Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1226

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1226
---
 and NLabs made loans
to the Company in the aggregate amount of $826,000. Interest on the loan accrues at a rate of 10% per annum, calculated on the basis of
a 365-day year. Principal and accrued interest is payable on the earlier of demand or June 30, 2025.

13
- COMMITMENTS AND CONTINGENCIES

Purchase
Commitments with Contract Manufacturers and Suppliers

As
of June 30, 2024, the  Company did not have any unconditional purchase obligations for the purchase of goods or services from suppliers
and contract manufacturers. Unconditional purchase obligations are obligations that are enforceable and legally binding on the Company
and specify all significant terms, including quantities to be purchased, fixed, minimum, or variable price provisions and the approximate
timing of the transaction. Unconditional purchase obligations exclude agreements that are cancellable without penalty.

Leases

The Company leases office space in the U.S., including office space
from related parties as disclosed in Note 12  - Related Party Transactions. These leases expire at various dates through
2025. Under the terms of the various lease agreements, the Company may bear certain costs such as maintenance, insurance, and taxes. Lease
agreements may provide for increasing rental payments at fixed intervals. The Company’s CEO has guaranteed the obligations under
the office space leased in New Jersey. The  Company also leases offices in the United Kingdom and France and Mexico under short-term
arrangements of twelve months or less.

F-32

Veea
Inc. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

    Year
    ended December 31, 

    2024  
    2023 
  
    Lease cost: 

    Operating lease costs 

    Other than
    related parties 
    $269,915  
    $352,911 
  
    Related
    parties 
     524,599  
     483,592 
  
    Total 
     794,514  
     836,503 

    Short-term lease cost 

    Other than related parties 
     39,145  
     35,749 
  
    Related
    parties 
     -  
     - 
  
    Total 
     39,145  
     35,749 

    Variable lease cost 

    Other than related