Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 2480

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 12
Chunk 2480
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individual or name of the group or committee identified as the CODM. We adopted the ASU on January 1, 2024, and the adoption did not
have a material impact on the Company’s consolidated financial statements.

Recent
Accounting Pronouncements Not Yet Adopted

In
December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU requires
that an entity disclose specific categories in the effective tax rate reconciliation as well as reconciling items that meet a quantitative
threshold. Further, the ASU requires additional disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction.
The new standard is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply it
retrospectively. Early adoption is permitted. The adoption of this guidance will result in the Company being required to include enhanced
income tax related disclosures. The Company is currently evaluating the impact this standard will have on its consolidated financial
statements.

In
November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
(Subtopic 220-40):Disaggregation of Income Statement Expenses" ("ASU 2024-03"). The standard requires additional disclosure
of certain costs and expenses within the notes to the financial statements. The provisions of the standard are effective for annual reporting
periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.
This accounting standards update may be applied either prospectively or retrospectively. The Company is currently evaluating the impact
this standard will have on its consolidated financial statements.

4
- REVERSE RECAPITALIZATION

As discussed in Note 1, “Organization and Business Operations”,
the Business Combination was consummated on September 13, 2024, which, for accounting purposes, was treated as the equivalent of Private
Veea issuing stock for the net assets of Plum, accompanied by an equity recapitalization of Private Veea. Under this method of accounting,
Plum was treated as the acquired company for financial accounting and reporting purposes under GAAP. This determination was primarily
based on the assumption that:

●Private Veea’s current shareholders will hold a majority of the
voting power of New Plum (“New Plum”)