Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 442

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 442
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 A-3 Preferred Stock. This also includes proceeds received in advance of security issuance, which is included within BOXABL’s subscription liability. Inventory Our physical assets decreased with inventory of $17.5 million as of September 30, 2025, related to 372 inventory units, which is comprised of $7.8 million related to 153 Casitas in finished goods and $7.2 million related to 220 work-in-process units. This compares to $24.3 million in inventory as of December 31, 2024, primarily comprised of 397 Casitas classified as finished goods. During the nine months ended September 30, 2025, the Company decided to rework certain of its existing units to meet California modular specifications so that these units are able to be sold in California, as discussed in Note 5 of our unaudited condensed consolidated financial statements. During the Company’s 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 decline in the Company’s September 30, 2025 total inventory balance mainly relates to the write down of 68 units that had been held in inventory for an extended time period and for which the Company determined that it was not cost effective to rework. Subsequent to September 30, 2025 and through November 3, 2025, we delivered 5 additional Casitas.

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Property, Plant and Equipment Property, Plant and Equipment decreased to $7.7 million as of September 30, 2025 compared to $8.9 million as of December 31, 2024 primarily resulting from depreciation of machinery and equipment at our manufacturing facility. Sales of Securities During the nine months ended September 30, 2025 and 2024, the Company conducted offerings under Regulation A, Regulation D, and in a Canadian offering. These offerings terminated in June 2025. The progress of these offerings during those periods was as follows:

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 (In Thousands)                   | ​     
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  Nine Months Ended 
 September 30, 2025 | ​     | ​        |      ​ | ​     
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 Nine Months Ended  
 September 30, 2024 |      ​ | ​     | ​        |      ​ |
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