Company: FGMCU
Filing Date: 2025-09-18
Form Type: S-4
Source: 0001104659-25-091249
Chunk: 526

Company: FG Merger II Corp.
Filing Date: 2025-09-18
Form: S-4
Chunk 526
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 any additional direct costs from executing the leases. Lease liabilities are amortized using the effective interest method using a discount rate of 4%. Depreciation on the ROU asset is calculated as the difference between the expected straight-line rent expense over the lease term less the accretion on the lease liability. The Company recognizes a right-of-use asset and a lease liability for these operating leases in its consolidated balance sheets. The Company’s lease agreements also include obligations for the Company to pay for other services, including operations and maintenance. The Company accounts for these services separately.

F- 45

NOTE 11 — RELATED PARTY TRANSACTIONS The Company had the following transactions with related parties:

| ​                                            
 ​                                            | ​              
 (In Thousands) | ​                       
 Year Ended December 31, |    ​ 
 2024 | ​ | ​ |    ​ 
 2023 |
|:---------------------------------------------|:---------------|:------------------------|-----:|:--|:--|-----:|
| Consolidated Statement of Comprehensive Loss | ​              | ​                       |      |   | ​ |      |
| Rental income(1)                             | ​              | $                       |   89 | ​ | $ |   89 |
| Professional fees(2)                         | ​              |                         |    — | ​ |   |   93 |

| ​                           
 ​                           
 ​                           
 (In Thousands)              
 Consolidated Balance Sheets | ​ 
 ​ 
 ​ | ​             
 Balance as of 
 December 31,  
 2024          
 ​             |     ​ 
     ​ | ​ 
 ​ 
 ​ | ​            
 December 31, 
 2023         
 ​            |     ​ 
     ​ |
|:----------------------------|:--|:--------------|------:|:--|:-------------|------:|
| Preferred Stock(3)          | ​ | $             | 1,719 |   | $            | 1,719 |
| Acquisition of Patents      | ​ | ​             |     — |   | ​            |   272 |
| Accounts Receivable(1)      | ​ | ​             |     6 |   | ​            |     — |

| (1) | The Company has a contract with the majority shareholder and CEO to share certain costs related to office space, support staff, and consultancy services. Refer to Note 10 for details of lease to Supercar System. In addition, under the services agreement between the Company and Supercar System, effective January