Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 249

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 249
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 Company’s uncertain tax positions. It is not expected that there will be a significant change in uncertain tax positions for the nine months ended September 30, 2024 and for the year ended December 31, 2023, respectively.

Foreign Operations and Foreign
Currency Translation

The currency of the primary economic
environment in which the operations of the Company and its U.S. subsidiaries are conducted is the United States dollar (“USD”).
Accordingly, the Company and all of its U.S. subsidiaries use USD as their functional currency. The results of the Company’s non-U.S.
subsidiaries, whose functional currency are the local currencies of the economic environment in which they operate, are translated into
USD in accordance with GAAP.

<div align='center'>F-49

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

Assets and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates during the year. Differences resulting from translation are presented in equity as accumulated other comprehensive loss. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Foreign currency transaction (gain) loss, mainly related to intercompany transactions, is included in the consolidated statements of operations. For the three months ended September 30, 2024 and September 30, 2023 transactions (gain) loss were $(1,831,743) and $926,965, respectively. For the nine months ended September 30, 2024 and September 30, 2023 such amounts were $(1,343,640) and $(86,019), respectively.

Comprehensive Loss

Comprehensive loss consists of two
components, net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue, expenses,
gains, and losses that under GAAP are recorded as an element of stockholders’ deficit but are excluded from net loss. The Company’s
other comprehensive loss consists of foreign currency translation adjustments that result from the consolidation of its foreign subsidiaries
and is reported net of tax effects.

Investments

The Company holds non-marketable equity
and other investments (“privately held investments”) which are included in noncurrent assets in the Company’s consolidated
balance sheet. The Company monitors these investments for impairments