Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1070

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1070
---
 -  
     97,316 
  
    Total 
    $13,900,000  
    $(1,102,684) 
    $-  
    $12,797,316 

    December
    31, 2023 
    Principal  
    Debt
    Discount  
    Accrued
    Interest  
    Total 
  
    Revolving
    Loan Facility 
    $9,000,000  
    $              -  
    $-  
    $9,000,000 
  
    Other
    related party debt (Note 11) 
     12,598,000  
     -  
     2,272,993  
     14,870,993 
  
    Total 
    $21,598,000  
    $-  
    $2,272,993  
    $23,870,993 

F-22

Veea
Inc. and Subsidiaries

Notes
to the Consolidated Financial Statements 

For
the Years ended December 31, 2024 and 2023

Revolving
Loan Facility

In June 2021, the Company entered into
a revolving loan agreement (the “2021 Revolving Loan Agreement”)with First Republic Bank , which was subsequently acquired
by JPMorgan Chase, (the “Bank”) providing up to $14,000,000 of advances (collectively, the “Loan”). The Loan
accrues interest at a variable rate based on an index rate established by reference to the average 12-month trailing one-year US treasuries
plus a spread of 1.80% per annum and a minimum floor rate of 1.5% per annum. Interest is payable monthly in cash. The Company was not
required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien on certain personal
assets of the CEO. In consideration for the security provided by the CEO, the Company issued common stock warrants (the “Related
Party Common Stock Warrants”) to NLabs a significant shareholder of the Company (“NLabs”) in consideration for the
CEO’s guaranteeing the advances. See Note 12  – Related Party Transactions, Common Stock Warrants. In December
2023, the Company repaid $5,000,000 of the principal balance of the Loan. Following the acquisition of First Republic