Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 263

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 263
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 operations. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet were $ 1,944,000and $ 1,656,000, respectively, as of December 31, 2024 and 2023. Related Party Debt In 2021 and 2022, NLabs made loans to the Company evidenced by promissory notes aggregating $ 9,500,000(the “Bridge Notes”). Interest on the outstanding principal amount of the Bridge Notes accrued at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest was payable on the maturity date of the Bridge Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended to December 31, 2023, and was subsequently extended to September 30, 2024. The Company accounted for the extension as a modification of the Bridge Notes. Interest expense for the years ended December 31, 2024 and 2023 was $ 195,155and $ 237,500, respectively. F-54 Veea Inc. and Subsidiaries Notes to the Consolidated Financial Statements For the Years ended December 31, 2024 and 2023 In 2022 and 2023, NLabs made loans to the Company evidenced by promissory notes in the aggregate principal amount of $ 3,098,000(the “Promissory Notes” and collectively with the Bridge Notes, the “Related Party Notes”). Interest on the outstanding principal amount of the Promissory Notes accrued at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and interest on the Promissory Notes was repayable upon the earlier of demand and December 31, 2023. The Promissory Notes remained outstanding as of December 31, 2023 and was subsequently extended to September 30, 2024. Interest expense for the years ended December 31, 2024 and 2023 was $ 63,709and $ 78,087, respectively. At the Closing, the Related Party Notes were converted into shares of common stock at a price of $ 5.00per share of common stock, which shares were not considered Private Veea Shares and were in addition to the shares of common stock issued to holders of Private Veea Shares. See Note 4 “Recapitalization” for further information regarding the conversion of the Related Party