMENT | | | | | | | | | | | | | |
优先股(面值0.0001美元,授权股份1,000万股,无股份
截至2021年12月31日和2020年12月31日已发行和未偿还) |
| | | | — | | | | | | — | | |
Ordinary shares ($0.0001 par value, 200,000,000 shares authorized, 9,500,000
截至2021年12月31日和2020年12月31日发行和发行的股票*) |
| | | | 700 | | | | | | 700 | | |
母公司净投资
|
| | | | 7,549,010 | | | | | | 1,530,996 | | |
母公司净投资总额
|
| | | | 7,549,710 | | | | | | 1,531,696 | | |
总负债和母公司净投资
|
| | | $ | 69,150,860 | | | | | $ | 45,147,461 | | |
| | |
For the Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
REVENUES
|
| | | $ | 181,943,027 | | | | | $ | 134,827,701 | | |
COST OF REVENUES
|
| | | | 149,740,619 | | | | | | 106,423,061 | | |
GROSS PROFIT
|
| | | | 32,202,408 | | | | | | 28,404,640 | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
Selling and distribution
|
| | | | 17,636,820 | | | | | | 15,487,306 | | |
一般和行政
|
| | | | 6,194,789 | | | | | | 5,820,967 | | |
Research and development .
|
| | | | 646,069 | | | | | | 814,254 | | |
Total operating expenses .
|
| | | | 24,477,678 | | | | | | 22,122,527 | | |
INCOME FROM OPERATIONS
|
| | | | 7,724,730 | | | | | | 6,282,113 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | |
Interest income
|
| | | | 37,143 | | | | | | 32,244 | | |
Interest expense .
|
| | | | (411,185) | | | | | | (418,867) | | |
Other income (expenses), net .
|
| | | | 1,516,862 | | | | | | (390,298) | | |
Total other income (expenses), net .
|
| | | | 1,142,820 | | | | | | (776,921) | | |
INCOME BEFORE INCOME TAXES
|
| | | | 8,867,550 | | | | | | 5,505,192 | | |
所得税准备金(受益) | | | | | | | | | | | | | |
Current
|
| | | | 1,183,282 | | | | | | 1,074,928 | | |
Deferred
|
| | | | (221,648) | | | | | | (300,484) | | |
所得税拨备总额
|
| | | | 961,634 | | | | | | 774,444 | | |
NET INCOME
|
| | | | 7,905,916 | | | | | | 4,730,748 | | |
其他综合收益 | | | | | | | | | | | | | |
外币折算调整
|
| | | | 59,071 | | | | | | 298,106 | | |
COMPREHENSIVE INCOME
|
| | | $ | 7,964,987 | | | | | $ | 5,028,854 | | |
普通股加权平均数 | | | | | | | | | | | | | |
Basic and diluted*
|
| | | | 7,000,000 | | | | | | 7,000,000 | | |
EARNINGS PER SHARE | | | | | | | | | | | | | |
Basic and diluted*
|
| | | $ | 1.13 | | | | | $ | 0.68 | | |
| | |
Parent’s net
investment |
| |||
BALANCE, January 1, 2020
|
| | | $ | 3,620,356 | | |
Net income for the year
|
| | | | 4,730,748 | | |
Net distribution to Parent
|
| | | | (7,117,514) | | |
外币折算调整
|
| | | | 298,106 | | |
BALANCE, December 31, 2020
|
| | | $ | 1,531,696 | | |
Net income for the year
|
| | | | 7,905,916 | | |
Net distribution to Parent
|
| | | | (1,946,973) | | |
外币折算调整
|
| | | | 59,071 | | |
BALANCE, December 31, 2021
|
| | | $ | 7,549,710 | | |
| | |
For the Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
经营活动的现金流 | | | | | | | | | | | | | |
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 7,905,916 | | | | | $ | 4,730,748 | | |
将净收入与经营活动提供的净现金(用于)进行调整
|
| | | | | | | | | | | | |
折旧及摊销
|
| | | | 287,078 | | | | | | 352,471 | | |
Bad debt expenses (recovery)
|
| | | | 30,825 | | | | | | (10,172) | | |
提供有缺陷的退货
|
| | | | 2,073,991 | | | | | | 378,248 | | |
外汇交易损失
|
| | | | 234,742 | | | | | | 181,599 | | |
Interest expenses
|
| | | | 411,185 | | | | | | 418,867 | | |
免除购买力平价贷款的收益
|
| | | | (1,680,900) | | | | | | — | | |
Deferred income taxes
|
