Inventories (in thousands):

​

​

​

3.Balance Sheet Components, continued

​

Property and equipment, net (in thousands):

​

​

Depreciation and amortization expense for the three months ended September 30, 2024 and 2023 were approximately of $11,000 and $18,000, respectively. Depreciation and amortization expense for the nine months ended September 30, 2024 and 2023 were approximately $59,000 and $82,000, respectively.

Notes receivable:

On June 13, 2024, the Company entered into a Senior Secured Promissory Note and Security Agreement (“Promissory Note and Security Agreement”) with an unaffiliated third-party company (“the Borrower”). Pursuant to the Promissory Note and Security Agreement, the Company agreed to provide the Borrower with a term loan in the principal amount of $150,000 (“June 2024 Note”). The June 2024 Note matures on October 11, 2024. Borrowings under the June 2024 Note bear interest at a rate per annum equal to 5.12%. On the maturity date, subject to any extension, the Borrower will be obligated to make a payment equal to all unpaid principal and accrued interest. As described in Note 11 – Subsequent Events, on October 23, 2024, the Borrower and the Company agreed to amend the June 2024 Note maturity date to January 31, 2025.

On August 7, 2024, the Company entered into a second Promissory Note and Security Agreement with the Borrower. Pursuant to the Promissory Note and Security Agreement, the Company agreed to provide the Borrower with a term loan in the principal amount of $100,000 (“August 2024 Note”). The August 2024 Note matures on December 5, 2024. Borrowings under the August 2024 Note bear interest at a rate per annum equal to 5.12%. On the maturity date, subject to any extension, the Borrower will be obligated to make a payment equal to all unpaid principal and accrued interest. As described in Note 11 – Subsequent Events, on October 23, 2024, the Borrower and the Company agreed to amend the August 2024 Note maturity date to January 31, 2025.

On September 23, 2024, the Company entered into a third Promissory Note and Security Agreement with the Borrower. Pursuant to the Promissory Note and Security Agreement, the Company agreed to provide the Borrower with a term loan in the principal amount of $73,485 (“September 2024 Note”). The September 2024 Note matures on December 5, 2024. Borrowings under the June 2024 Note bear interest at a rate per annum equal to 5.12%. On the maturity date, subject to any extension, the Borrower will be obligated to make a payment equal to all unpaid principal and accrued interest. As described in Note 11 – Subsequent Events, on October 23, 2024, the Borrower and the Company agreed to amend the September 2024 Note maturity date to January 31, 2025.

The Company evaluates the collectability of the notes receivable regularly and assesses a need for an allowance for credit losses based on historical experience, current conditions, and reasonable forecasts. As of September 30, 2024, no allowance for credit losses has been deemed necessary for the outstanding notes receivable.

At September 30, 2024, the Company had recognized approximately $3,000 of interest income on the Notes Receivable.

There was no note receivable at December 31, 2023.

3.Balance Sheet Components, continued

Accrued liabilities (in thousands):

​

​