Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 103

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 103
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 associated with customer evaluations. The Company does not currently incur advertising costs. |

| ● | General and administrative expenses. General and administrative expenses consist of compensation expense (including stock-based compensation expense) for employees and executive management, and expenses associated with finance, tax, and human resources. General and administrative expenses also includes transaction costs, expenses associated with facilities, information technology, external professional services, legal costs and settlement of legal claims and other administrative expenses. |

| ● | Depreciation and amortization: Depreciation and amortization expense consists of depreciation of Veea’s property and equipment and amortization of Veea’s patents and other intellectual property. |

| ● | Impairment: Impairment consists of impairment charges related to our in-process research and development (“IPR&D”). |

Results of Operations

The following tables set
forth the results of our operations for the periods presented, as well as the changes between periods. The period-to-period comparison
of financial results is not necessarily indicative of future results.

For the three months ended September 30, 2024 compared to year ended September 30, 2023

The following table sets
forth Veea’s unaudited statements of operations data for the three and nine months ended September 30, 2024 and 2023, respectively.
Veea has prepared the three and nine-month data on a consistent basis with the audited consolidated financial statements as of and for
the years ended December 31, 2023 and 2022 included in the Form S-4/A filed with the SEC on May 13, 2024. In the opinion of Veea’s
management, the unaudited three- and nine-month financial information reflects all necessary adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of this data.

|                                                                                     |     | For the Three Months Ended | September 30, 
          2024 |   |     |   | September 30, 
          2023 |   |     |   |      Change |   |     | % |        |    |
|:------------------------------------------------------------------------------------|:----|:---------------------------|--------------:|:--|:----|:--|--------------:|:--|:----|:--|------------:|:--|:----|:--|-------:|:---|
| Revenues, net                                                                       |     | $                          |        50,683 |   |     | $ |     9,009,254