| | | | (215,194) | | | | | | (322,349) | | |
财产和设备处置损失
|
| | | | 14,825 | | | | | | 49,125 | | |
经营性资产和负债变动
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (11,117,186) | | | | | | (2,033,856) | | |
Inventories
|
| | | | (12,955,619) | | | | | | 985,029 | | |
预付款和其他流动资产
|
| | | | (741,286) | | | | | | 154,139 | | |
预付款及其他应收账款 - 关联方
|
| | | | 137,700 | | | | | | (3,249,078) | | |
Other noncurrent assets
|
| | | | (2,818,008) | | | | | | 208,333 | | |
Right-of-use assets
|
| | | | 1,223,307 | | | | | | (543,037) | | |
Income taxes
|
| | | | 640,903 | | | | | | 632,734 | | |
Accounts payable
|
| | | | 12,499,578 | | | | | | 3,511,223 | | |
应付帐款-关联方
|
| | | | — | | | | | | (697,500) | | |
经营性租赁负债
|
| | | | (1,241,473) | | | | | | 592,623 | | |
应计费用和其他流动负债
|
| | | | 2,092,295 | | | | | | 445,612 | | |
经营活动提供的现金净额(用于)
|
| | | | (3,217,321) | | | | | | 5,784,759 | | |
投资活动产生的现金流 | | | | | | | | | | | | | |
处置财产和设备的收益
|
| | | | 5,949 | | | | | | 15,000 | | |
购置物业和设备
|
| | | | (57,839) | | | | | | (76,532) | | |
投资活动中使用的净现金
|
| | | | (51,890) | | | | | | (61,532) | | |
融资活动的现金流 | | | | | | | | | | | | | |
循环信贷净收益
|
| | | | 5,263,799 | | | | | | 2,867,216 | | |
母公司投资净变化
|
| | | | (1,946,973) | | | | | | (7,117,514) | | |
融资活动提供(使用)的现金净额
|
| | | | 3,316,826 | | | | | | (4,250,298) | | |
汇率波动对现金的影响
|
| | | | (182,277) | | | | | | 128,750 | | |
NET CHANGES IN CASH
|
| | | | (134,662) | | | | | | 1,601,679 | | |
CASH, BEGINNING OF YEAR
|
| | | | 4,018,558 | | | | | | 2,416,879 | | |
CASH, END OF YEAR
|
| | | $ | 3,883,896 | | | | | $ | 4,018,558 | | |
补充现金流信息 | | | | | | | | | | | | | |
年内支付的利息现金
|
| | | | (406,859) | | | | | | (421,393) | | |
本年度收到的所得税现金(已支付)
|
| | | | (545,095) | | | | | | 439,793 | | |
非现金投融资活动 | | | | | | | | | | | | | |
母公司投资净变化
|
| | | | (1,946,973) | | | | | | (7,117,514) | | |
Name
|
| |
Background
|
| |
Ownership
|
|
FGI Industries,Inc.(前身为最重要的集团,Inc.) | | |
•
A New Jersey corporation
•
Incorporated on January 5, 1988
•
在美国的销售和分销
|
| | 100% owned by FGI | |
FGI欧洲投资有限公司 | | |
•
英属维尔京群岛控股公司
•
Incorporated on January 1, 2007
|
| | 100% owned by FGI | |
FGI国际有限公司 | | |
•
A Hong Kong company
•
Incorporated on June 2, 2021
•
销售、采购和产品开发
|
| | 100% owned by FGI | |
先锋国际有限公司 | | |
•
A Canada company
•
Incorporated on October 17, 1997
•
在加拿大的销售和分销
|
| | 100% owned by FGI Industries, Inc. | |
FGI Germany GmbH & Co. KG
|
| |
•
A German company
•
Incorporated on January 24, 2013
•
在德国的销售和分销
|
| | FGI欧洲投资有限公司100%拥有 | |
FGI China, Ltd. | | |
•
一家中国有限责任公司(该实体目前正在注册中)
•
采购和产品开发
|
| | FGI International,Limited预计100%拥有 | |
FGI United Kingdom Ltd | | |
•
An UK company
•
Incorporated on December 10, 2021
•
在英国的销售和分销
|
| | FGI欧洲投资有限公司100%拥有 | |
| | |
截至以下年度
十二月三十一日, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Revenues
|
| | | $ | 48,522,314 | | | | | $ | 47,126,107 | | |
Cost of revenues
|
| | | | (41,169,282) | | | | | | (38,743,695) | | |
Gross profit
|
| | | | 7,353,032 | | | | | | 8,382,412 | | |
销售和分销费用
|
| | | | (4,709,220) | | | | | | (4,104,345) | | |
一般和行政费用
|
| | | | (1,395,573) | | | | | | (1,824,792) | | |
研发费用
|
| | | | (559,495) | | | | | | (800,010) | | |
Income from operations
|
| | | $ | 688,744 | | | | | $ | 1,653,265 | | |
| | |
截至以下年度
十二月三十一日, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Revenues
