Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 264

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 264
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 and conditions of the sublease remaining the same. The renewal term extended to December
31, 2024.

In February 2024, the Lease Agreement
was extended. The Company accrues rent for the office space. The Company recognized rent expense of $61,200 and $61,200 in
the three months ended September 30, 2024 and 2023, respectively, and $183,600 and $184,925 in the nine months ended September
30, 2024 and 2023, respectively, 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 $1,652,400 and $1,468,800, as of September 30, 2024 and December 31, 2023, respectively.

In April 2017 the Company entered into
a lease agreement with 83 Street LLC to lease office space for an initial term of 2 years. In 2018, the Company renewed
the lease for an additional 5-year term, with all other terms and conditions of the lease remaining the same. The renewal term expires
February 28, 2024 and was subsequently extended to December 31, 2024. The sole member of 83rd Street is the Salmasi 2004 Trust (the “Trust”).
As of December 31, 2023, the Trust holds approximately 15% of the Company’s outstanding capital stock. The Company’s CEO
is the grantor of the Trust. The Company accrues rent for the office space. The Company recognized rent expense of $72,000 all of which
is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss

Related Party Debt

In 2021 and 2022, NLabs made loans to
the Company evidenced by promissory notes aggregating $9,500,000 (the “Bridge Notes”). The Bridge Notes bear interest
on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension