Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 253

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 253
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 carts (the “Units”), for a purchase price per Unit not to exceed $ 800. The Company paid iFree a deposit of $ 5million for the Units, which is to be refunded to the Company if the Units are not delivered to the Company on or before June 30, 2024. iFree granted the Company a security interest in the Units until delivery to the Company. The units were not delivered by June 30, 2024. On September 11, 2024 the Company and iFree signed an agreement providing for the return of the Company’s downpayment by November 15, 2024, which is being extended to year end December 31, 2024. Upon the return of the Company’s downpayment the Purchase Agreement will terminate.

Property and Equipment, net

|                                    |     |   | September 30, 
          2024 |   |     |   | December 31, 
         2023 |   |
|:-----------------------------------|:----|:--|--------------:|:--|:----|:--|-------------:|:--|
| Furniture and fixtures             |     | $ |       704,660 |   |     | $ |      683,763 |   |
| Computer equipment                 |     |   |       320,130 |   |     |   |      300,101 |   |
| Leasehold improvements             |     |   |       390,742 |   |     |   |      390,742 |   |
| Total property and equipment gross |     |   |     1,415,712 |   |     |   |    1,374,606 |   |
| Less - Accumulated depreciation    |     |   |    (1,163,559 | ) |     |   |     (997,939 | ) |
| Total property and equipment net   |     | $ |       252,153 |   |     | $ |      376,667 |   |

Total depreciation expense for the three months ended September
30, 2024 and 2023 totaled approximately $ and $, respectively.

<div align='center'>F-53

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

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

Total depreciation expense for the nine months ended September
30, 2024 and