|
| | | $ | 114,990,732 | | | | | $ | 74,357,895 | | |
Cost of revenues
|
| | | | (103,421,236) | | | | | | (67,213,516) | | |
Gross profit
|
| | | | 11,569,496 | | | | | | 7,144,379 | | |
销售和分销费用
|
| | | | (1,436,696) | | | | | | (1,017,317) | | |
一般和行政费用
|
| | | | (1,236,061) | | | | | | (1,181,791) | | |
研发费用
|
| | | | (99,685) | | | | | | (72,971) | | |
Income from operations
|
| | | $ | 8,797,054 | | | | | $ | 4,872,300 | | |
| | |
Useful Life
|
|
租赁改进 | | |
租期和预期使用年限较短
|
|
机械设备 | | |
3 – 5 years
|
|
家具和固定装置 | | |
3 – 5 years
|
|
Vehicles | | |
5 years
|
|
Molds | | |
3 – 5 years
|
|
| | |
截至以下年度
十二月三十一日, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
按产品线划分的收入 | | | | | | | | | | | | | |
Sanitaryware
|
| | | $ | 111,278,737 | | | | | $ | 88,392,378 | | |
Bath Furniture
|
| | | | 55,136,664 | | | | | | 38,214,235 | | |
Others
|
| | | | 15,527,626 | | | | | | 8,221,088 | | |
Total
|
| | | $ | 181,943,027 | | | | | $ | 134,827,701 | | |
| | |
截至以下年度
十二月三十一日, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
按地理位置划分的收入 | | | | | | | | | | | | | |
United States
|
| | | $ | 112,725,240 | | | | | $ | 83,700,229 | | |
Canada
|
| | | | 50,391,183 | | | | | | 35,008,869 | | |
Europe
|
| | | | 18,826,604 | | | | | | 16,118,603 | | |
Total
|
| | | $ | 181,943,027 | | | | | $ | 134,827,701 | | |
| | |
As of
2021年12月31日 |
| |
As of
2020年12月31日 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Accounts receivable
|
| | | $ | 29,820,213 | | | | | $ | 18,703,026 | | |
坏账准备
|
| | | | (177,462) | | | | | | (146,637) | | |
应计缺陷退货和折扣
|
| | | | (3,292,101) | | | | | | (1,218,110) | | |
Accounts receivable, net
|
| | | $ | 26,350,650 | | | | | $ | 17,338,279 | | |
| | |
As of
December 31, 2021 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Beginning balance
|
| | | $ | 146,637 | | | | | $ | 156,809 | | |
Addition (reversal)
|
| | | | 30,825 | | | | | | (10,172) | | |
Ending balance
|
| | | $ | 177,462 | | | | | $ | 146,637 | | |
| | |
As of
December 31, 2021 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Beginning balance
|
| | | $ | 1,218,110 | | | | | $ | 839,862 | | |
Provision
|
| | | | 2,073,991 | | | | | | 378,248 | | |
Ending balance
|
| | | $ | 3,292,101 | | | | | $ | 1,218,110 | | |
| | |
As of
2021年12月31日 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Finished product
|
| | | $ | 21,808,119 | | | | | $ | 8,903,767 | | |
缓慢移动的库存储备
|
| | | | (544,158) | | | | | | (595,425) | | |
Inventories, net
|
| | | $ | 21,263,961 | | | | | $ | 8,308,342 | | |
| | |
As of
2021年12月31日 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Beginning balance
|
| | | $ | 595,425 | | | | | $ | 813,411 | | |
(Reversal)
|
| | | | (51,267) | | | | | | (217,986) | | |
Ending balance
|
| | | $ | 544,158 | | | | | $ | 595,425 | | |
| | |
As of
2021年12月31日 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Prepayments
|
| | | $ | 1,366,782 | | | | | $ | 671,924 | | |
Others
|
| | | | 179,841 | | | | | | 127,800 | | |
预付款和其他资产合计
|
| | | $ | 1,546,623 | | | | | $ | 799,724 | | |
| | |
As of
2021年12月31日 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Leasehold Improvements
|
| | | $ | 1,043,187 | | | | | $ | 1,122,092 | | |
Machinery and equipment
|
| | | | 2,240,263 | | | | | | 2,299,527 | | |
Furniture and fixtures
