Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 236

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 236
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business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional
amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These
adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

Cash and Cash Equivalents

Cash balances are held in U.S. and
European banks. Cash balances held in the U.S. are insured by the Federal Deposit Insurance Corporation subject to certain limitations.
The Company maintains its cash balances in highly rated financial institutions. At times, cash balances may exceed federally insurable
limits.

Restricted Cash

The Company is not subject to any
contractual agreement that contains restrictions on the Company’s use or withdrawal of its cash or cash equivalents.

Revenue Recognition

The Company recognizes revenue based
on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.

The Company earns revenue from the
sale of its VeeaHub devices, licenses and subscriptions. The Company generated revenue of $50,683 and $9,009,254 for
the three months ended September 30, 2024 and 2023, respectively. The Company generated revenue of $108,264 and $9,040,359 for the nine
months ended September 30, 2024 and 2023, respectively. Other than $9 million of revenue generated from the license of AdEdge™
in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid pilots for our VeeaHub