Note 15. Subsequent Events

Equipment and Software Purchases

In January 2025, the Company entered into a $2.9 million non-cancellable purchase agreement to acquire certain equipment and related maintenance services. Under the agreement, the Company is required to make 20% down payment before the equipment is shipped, with the remaining balance due by January 2026.

Additionally, the Company signed a separate purchase agreement with the same vendor for $2.8 million in software services and related support. Under this agreement, the Company is also required to make three equal payments of $1.0 million in January 2026, January 2027 and January 2028 for a 60-month service term beginning from January 2025 to January 2030.

Software Loan

In January 2025, the Company entered into a payment agreement with a financing entity to finance a purchase of $2.8 million of internal-use software licenses and related software support services from a vendor. The financing entity and vendor are not related. The payment agreement is non-interest bearing and the Company is obligated to repay the financed amount in three installments of $0.7 million in February 2025, $1.2 million in February 2026 and $0.9 million in February 2027.