Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 548

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 548
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 in Other Comprehensive Loss. No allowance for credit losses was recorded for these securities as of December 31, 2024. NOTE 5 — INVENTORIES, NET As of December 31, 2024 and 2023, inventory consists of the following:

| ​                    | ​     |             ​ |      ​ | ​     |            ​ |      ​ |
| ​                    | ​ ​ ​ | Balance as of |        |       |              |        |
| ​                    | ​ ​ ​ |  December 31, |        | ​ ​ ​ | December 31, |        |
| (In Thousands)       | ​     |          2024 |        | ​     |         2023 |        |
| Raw material         | ​     |             $ |  3,606 | ​     |            $ |  3,346 |
| Inventory in-transit | ​     |             ​ |    110 |       |            ​ |    273 |
| Work-in progress     | ​     |             ​ |    119 |       |            ​ |    255 |
| Finished goods       | ​     |             ​ | 20,426 |       |            ​ | 14,820 |
| Total inventory      | ​     |             $ | 24,261 | ​     |            $ | 18,694 |

Inventories are written down for any obsolescence or when the net realizable value considering future events and conditions is less than the carrying value. For the years ended December 31, 2024, and 2023, the Company recorded $336 thousand and $721 thousand related to obsolete and damaged inventory in cost of goods sold on the consolidated statements of operations. In addition, during 2024 and 2023, the Company recognized $8,700 thousand and $1,424 thousand, respectively, in inventory valuation adjustments within cost of goods sold related to adjusting the carrying value of inventory to its net realizable value. During the year ended December 31, 2024 and 2023, the Company recorded $303 thousand and $0, respectively in inventory deposit write offs for prepayments on obsolete material, which is reported within “impairment loss” on the consolidated Statement of Comprehensive Loss. NOTE 6 — LOAN RECEIVABLES, NET The Company has originated two loan receivables comprised of formal credit sales in transactions with its customers. Based on the loan terms, $850 thousand of these loan rece