Company: FGMCU
Filing Date: 2025-09-18
Form Type: S-4
Source: 0001104659-25-091249
Chunk: 523

Company: FG Merger II Corp.
Filing Date: 2025-09-18
Form: S-4
Chunk 523
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 and their assets, including the intellectual property held by Build IP, are now owned and consolidated by BOXABL. Accordingly, the license agreement between BOXABL and Build IP is now void. This asset acquisition enabled BOXABL to control the intellectual property previously contracted for under the license agreement that required payment of a 1% royalty fee based on gross revenues. NOTE 9 — CURRENT LIABILITIES As of December 31, 2024 and 2023, respectively, current liabilities were comprised primarily of accounts payable, customer deposits and deferred revenue, the current portion of lease liabilities (See Note 10 — Leases), and subscription liabilities (See Note 12 — Stockholders’ Equity). Accounts Payable Accounts payable as of December 31, 2024 and 2023 consisted of the following:

| ​                        | ​ |            ​ |     ​ | ​ |            ​ |     ​ |
| ​                        |   |       As of, |       |   |              |       |
| ​                        |   | December 31, |       |   | December 31, |       |
| (In Thousands)           | ​ |         2024 |       | ​ |         2023 |       |
| Outstanding vendor bills | ​ |            $ | 1,514 | ​ |            $ | 2,221 |
| Sales tax payable        | ​ |            ​ |    38 |   |            ​ |     — |
| Credit card balances     | ​ |            ​ |   224 |   |            ​ |   128 |
| Total                    | ​ |            $ | 1,776 | ​ |            $ | 2,349 |

Customer Deposits Customer Deposits are comprised of pre-order deposits from customers and prepayments in advance of attendance at on-site installer training. As of December 31, 2024 and 2023, Customer Deposits were reported at $3.6 million and $4.0 million, respectively. This decrease is due to refunds and/or application of customer deposits to customer orders that were fulfilled during 2024. Deferred Revenue Deferred revenue is comprised of prepayments on unfulfilled purchase orders and prepayments for Site Surveys. During 2024, the Company began accepting $500 payments from customers beginning the B2C order process, which are used to conduct site surveys for the location or site of the sale. Deferred revenue consisted of the following as of December 31, 2024 and 2023:

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