Company: FGMCU
Filing Date: 2025-12-30
Form Type: S-4/A
Source: 0001104659-25-124947
Chunk: 443

Company: FG Merger II Corp.
Filing Date: 2025-12-30
Form: S-4/A
Chunk 443
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 to customer orders that were fulfilled during 2025. Deferred Revenue As of September 30, 2025, our balance sheet carried $2.4 million of deferred revenue related primarily to advanced deposits on unfulfilled purchase orders, with 4 customers, each representing 10% or more of these deferred revenues, constituting approximately 55% of total deferred revenue. This compares to $2.3 million of deferred revenue as of December 31, 2024. Deferred revenue generally occurs when the Company receives payments from the customer in advance of the Company shipping units to that customer. Pursuant to ASC 606, Revenue Recognition, the Company records deferred revenue for paid, unfulfilled performance obligations which are represented by the Casitas or installer training sessions that had not yet been delivered as of the date of the consolidated financial statements. Off-Balance Sheet Arrangements The Company did not have any off-balance sheet arrangements as of September 30, 2025 or December 31, 2024.

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Subsequent Events The Company has evaluated subsequent events from September 30, 2025 through November 14, 2025, the issuance date of the Company’s unaudited interim condensed consolidated financial statements, which have been updated as of December 16, 2025, below. Sales Activity Between October 1, 2025 and December 16, 2025, the Company shipped 14 units. As of December 16, 2025, there are currently 358 units that are under contract. On December 2, 2025, the Company entered into a purchase order agreement with Tesla, Inc. pursuant to a previously agreed upon work order for research and development and production of a modular amenities building. Product Approvals In November 2025, the Company received California approval for its 2BR Casita Model. Equity Events Subsequent to September 30, 2025, the Company issued the following:

| ● | 219 thousand shares of Series A-1 Preferred Stock for a dollar amount of $175 thousand as part of a legal settlement. Note that there were no cash proceeds received as these shares were issued as part of a legal settlement. |

For awards previously issued under the Company’s Amended 2021 Stock Incentive Plan, the Company recognized employee forfeitures of 3,568,452 RSUs and 1,408,450 Non-Qualified Stock Options subsequent to September 30, 2025. No additional grants of RSUs or Stock Options