|
| | | | 501,619 | | | | | | 499,154 | | |
Vehicles
|
| | | | 178,824 | | | | | | 178,218 | | |
Molds
|
| | | | 26,377 | | | | | | 26,377 | | |
Subtotal
|
| | | | 3,990,270 | | | | | | 4,125,368 | | |
减去:累计折旧
|
| | | | (3,602,615) | | | | | | (3,579,671) | | |
Total
|
| | | $ | 387,655 | | | | | $ | 545,697 | | |
| | |
As of
2021年12月31日 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
经营性租赁使用权资产
|
| | | $ | 8,087,969 | | | | | $ | 9,311,277 | | |
经营租赁负债 - 流动
|
| | | $ | 1,315,848 | | | | | $ | 1,245,629 | | |
经营性租赁负债 - 非流动
|
| | | | 6,884,794 | | | | | | 8,196,486 | | |
经营租赁总负债
|
| | | $ | 8,200,642 | | | | | $ | 9,442,115 | | |
| | |
As of
十二月三十一日, 2021 |
| |
As of
十二月三十一日, 2020 |
| ||||||
加权平均剩余租期
Operating leases |
| |
5.4 years
|
| |
6.1 years
|
| ||||||
加权平均贴现率
Operating leases |
| | | | 4.7% | | | | | | 4.7% | | |
For the years ending December 31,
|
| | | | | | |
2022
|
| | | $ | 1,673,187 | | |
2023
|
| | | | 1,582,293 | | |
2024
|
| | | | 1,550,441 | | |
2025
|
| | | | 1,242,340 | | |
2026
|
| | | | 1,211,961 | | |
Thereafter
|
| | | | 2,235,363 | | |
Total lease payments
|
| | | | 9,495,585 | | |
Less: imputed interest
|
| | | | (1,294,943) | | |
租赁负债现值
|
| | | $ | 8,200,642 | | |
| | |
截至以下年度
十二月三十一日, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Income components | | | | | | | | | | | | | |
United States
|
| | | $ | (466,361) | | | | | $ | 80,320 | | |
Outside United States
|
| | | | 9,333,911 | | | | | | 6,424,872 | | |
公司间淘汰
|
| | | | — | | | | | | (1,000,000) | | |
Total pre-tax income
|
| | | $ | 8,867,550 | | | | | $ | 5,505,192 | | |
所得税拨备 | | | | | | | | | | | | | |
Current
|
| | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | (6,030) | | | | | | 7,954 | | |
Foreign
|
| | | | 1,189,312 | | | | | | 1,066,974 | | |
| | | | | 1,183,282 | | | | | | 1,074,928 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Deferred
|
| | | | | | | | | | | | |
Federal
|
| | | | (175,529) | | | | | | (245,174) | | |
State
|
| | | | (46,119) | | | | | | (55,310) | | |
Foreign
|
| | | | — | | | | | | — | | |
| | | | | (221,648) | | | | | | (300,484) | | |
所得税拨备总额
|
| | | $ | 961,634 | | | | | $ | 774,444 | | |
|
| | |
截至以下年度
十二月三十一日, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Federal statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
税率增加(降低)原因: | | | | ||||||||||
扣除联邦福利后的州和地方所得税
|
| | | | (0.8) | | | | | | (1.0) | | |
Foreign operations
|
| | | | (8.7) | | | | | | (12.1) | | |
Permanent items
|
| | | | (3.8) | | | | | | 0.9 | | |
Deferred rate changes
|
| | | | — | | | | | | 0.1 | | |
在美国应纳税的外国股息和收益
|
| | | | (2.4) | | | | | | 5.2 | | |
Others
|
| | | | 5.5 | | | | | | — | | |
Effective tax rate
|
| | | | 10.8% | | | | | | 14.1% | | |
| | |
As of
2021年12月31日 |
| |
As of
2020年12月31日 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
Deferred tax assets | | | | ||||||||||
坏账准备
|
| | | $ | 44,368 | | | | | $ | 36,472 | | |
Other reserve
|
| | | | 144,794 | | | | | | 92,025 | | |
Accrued expenses
|
| | | | 134,576 | | | | | | 143,735 | | |
Lease liability
|
| | | | 1,749,430 | | | | | | 1,752,546 | | |
慈善捐款
|
| | | | 8,565 | | | | | | 8,553 | | |
商业利益限制
|
| | | | 385,084 | | | | | | 370,640 | | |
Net operating loss – federal
|
| | | | 633,700 | | | | | | 536,212 | | |
