Company: VEEAW
Filing Date: 2025-08-14
Form Type: 424B4
Source: 0001213900-25-076086
Chunk: 126

Company: VEEA INC.
Filing Date: 2025-08-14
Form: 424B4
Chunk 126
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 is comprised of the fair value adjustment to the conversion option, and earn-out shares at balance sheet date. The gain on
the change in fair value of conversion note option liability of $59,000 for the three months ended March 31, 2025, was determined using
a Black-Scholes option pricing model. The gain on the change in fair value of warrant liabilities of $420,497 for the three months ended
March 31, 2025, was determined based on the trading value of the public warrants. The gain on the change in fair value of the Earn-Out
Share Liability (as defined below) of $10,530,000 for the three months ended March 31, 2025, was determined using a Monte Carlo simulation.
A significant driver of the changes in fair value was due to the decline in the Company’s stock price.

Other expense

Other expenses relate to
immaterial non-operating expenses incurred during the period. These amounts were immaterial for the three months ended March 31, 2025
and 2024.

Interest expense

Interest expense increased
by $489,716, or 107%, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was due
to additional draws on our revolving line of credit.

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For the year ended December 31, 2024 compared to year ended December 31, 2023:

|                                                            |     |   | December 31, 
         2024 |   |     |   | December 31, 
         2023 |   |     |   |   Variance 
          $ |   |     |     | Variance 
        % |   |
|:-----------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|:----|:--|-----------:|:--|:----|:----|---------:|:--|
| Sales, net                                                 |     | $ |      141,760 |   |     | $ |    9,072,130 |   |     | $ | (8,930,370 | ) |     |     |      -98 | % |
| Cost of Goods Sold                                         |     |   |       83,290 |   |     |   |      466,802 |   |     | $ |