Company: VEEAW
Filing Date: 2025-07-23
Form Type: S-1
Source: 0001213900-25-066815
Chunk: 124

Company: VEEA INC.
Filing Date: 2025-07-23
Form: S-1
Chunk 124
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 on December 31, 2024 which was $3.81. These derivative instruments were entered into in 2024 related to the Business Combination. 75 Other expense Other expenses relate to immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December 31, 2024 and 2023. Interest expense Interest expense decreased by $3.5 million, or 66%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was due to loans coming to term or being converted into equity. Liquidity and Capital Resources During the three months ended March 31, 2025 and 2024, the Company incurred operating losses of $5.7 million and $6.1 million, respectively, and had an accumulated deficit of $213.5 million as of March 31, 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 March 31, 2025, the Company had cash of $247,341 and outstanding debt of $15.2 million, of which $750,000 was outstanding under the September 2024 Notes, $14.0 million was outstanding under the working capital facility, and $485,000 was related party debt outstanding under the NLabs 2025 Notes. Although we have incurred recurring losses each year since our inception, we believe investments, cash proceeds generated from this offering, the expected cash tax refund of approximately $1.0 million in respect of the Company’s UK subsidiary’s 2023 and 2024 research and development activities and potential additional investments in the form of debt or equity to fund operating deficits from existing investors, including related parties, which may include the Company’s CEO and his affiliates, ability to access capital markets and continued cost reduction measures will satisfy, through at least the next 12 months, our liquidity requirements, both in total and domestically, including the following: working capital needs (including inventory and other supply related payments), capital expenditures, investment requirements, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company, if at all.to pursue these plans, there is no assurance that the Company will be successful