Net operating loss – state
|
| | | | 128,569 | | | | | | 103,489 | | |
Other
|
| | | | 60,171 | | | | | | 66,636 | | |
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,289,257 | | | | | | 3,110,308 | | |
Less: valuation allowance
|
| | | | — | | | | | | — | | |
Net deferred tax assets
|
| | | | 3,289,257 | | | | | | 3,110,308 | | |
| | |
As of
December 31, 2021 |
| |
As of
December 31, 2020 |
| ||||||
| | |
USD
|
| |
USD
|
| ||||||
递延纳税义务 | | | | ||||||||||
Fixed assets
|
| | | | 1,799,996 | | | | | | 1,815,064 | | |
Intangibles
|
| | | | 10,672 | | | | | | 31,849 | | |
递延纳税负债总额
|
| | | | 1,810,668 | | | | | | 1,846,913 | | |
递延税项资产,扣除递延税项负债后的净额
|
| | | $ | 1,478,589 | | | | | $ | 1,263,395 | | |
|
Name of Related Party
|
| |
Relationship
|
| |
Nature of
transactions |
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
| | | | | | | | |
USD
|
| |
USD
|
| ||||||
Rizhao Foremost Woodwork
制造有限公司 |
| |
受共同控制的实体
|
| |
Purchase
|
| | | $ | 415,098 | | | | | $ | 1,138,316 | | |
焦点资本控股有限公司
|
| |
受共同控制的实体
|
| |
Purchase
|
| | | | 2,670,243 | | | | | | 2,098,461 | | |
| | | | | | | | | | $ | 3,085,341 | | | | | $ | 3,236,777 | | |
Name of Related Party
|
| |
Relationship
|
| |
Nature of
transactions |
| |
December 31,
2021 |
| |
December 31,
2020 |
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USD
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USD
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Foremost Xingye Business
Consultancy (Shenzhen) Co., Ltd |
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受共同控制的实体
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Miscellaneous
expenses |
| | | $ | 34,481 | | | | | $ | 26,359 | | |
Item
|
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Amount
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SEC registration fee
|
| | | $ | 4,307 | | |
FINRA filing fee
|
| | | | 3,500 | | |
纳斯达克资本市场上市费
|
| | | | 5,000 | | |
Printing expenses
|
| | | | 200,000 | | |
Legal fees and expenses
|
| | | | 1,000,000 | | |
会计费和费用
|
| | | | 125,000 | | |
承销商费用报销
|
| | | | 157,500 | | |
Miscellaneous expenses
|
| | | | 4,693 | | |
Total
|
| | | $ | 1,500,000 | | |
Exhibit
Number |
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Exhibit Description
|
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1.1 | | | FGI Industries Ltd.和Benchmark Company,LLC作为承销商的代表签署的承销协议,日期为2022年1月25日(通过参考2022年1月27日提交的公司当前报告8-K表的附件1.1合并)。 | |
3.1 | | | FGI Industries Ltd.第二次修订和重新修订的备忘录和章程,2022年1月27日生效(通过参考2022年1月27日提交的公司当前报告8-K表的附件3.1并入)。 | |
4.1* | | |
普通股证书样本。
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4.2* | | |
代表授权书表格。
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|
4.3 | | | FGI Industries Ltd.和First Group Ltd.之间的注册权协议,日期为2022年1月27日(通过参考公司截至2021年12月31日的年度报告10-K表的附件4.3合并)。 | |
4.4 | | | FGI Industries Ltd.与大陆股票交易信托公司于2022年1月27日签订的认股权证代理协议(通过参考公司截至2021年12月31日的10-K表格年度报告附件4.4纳入)。 | |
4.5 | | |
保证书表格(包含在作为保修代理协议附件A的附件4.4中)。
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5.1* | | | Faegre Drinker Bdle&Reath LLP的意见。 | |
5.2* | | |
Traver Thorp Alberga的意见。
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10.1#* | | |
FGI Industries,Inc.和唐山惠达陶瓷集团有限公司于2020年10月20日签署的合作协议
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|
