Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 471

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 471
---
Agreements

On March 1, 2014, Private Veea entered into a sublease agreement with NLabs
Inc., an affiliate of Private Veea’s CEO (“NLabs”) for office space for an initial term of five years.
At December 31, 2024, NLabs held approximately 26% of Veea’s outstanding capital stock. In 2018, Private Veea renewed the sublease
for an additional five-year term with all other terms and conditions of the sublease remaining the same. The renewal term expired February 28,
2024 and was subsequently extended to June 30, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized
rent expense of approximately $244,000 and $237,000, respectively, for the years ended December 31, 2024 and 2023, all of which is classified
as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. Accrued and
unpaid rent expense included in the Company’s consolidated balance sheet was $1,713,600and $1,468,800, respectively, as of December
31, 2024 and 2023.

In April 2017, Private Veea entered into a lease agreement with 83rd  Street
LLC to lease office space for an initial term of two years. The sole member of 83rd  Street is the Salmasi 2004 Trust.
At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s outstanding capital stock. Veea’s CEO is the
grantor of the Salmasi 2004 Trust. In 2018, Private Veea renewed the lease for an additional five-year term, with all other terms and
conditions of the lease remaining the same. The renewal term expired February 28, 2024 and was subsequently extended to December 31, 2024.
Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of approximately $281,000 and $247,000,
respectively, for the years ended December 31, 2024 and 2023, all of which is classified as general and administrative expenses in the
Company’s consolidated statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company’s
consolidated balance sheet was $1,944,000 and $1,