Company: VEEAW
Filing Date: 2025-07-23
Form Type: S-1
Source: 0001213900-25-066815
Chunk: 247

Company: VEEA INC.
Filing Date: 2025-07-23
Form: S-1
Chunk 247
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 336,643 |     |   |      336,643 |
| Other current assets       |     |   |          712 |     |   |            - |
| Total                      |     | $ |    5,649,594 |     | $ |      513,670 |

In January 2024, the Company placed an
inventory order and paid a $ million deposit against the order. The inventory was to be delivered on or before June 30, 2024. The
inventory was not delivered by such date; and as a result, the Company is entitled to a refund of its deposit. The Company was granted
a security interest in the purchased inventory. Upon the return of the Company’s down payment, the order will terminate. As of
December 31, 2024, the deposit has not been returned. The Company expects the return of the deposit before June 30, 2025.

Property and Equipment, net

Property and equipment, net consists of the following:

|                                 |     |   |   December 
        31, 
       2024 |   |     |   |  December 
       31, 
      2023 |   |
|:--------------------------------|:----|:--|-----------:|:--|:----|:--|----------:|:--|
| Furniture and fixtures          |     | $ |    702,122 |   |     | $ |   683,763 |   |
| Computer equipment              |     |   |    327,166 |   |     |   |   300,101 |   |
| Leasehold improvements          |     |   |    390,742 |   |     |   |   390,742 |   |
| Total property and equipment    
 gross                           |     |   |  1,420,030 |   |     |   | 1,374,606 |   |
| Less - Accumulated depreciation |     |   | (1,209,401 | ) |     |   |  (997,939 | ) |
| Total property and equipment    
 net                             |     | $ |    210,629 |   |     | $ |   376,667 |   |

Total depreciation expense for the years ended December 31, 2024 and 2023, totaled approximately $ 212,000and $ 226,000, respectively.

F-43 Veea Inc. and Subsidi