Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 270

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 270
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 until they are exercised. As of September 30, 2024, the Private Placement Warrants are presented
within warrants sheet.

Legacy Veea Warrants

Upon the closing of the Business
Combination the Company’s equity-classified Common stock warrants were recasted and fully exercised.

Upon the closing of the Business Combination the Company’s
equity-classified Preferred stock warrants were recasted and adjusted for the anti-dilutive shares leaving the Company with 79,654 shares
in the money. The Public Warrants were initially classified as a derivative liability instrument

<div align='center'>F-59

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

11 - RELATED PARTY
TRANSACTIONS

Lease Arrangements

On March 1, 2014, the Company entered
into a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately 38.5% of the Company’s outstanding
capital stock (“NLabs”) for office space for an initial term of 5 years. In 2018, the Company renewed the sublease for an
additional 5-year term with all other terms and conditions of the sublease remaining the same. The renewal term extended to December
31, 2024.

In February 2024, the Lease Agreement
was extended. The Company accrues rent for the office space. The Company recognized rent expense of $61,200 and $61,200 in
the three months ended September 30, 2024 and 2023, respectively, and $183,600 and $184,925 in the nine months ended September
30, 2024 and 2023, respectively, all of which is classified as general and administrative expenses in the Company’s consolidated
statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company’s consolidated balance
sheet was $1,652,400 and $1,468,800, as of September 30, 2024 and December 31, 2023, respectively.

In April 2017 the Company entered into
a lease agreement with 83 Street LLC to lease office space for an initial term of 2 years. In 2018, the Company renewed
the lease for an additional 5-year term, with all other terms and conditions of the lease remaining the same. The