Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 218

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 218
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28, 2024.

The expiration date of the Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events. The Company accrues rent for the office space. The Company recognized rent expense of $ 237,025in each of the years ended December 31, 2023 and 2022, all of which is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $ 1,468,800and $ 1,224,000, as of December 31, 2023 and 2022, respectively.

In April 2017 the Company entered into a lease agreement with 83 rdStreet LLC to lease office space for an initial term of 2years. In 2018, the Company renewed the lease for an additional 5-year term, with all other terms and conditions of the lease remaining the same. The renewal term expires February 28, 2024. The expiration date of Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events.The sole member of 83 rdStreet is the Salmasi 2004 Trust (the “Trust”). As of December 31, 2023, the Trust holds approximately 15% of the Company’s outstanding capital stock. The Company’s CEO is the grantor of the Trust. The Company accrues rent for the office space. The Company recognized rent expense of $ 246,567in each of the years ended December 31, 2023 and 2022, all of which is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $ 1,656,000and $ 1,368,000, as of December 31, 2023 and 2022, respectively.

Convertible Notes, related party

In February 2023, convertible
notes issued to Korea Information and Communications Co., Ltd. (“KICC”) totaling $, which included interest accrued
and compounded through December 31, 2022, converted into shares of Series A-1 Preferred Stock. The convertible notes
were issued to KICC under convertible note purchase agreement entered into in 2019 with other holders, including NLabs, and in exchange
for deposits made by KICC under certain agreements between