Company: FGMCU
Filing Date: 2025-09-18
Form Type: S-4
Source: 0001104659-25-091249
Chunk: 522

Company: FG Merger II Corp.
Filing Date: 2025-09-18
Form: S-4
Chunk 522
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,754 |
| Tenant improvements                      | ​ |               |  2,804 | ​ |              |  2,397 |
| Vehicles                                 | ​ |               |    748 | ​ |              |    726 |
| Casita fixed assets                      | ​ |               |    834 | ​ |              |    825 |
| Construction in-progress                 | ​ |               |      — | ​ |              |    690 |
| ​                                        | ​ |               | 12,852 | ​ |              | 13,840 |
| Less: Accumulated depreciation           | ​ |               | -3,923 | ​ |              | -3,074 |
| Property, plant and equipment, net       | ​ |             $ |  8,929 | ​ |            $ | 10,766 |

Depreciation During the year ended December 31, 2024, and 2023, the Company recognized $849 thousand and $1,937 thousand, respectively, in depreciation expense. Deposits on Equipment As of December 31, 2024 and 2023, the Company recorded $93 thousand and $9.8 million, respectively, for deposits on equipment which is reported within “deposits on equipment” on the consolidated balance sheets. As of December 31, 2024 and December 31, 2023, respectively, the remaining amount of purchase commitments was approximately $Nil and $3,273 thousand, respectively. During the year ended December 31, 2024, certain deposits, totaling $8.2 million were impaired as their recoverability was determined to be uncertain. See Impairment Loss below for more information. Impairment Loss During the year ended December 31, 2024 and 2023, the Company recorded $12,427 thousand and $992 thousand, respectively, in impairment loss. The amount recorded as impairment loss during the year ended December 31, 2024 were related to assets that were procured to automate production of Casita model. On April 30, 2024, the Company filed a claim against the supplier based on breach of contract and misrepresentation prompted by the supplier of equipment failing to fulfill their obligation. Despite anticipating a judgment in its favor, during June 2024, the Company made the determination that recoverability of these assets and related deposits is uncertain. The Company recognized an impairment loss. For additional information regarding the legal proceedings surrounding this impairment, see Note 13 — Commitments and