Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 184

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 184
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| Non-cash activities                                              |     |                          |             |   |     |      |             |   |
| Conversion of principal on convertible notes to preferred        
 stock - Series A-1                                               |     | $                        |   8,993,240 |   |     | $    |  57,676,825 |   |
| Conversion of interest on convertible notes to preferred         
 stock - Series A-1                                               |     | $                        |   1,955,957 |   |     | $    |  11,706,247 |   |
| Deferred financing costs incurred pursuant to issuance of        
 equity warrants                                                  |     | $                        |           - |   |     | $    |     253,816 |   |
| Conversion of notes payable to Series A-2 Preferred              
 Shares                                                           |     | $                        |   3,076,274 |   |     | $    |           - |   |
| Conversion of vendor payable to Series A-2 Preferred             
 Shares                                                           |     | $                        |   1,920,124 |   |     | $    |           - |   |
| Supplemental cash flow information                               |     |                          |             |   |     |      |             |   |
| Taxes paid                                                       |     | $                        |      13,070 |   |     | $    |      30,403 |   |
| Interest paid                                                    |     | $                        |     892,336 |   |     | $    |     353,604 |   |

<div align='center'>The accompanying notes are an integral part of these financial statements

F-8

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

1 - DESCRIPTION OF BUSINESS

Veea Inc. (together with subsidiaries collectively,
“Veea” or the “Company”) has developed a Smart platform that is capable of delivering a wide range of services
by intelligently connecting everyone and everything that is IoT-enabled, while making it possible for commercial and social connections
through its platform to offer more contextual, transactional and relevant data. The Company is a highly differentiated Platform-as-a-Service
(PaaS) company with a suite of innovative products and services that can serve many of Smart industries at the network edge.

The Company has three wholly
owned subsidiaries, and located in the United Kingdom (“U.K.”)with