Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 202

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 202
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2023.

Recent Accounting Pronouncements Not Yet Adopted

In June 2022, the FASB
issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions,” which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities
and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public
companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. This accounting standard update
is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.

In November 2023, the
FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which
will add required disclosures of significant expenses for each reportable segment, as well as certain other disclosures to help investors
understand how the chief operating decision maker (“CODM”) evaluates segment expenses and operating results. The new standard
will also allow disclosure of multiple measures of segment profitability if those measures are used to allocate resources and assess
performance. The amendments will be effective for public companies for fiscal years beginning after December 15, 2023, and
interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating
the impact of this accounting standard update on our consolidated financial statements.

In December 2023, the
FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated
information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard
is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation
decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. Early adoption
is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.

<div align='center'>F-18

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

4 - BALANCE SHEET COMPONENTS

Inventory

|                     |     | As of December 31, |       2023 |   |