SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Subsequent funding activities

From third quarter end to the date of issuance of the financial statements in this Report, the Company received $3,297 of short-term bank borrowings and $6,665 of long-term bank borrowings.

Subsequent settlement agreements with creditors

Subsequent to September 30, 2024, and up to the issuance date of these financial statements, the Group has entered into several settlement agreements with certain suppliers with payables totaling approximately $4,346 as of September 30, 2024. Under these agreements, the group has received concessions that forgive certain contractually owed amounts and allow for deferred payment schedules. Through these settlements, a total payable concession of approximately $1,036 was achieved, resulting in a net settlement of $3,310. The remaining balances will generally be paid in monthly installments over the next twelve months. The Group is currently assessing the accounting impact of these settlements.