10.2 | | | 共享服务协议,日期为2022年1月14日,由FGI Industries,Inc.和最重要的家居工业公司签订(通过参考公司截至2021年12月31日的10-K表格年度报告附件10.2并入)。 | |
10.3 | | | FGI Industries Ltd.和Airst Worldwide Co.,Ltd.之间于2022年1月14日签署的共享服务协议(通过参考公司截至2021年12月31日的Form 10-K年度报告附件10.3并入)。 | |
10.4 | | | FGI Industries Ltd.和Airst Worldwide Co.,Ltd.之间于2022年1月14日签订的全球采购和采购协议(通过参考公司截至2021年12月31日的Form 10-K年度报告附件10.4而并入)。 | |
10.5 | | | FGI International,Ltd.和FGI Industries,Inc.之间于2022年1月14日签订的买卖协议(通过参考公司截至2021年12月31日的Form 10-K年度报告附件10.5并入)。 | |
10.6 | | | FGI Industries Ltd.与Airst Worldwide Co.,Ltd.之间的买卖协议,日期为2022年1月28日(通过参考公司截至2021年12月31日的Form 10-K年度报告附件10.5并入)。 | |
10.7+* | | |
FGI实业有限公司员工购股计划。
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10.8+* | | |
FGI Industries Ltd.2021股权激励计划。
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10.9+* | | |
限制性股票单位奖励协议格式。
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10.10+* | | |
非限制性股票期权协议格式。
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Exhibit
Number |
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Exhibit Description
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|
10.11+* | | |
董事聘任协议格式。
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|
10.12+ | | | FGI Industries Ltd.与David Bruce签订的雇佣协议,日期为2022年1月24日(参考公司截至2021年12月31日的Form 10-K年度报告附件10.12)。 | |
10.13+ | | | FGI Industries Ltd.与Perry Lin签订的雇佣协议,日期为2022年1月24日(参考公司截至2021年12月31日的Form 10-K年度报告附件10.13)。 | |
10.14* | | |
FGI Industries Ltd.与其个人董事之间的赔偿协议格式。
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10.15* | | |
由East West Bank和FGI Industries,Inc.(F/k/a Forest Group,Inc.)签署和之间的商业贷款协议,日期为2012年4月23日(经修订)。
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21.1* | | |
注册人的子公司
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23.1 | | |
独立注册会计师事务所Marcum LLP同意
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23.2* | | |
Faegre Drinker Bdle&Reath LLP同意(包含在附件5.1中)
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23.3* | | |
旅行者同意Thorp Alberga(包含在附件5.2中)
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24.1* | | |
授权书(包括在初始注册声明的签名页上)
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Signature
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Title
|
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Date
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*
David Bruce
|
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首席执行官兼董事
(首席执行官) |
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April 7, 2022
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*
Perry Lin
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Chief Financial Officer
(首席财务官和首席会计官) |
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April 7, 2022
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/s/ John Chen
John Chen
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| | 董事执行主席兼执行主席 | | |
April 7, 2022
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*
Todd Heysse
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| | Director | | |
April 7, 2022
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*
Kellie Zesch Weir
|
| | Director | | |
April 7, 2022
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*
Jae Chung
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| | Director | | |
April 7, 2022
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