Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 998

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 998
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31, 2024 and 2023, we had an accumulated deficit of $217.8 million and $170.3 million, respectively.

As
of December 31, 2024 and 2023, we had cash of $1.7 million and $6.0 million, respectively. As of December 31, 2024 we had $13.9 million
outstanding debt, of which approximately $1.2 million was outstanding under the September 2024 Notes and $12.7 million was outstanding
under our working capital facility.

During
the year ended December 31, 2024 compared to the year ended December 31, 2023, the Company has incurred net losses of $47.5 million and
$15.6 million, respectively, and had an accumulated deficit of $217.8 million as of December 31, 2024. The Company expects to continue
to incur net losses as it continues to grow and scale its business. Historically, the Company’s activities have been financed through
private placements, of equity securities and debt to related parties. 

Although we have incurred recurring losses each
year since our inception, we plan to fund our operations and capital funding needs through a combination of private and public equity
and debt offerings, or a combination thereof, including, (1) available cash proceeds from equity sales under the ELOC Program, (2) cash
proceeds from a substantial strategic investment anticipated to close in the second quarter of 2025, and (3) savings from planned expense
reduction measures.

Taking into account these plans as well as (1) the expected cash tax
refund of up to $2.0 million in respect of the Company’s UK subsidiary’s 2023 and 2024 research and development activities,
(2) the anticipated refund by June 30, 2025, of up to $5.0 million of the Company’s prepayment for purchased inventory and (3) 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, the Company expects it will be able to fund its operations over the next twelve
months. 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.

Non-GAAP
Financial Measures

To
supplement our consolidated financial statements,