Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 267

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 267
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 financing transaction with an unrelated third party. Interest expense for the three months ended
September 30, 2024 and 2023 was $ and $, respectively. Interest expense for the nine months ended September 30, 2024
and 2023 was $ and $, respectively.

<div align='center'>F-60

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

In 2022 and 2023, NLabs made loans to the
Company evidenced by promissory notes in the aggregate principal amount of $ (the “Promissory Notes” and collectively
with the Bridge Notes, the “Related Party Notes”). The Demand Notes bear interest on the outstanding principal amount at a
rate of % 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 and subsequently extended to September
30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was $

At the Closing, the Related Party Notes
were converted into shares of Common Stock at the Closing at a price of $ per share of Common Stock, which shares were not considered
Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. See Note 4 “Recapitalization” for further information regarding the conversion of the Related Party Notes.

CEO Expenses

The Company incurred expenses relating
to ordinary course travel expenses of the Company’s Chief Executive Officer and founder (“CEO”) for travel made by the
CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the CEO
in the aggregate amount of $ and $, respectively. During the nine months ended June 30, 2024, the Company paid the CEO $
in reimbursement of these expenses. The Company records the expenses as accrued expenses in the Company’s consolidated balance sheet.

12 - COMMITMENTS AND CONTINGENCIES

Purchase Commitments with Contract
Manufacturers and Suppliers

As of June 30, 2024, the Company had
no unconditional purchase obligations for the purchase of goods or