Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 244

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 244
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 the
Bridge Notes was December 31, 2022, which was extended to December 31, 2023, which was subsequently extended to September 30, 2024. The
Company accounted for the extension as a modification of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on
the Bridge Notes was due and payable upon the date of the first to occur of (i) the maturity date and (ii) the consummation of a debt
or equity financing transaction with an unrelated third party. Interest expense for the three months ended March 31, 2024 was $237,500.

In 2022 and 2023, NLabs made loans
to the Company evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes” and
collectively with the Bridge Notes, the “Related Party Notes”). The Promissory Notes bore interest on the outstanding principal
amount at a rate of 10% per annum, calculated on the basis of a 365-day year. The unpaid principal amount and accrued interest on the
Promissory Notes was due and payable upon the earlier of demand and December 31, 2023, which was subsequently extended to September 30,
2024. Interest expense for the three months ended March 31, 2024 was $57,963.

<div align='center'>F-18</div>

At the Closing in September 2024,
the Related Party Notes were converted into shares of Common Stock at a price of $5.00 per share, which shares were not considered Existing
Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. Thus, there was no interest
expense recorded for the three months ended March 31, 2025, for the Related Party Notes. See Note 4 for further information regarding
the conversion of the Related Party Notes.

During the three months ended March
31, 2025, NLabs made loans to the Company in the aggregate amount of $485,000 (the “March NLabs Notes”). Interest on the
loans accrue at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest is payable on
the earlier of demand or June 30, 2025. In April 2025, NLabs made additional loans in the aggregate amount of $341,000 (collectively
with the