Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 190

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 190
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 funding is required to execute the Company’s business plan, the Company expects to seek to obtain that additional
funding through a combination of private equity offerings, debt financings or a combination thereof. There can be no assurance as to
the availability or terms upon which such financing and capital might be available.

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company consolidates a variable interest
entity (“VIE”) when the Company possesses both the power to direct the activities of the VIE that most significantly impact
its economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially
be significant to the VIE. All significant intercompany transactions and balances have been eliminated in consolidation.

Basis of Accounting

The accompanying consolidated
financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States
of America (“GAAP”).

Use of Estimates

Management of the Company
is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in
accordance with GAAP. The Company believes that these estimates, judgments and assumptions are reasonable under the circumstances.
These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related
disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect
amounts reported in future periods. On an ongoing basis, the Company evaluates its estimates and judgments including those related to:
liquidity and going concern, the useful lives and recoverability of property and equipment and definite-lived intangible assets; the
recoverability of goodwill and indefinite-lived intangible assets; the carrying value of accounts receivable, including the determination
of the allowance for credit losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair
value of warrants; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; legal contingencies;
the incremental borrowing rate for the Company’s leases; and the valuation of stock-based compensation, among others.

<div align='center'>F-10

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

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)