Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 607

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 607
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 earnings, the timing and amount of which are uncertain. A full review of all positive and negative evidence needs to be considered. The Company has established a full valuation allowance against the net deferred tax assets as of September 30, 2025 and December 31, 2024 due to historical losses and uncertainty surrounding the use of such assets. NOTE 15 — SEGMENTS The Company operates as one operating segment. The Company’s chief operating decision maker (“ CODM ”) is its Chief Financial Officer, who performs quarterly reviews of the financial information presented on a consolidated basis. The CODM utilizes the Company’s strategic plan, which includes product development roadmaps and the Company’s long-range financial model, including key inputs for resource allocation. Significant expenses include research and development, sales and marketing, and general and administrative expenses, which are each separately presented on the Company’s Consolidated Statements of Comprehensive Loss. See the unaudited interim condensed consolidated financial statements for other financial information regarding the Company’s single operating segment. The Company has no significant long-lived assets recognized on the Consolidated Balance Sheets outside of the US jurisdiction. NOTE 16 — SUBSEQUENT EVENTS The Company has evaluated subsequent events from September 30, 2025 through November 14, 2025, the issuance date of these unaudited interim condensed consolidated financial statements. Sales Activity Between October 1, 2025 and November 14, 2025, the Company shipped 5 units. As of November 14, 2025, there are currently 347 units that are under contract. Equity Events Subsequent to September 30, 2025, the Company issued the following:

| ● | 219 thousand shares of Series A-1 Preferred Stock for a dollar amount of $175 thousand as part of a legal settlement. Note that there were no cash proceeds received as these shares were issued as part of a legal settlement. |

For awards previously issued under the Company’s Amended 2021 Stock Incentive Plan, the Company recognized employee forfeitures of 2,500,000 RSUs subsequent to September 30, 2025. No forfeitures of Stock Options were recognized subsequent to September 30, 2025. No additional grants of RSUs or Stock Options were made under the Plan. Amendment to the Merger Agreement On November 3, 2025, BOXABL Inc. (“BOXABL”) entered into an Amendment (the “Amendment”) to that certain Agreement and Plan of Merger, dated as of August 4,