Company: FGMCU
Filing Date: 2025-09-18
Form Type: S-4
Source: 0001104659-25-091249
Chunk: 563

Company: FG Merger II Corp.
Filing Date: 2025-09-18
Form: S-4
Chunk 563
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|:--|:-------------|-------:|:--|:-----------|:--|:--|:-----------|----:|:--|:------|-------:|
| U.S. Government securities    |   | $         | 15,773 | ​ | $             | — |   | $            | 15,773 |   | $          | — |   | $          | 170 |   | $     | 15,943 |
| Total as of December 31, 2024 |   | $         | 15,773 |   | $             | — |   | $            | 15,773 |   | $          | — |   | $          | 170 |   | $     | 15,943 |

All available-for-sale debt securities have a weighted average maturity of one year or less. During 2024 the Company re-classified its short-term investments in U.S. treasury bills and notes as available-for-sale. Available-for-sale debt securities are financial instruments that are reported at fair value, with unrealized gains/losses recorded in Other Comprehensive Loss. Unrealized losses on available-for-sale securities was $135 thousand and $170 thousand for the three and six months periods ended June 30, 2025, respectively. No allowance for credit losses was recorded for these securities as of the three and six months ended June 30, 2025 as all unrealized losses were considered immaterial. NOTE 5 — INVENTORIES, NET Inventories are stated at the lower of cost or net realizable value, with cost determined using the standard costing method, which approximates actual cost. Inventories are classified into raw materials, inventory in transit, work-in-process (WIP), consignment, and finished goods. The Company recently obtained modular approval for its Casita in all climate zones in California in 2025 and, as a result, it has decided to rework certain of its existing units to meet the California modular specification so that these units are able to be sold in California. As a result, in the second quarter of 2025, approximately $7.1 million of inventory was reclassified from Finished Goods to Work-in-Process on the consolidated balance sheet. The Company determined that this change represents a change in presentation rather than a change in accounting principle under ASC 250-10-45-12, and therefore did not require retrospective application. As of June 30, 2025 and December 31, 202