Company: VEEAW
Filing Date: 2025-08-14
Form Type: 424B4
Source: 0001213900-25-076086
Chunk: 160

Company: VEEA INC.
Filing Date: 2025-08-14
Form: 424B4
Chunk 160
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’s condensed consolidated
balance sheets was $1,774,800 as of March 31, 2025 and $1,713,600 as of December 31, 2024.

In April 2017, Private Veea entered into a lease agreement with 83 Street
LLC to lease office space for an initial term of two years. The sole member of 83 Street LLC is the Salmasi 2004 Trust.
On December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s outstanding capital stock. Veea’s CEO is the
grantor of the Salmasi 2004 Trust. In 2018, Private Veea renewed the lease for an additional five-year term, with all other terms
and conditions of the lease remaining the same. The renewal term expired February 28, 2024, and was subsequently extended to December
31, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of $72,000 for each of the three
months ended March 31, 2025, which is classified as general and administrative expenses in the Company’s condensed consolidated
statements of operations and comprehensive income (loss). Accrued and unpaid rent expense included in the Company’s condensed consolidated
balance sheets was $2,016,000 and $1,944,000 as of March 31, 2025 and December 31, 2024, respectively.

Rent expense for the above
leases is reported as general and administrative expenses in Veea’s consolidated statements of operations.

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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
bore interest on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. The original maturity
date of 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 consumm