Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 15

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 $17.5 million, of which $750,000 was outstanding under the September 2024 Notes (as defined
below), $1.0 million was outstanding under the Crowdkeep Convertible Notes (as defined below), $14.0 million was outstanding under the
working capital facility, and $1.8 million was outstanding under a notes payable with an inventory vendor.

Although the Company has had recurring
losses each year since inception, the Company plans to fund its operations and capital funding needs for the next 12 months with revenue
generated from operations and through a combination of private and public equity offerings including, without limitation, anticipated
revenue generated under the Supply Agreement entered into with Telcel, the proceeds of the Company’s Common Stock Offering completed
on August 14, 2025, receipt of the cash tax refund of approximately $1.2 million in respect of the Company’s UK subsidiary’s
2023 and 2024 research and development activities, and potential additional investments in the form of debt or equity to fund operating
deficits from existing and/or new investors, including related parties, which may include the Company’s CEO and his affiliates.

Based in part on the above-referenced
opportunities and initiatives, the Company has a reasonable basis to believe it has alleviated substantial doubt regarding its ability
to continue as a going concern. Although management continues to pursue these plans, there is no assurance that the Company will be successful
in obtaining sufficient funding on terms acceptable to the Company, if at all.

7

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for
interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements
in accordance with GAAP have been omitted. In the opinion of management, all adjustments considered necessary for a fair presentation
have been included.

All significant intercompany balances
and transactions have been eliminated in consolidation. We consolidate any variable interest entity (“VIE”) where we have
determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities
of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation