Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 14

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 14
---
 determination of the allowance for credit
losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair value of warrants; the fair
value of acquisition-related contingent consideration arrangements; the fair value of the ELOC; unrecognized tax benefits; legal contingencies;
the incremental borrowing rate for the Company’s leases; and the valuation of stock-based compensation, among others.

Emerging Growth Company Status

The Company is an emerging growth company,
as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued
subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to
use this extended transition period for complying with new or revised accounting standards that have different effective dates for public
and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably
opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to
companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Segment Information

The Company operates as a single operating
segment. The chief operating decision maker is the Company’s Chief Executive Officer, who makes resource allocation decisions and
assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated revenue information.
Accordingly, the Company has determined that it has a single reportable segment and operating segment. The majority of the Company’s
assets as of June 30, 2025 and December 31, 2024, were attributable to its U.S. operations. For the three months ended June 30, 2025,
one customer accounted for more than 10% of the Company’s consolidated revenues. For the six months ended June 30, 2025, two customers
accounted for more than 10% of the Company’s consolidated revenues. The Company’s long-lived assets are based on the physical
location of the assets.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories
in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional
disclosures on income tax