Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 89

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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ase Agreements

On March 1, 2014, Private Veea entered
into a sublease agreement with NLabs Inc., an affiliate of the Company’s CEO that held approximately 33% of the Company’s
outstanding capital stock at December 31, 2024, for office space for an initial term of five years. In 2018, Private Veea renewed the
sublease for an additional five-year term, with all other terms and conditions of the sublease remaining the same. The renewal term expired
February 28, 2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The
Company recognized rent expense of $61,200 for each of the three months ended March 31, 2025 and 2024, which was classified as general
and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss). Accrued
and unpaid rent expense included in the Company’s condensed consolidated balance sheets was $1,774,800 as of March 31, 2025 and
$1,713,600 as of December 31, 2024.

In April 2017, Private Veea entered
into a lease agreement with 83rd Street LLC to lease office space for an initial term of two years. The sole member of
83rd Street LLC is the Salmasi 2004 Trust. At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s
outstanding capital stock. Veea’s CEO is the grantor of the Salmasi 2004 Trust.  In 2018, Private Veea renewed the lease for
an additional five-year term, with all other terms and conditions of the lease remaining the same. The renewal term expired February 28,
2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized
rent expense of $72,000 for each of the three months ended March 31, 2025, which is classified as general and administrative expenses
in the Company’s condensed consolidated statements of operations and comprehensive income (loss). Accrued and unpaid rent expense
included in the Company’s condensed consolidated balance sheets was $2,016,000 and $1,944,000 as of March 31, 202