Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 220

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 220
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 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. The maturity date of the Bridge Notes was extended to June 30, 2024. Refer to Note 17 - Subsequent Events.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 are 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 years ended December 31, 2023 and 2022 was $ 1,000,000and $ 843,690, respectively.

<div align='center'>F-28

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

10 - RELATED PARTY TRANSACTIONS(cont.)

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”). The Demand Notes bear interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and interest on the Promissory Notes is repayable upon the earlier of demand and December 31, 2023. The Demand Notes remained outstanding as of December 31, 2023. The maturity date of the Demand Notes was extended to June 30, 2024 Refer to Note 17 - Subsequent Events.Interest expense for the years ended December 31, 2023 and December 31, 2022 was $ 290,288and $ 5,356, respectively.

Under the terms of the Business
Combination Agreement with Plum, at closing the Bridge Notes and Demand Notes will be converted into newly-issued Plum securities at
a price of $ per share. Shares issued upon conversion of the Bridge Notes and the Demand Notes are not included as part of the consideration
issued to holders of Company’s capital stock.

In January 2023, the
Company’s Chief Operating Officer made a loan to the Company in the aggregate principal amount of $. The loan accrues interest
on the outstanding principal amount at a rate of % per annum. Principal and