Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 2019

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 9B
Chunk 2019
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 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 $63,709 and $78,087,
respectively.

At the Closing, the Related Party
Notes were converted into shares of common stock at a price of $5.00 per 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 Notes.

In
January 2023, Janice Smith, the Company’s Interim Chief Financial Officer and Chief Operating Officer, made a loan to Private Veea
in the aggregate principal amount of $50,000. The loan accrues interest on the outstanding principal amount at a rate of 10% per annum.
Principal and interest on the loans are repayable upon the earlier of demand and December 31, 2023. The loan was repaid in full in March
16, 2023.

In March and April 2025, the Company’s CEO and NLabs made loans
to the Company in the aggregate amount of $826,000. Interest on the loan accrues at a rate of 10% per annum, calculated on the basis of
a 365-day year. Principal and accrued interest is payable on the earlier of demand or June 30, 2025.

Common
Stock Warrants

In
consideration for the guarantee by the Company’s CEO of the Company’s obligations under the 2021 Revolving Loan Agreement
and a previously outstanding loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of 2,430,000 shares
of the Company’s common stock (the “Loan Guarantee Warrants”). The exercise price of the warrants is $.01 per share.
The warrants are exercisable