FG Merger II Corp. (FGMC) is a blank check SPAC incorporated in Nevada, with no operating business. As of March 31, 2026, the balance sheet is dominated by a single grantor trust structure: $80,800,000 was deposited into a Trust Account at IPO closing (January 30, 2025) at $10.10 per unit, invested in a U.S. Treasury-focused money market fund. Under the liquidation lens, the Trust Account assets are the only meaningful recovery pool. At a 100% haircut applied to cash/money market equivalents, the trust balance as of March 31, 2026 is the primary liquidation asset. The company reports a cash balance outside trust of $243,235. Trust interest earned through Q1 2026 was $722,224, with $161,164 in estimated income tax expense accrued against that income. The company has withdrawn $1,200,000 from trust income through March 31, 2026 (per MD&A), with a subsequent $147,244 tax withdrawal on April 1, 2026. The net trust balance recoverable to public shareholders at liquidation is therefore the original $80,800,000 plus net interest less taxes and working capital withdrawals. Filing does not separately tag the current trust balance as a standalone XBRL line item, but narrative confirms the trust remains intact and invested. The material liability to identify under the liquidation lens is the deferred underwriting commission of $2,800,000 (3.5% of $80,000,000 gross proceeds), payable only upon Business Combination completion. Under a true liquidation scenario where no Business Combination closes, this deferred commission does not become payable, which is a meaningful distinction: it does not reduce trust proceeds available to public shareholders on winding up. The sponsor promissory notes have been fully repaid as of March 31, 2026 ($0 outstanding). G&A run-rate is $273,298 for Q1 2026, up from $126,856 in Q1 2025, reflecting merger transaction costs accumulating. The BOXABL merger agreement (signed August 4, 2025, consideration valued at $3.5B at $10/share) has been extended twice, now to July 31, 2026. The IPO combination deadline is 24 months from January 30, 2025, i.e., January 30, 2027. Recovery to non-redeemable equity (founder shares, private units, advisor units, underwriter units) is zero on winding up per the terms described in the filing; those shares do not participate in liquidating distributions. The MFFAIS CLV/LLV/OLV of $836,053 reflects only the $243,235 cash outside trust plus minimal other current assets, not the trust balance, which is separately classified as temporary equity collateral for public shareholders. The trust is the dominant recovery asset for public shareholders, not for the non-redeemable equity stack. The filing discusses deferred underwriting commission and trust withdrawals in MD&A but does not separately tag these items in XBRL beyond what appears in TAG_CONTEXT.
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