Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 194

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 194
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 may cancel master purchase agreements under certain
circumstances, customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase
order is therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders
do not commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications
as no revenue is recognized until control over products, or intellectual property, as applicable, has transferred to the customer.

The Company has service
arrangements where net sales are recognized over time. These arrangements include a variety of post-contract support service offerings,
which are generally recognized over time as the services are provided, including maintenance and support services, and professional services
to help customers maximize their utilization of deployed systems.

A contract liability for
deferred revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of
goods or services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received
from customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
were not significant as of December 31, 2023 and December 31, 2022.

Disaggregation of Revenue

|               |     | Years Ended December 31, |      2023 |     |   |    2022 |
|:--------------|:----|:-------------------------|----------:|:----|:--|--------:|
| Hardware, net |     | $                        |    22,612 |     | $ | 188,244 |
| License       |     |                          | 9,006,716 |     |   |   6,531 |
| Subscription  |     |                          |       243 |     |   |   5,366 |
| Others        |     |                          |    42,559 |     |   |  23,911 |
| Total revenue |     | $                        | 9,072,130 |     | $ | 224,052 |

|                   |     | Years Ended December 31, |      2023 |     |   |    2022 |
|:------------------|:----|:-------------------------|----------:|:----|:--|--------:|
| United States     |     | $                        |    52,133 |     | $ | 175,327