Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 566

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 566
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 in Ontario, Canada, in the Superior Court of Justice. This case was dismissed, with no damages asserted against BOXABL. |

| (v) | The Company has received claims from various parties alleging that BOXABL violated certain California Laws, including the Trap and Trace Law and California Privacy Laws relating to its Facebook postings. The Company does not expect a material impact to its financial position. |

| (vi) | Pronghorn Homes, LLC, a party to the Arizona mining project, filed a lawsuit against the Company in the State of Arizona, which has a potential loss exposure of up to $295 thousand. The Company denies liability and intends to defend against this claim. Accordingly, the Company has not accrued a loss contingency for this matter. |

F- 54

NOTE 14 — INCOME TAXES The Company has not recorded any income tax expense for the years ended December 31, 2024 and 2023. Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets for federal and state income taxes are as follows (in thousands):

| ​                                
 ​                                | ​     
 ​ ​ ​ 
 ​     | ​                       
 Year Ended December 31, 
 ​ ​ ​                   |       ​ 
    2024 | ​ | ​     
 ​ ​ ​ |       ​ 
    2023 |
|:---------------------------------|:------|:------------------------|--------:|:--|:------|--------:|
| Deferred Tax Assets:             | ​     | ​                       |       ​ |   | ​     |       ​ |
| Federal & State NOL Carryforward | ​     | $                       |  21,429 | ​ | $     |  13,238 |
| Research & Other Credits         | ​     |                         |     425 | ​ |       |     576 |
| Capitalized R&D                  | ​     |                         |   2,611 | ​ |       |   2,051 |
| Accruals, Reserve and Other      | ​     |                         |     131 | ​ |       |     386 |
| Lease Liability                  | ​     |                         |   2,359 | ​ |       |   2,907 |
| Stock Based Compensation         | ​     |                         |   2,325 | ​ |