Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 286

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 286
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30, 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 $1,836,000 as of June 30, 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 $144,000 for each of the six months ended June 30, 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 $2,088,000 and $1,944,000 as of June 30, 2025 and December 31, 2024,
respectively.

Related Party Debt 

At the Closing of the Business Combination,
promissory notes evidencing loans made by NLabs to the Company from 2021 through the Closing (the “Related Party Notes”) in
the aggregate amount, including accrued interest, of $15,739,897, were converted into shares of Common Stock at a price of $5.00 per share,
which shares were not considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing
Veea Shares. See Note 4 for further information regarding the conversion of the Related Party Notes. 

During the six months ended June 30, 2025, NLabs made loans to the
Company in the aggregate principal amount