Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 261

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 261
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 computing and communications during the 2010s; and
beyond with the Company.

6

The Company has six wholly owned subsidiaries, VeeaSystems Inc., formerly
known as Veea Inc. a Delaware corporation, (“Private Veea”), Veea Solutions Inc., a Delaware corporation, VeeaSystems Development
Inc., formerly known as Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under the laws of England and
Wales, VeeaSystems SAS, a French simplified joint stock company and VeeaSystems CK Inc., a Delaware corporation; and one majority owned
subsidiary, VeeaSystems Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico (“VeeaSystems MX”).
VeeaSystems MX is 95% owned by VeeaSystems Inc., and due to local law requirements, the remaining 5% is held by the Company’s CEO.
The Company is headquartered in New York City with offices in the United States, Mexico and Europe.  

2 - LIQUIDITY AND MANAGEMENT’S PLAN

During the three months ended June
30, 2025 and 2024, the Company incurred operating losses of $4.9 million and $6.8 million, respectively, and during the six months ended
June 30, 2025 and 2024, the Company incurred operating losses of $10.7 million and $12.4 million, respectively, and had an accumulated
deficit of $220.9 million as of June 30, 2025. Since its inception, the Company has incurred significant operating losses and negative
cash flows. The Company expects to continue to incur net losses as it continues to grow and scale its business. As of June 30, 2025, the
Company had cash of $238,008 and outstanding debt of $20.2 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, $2,626,000 was related party debt outstanding under the NLabs 2025 Notes (as defined below), 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