Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 222

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 222
---
 expects it will be able to fund its
operations over the next twelve months and has a reasonable basis to believe it has alleviated substantial doubt regarding its ability
to continue as a going concern. Since January 1, 2025, the Company has received $826,000 in additional loans from related parties and
$1.0 million in loans from unrelated parties in connection with the consummation of the acquisition of Crowdkeep. See Note 12 and Note
17 for additional information. Although management continues to pursue these plans, there is no assurance that the Company will be successful
in obtaining sufficient funding on terms acceptable to the Company, if at all.

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”)
for interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial
statements in accordance with GAAP have been omitted. In the opinion of management, all adjustments considered necessary for a fair presentation
have been included.

All significant intercompany balances
and transactions have been eliminated in consolidation. We consolidate any variable interest entity (“VIE”) where we have
determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities
of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits
of the entity that could potentially be significant to the VIE. The Company has one VIE, VeeaSystems MX. Transactions with VeeaSystems
MX were immaterial during all the period presented and are not separately disclosed.

The condensed consolidated balance
sheet as of March 31, 2025, has been derived from the unaudited consolidated financial statements at that date, but does not include all
disclosures, including notes, required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial
statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company’s
Annual Report on Form 10-K for its year ended December 31, 2024.

Basis of Accounting

The accompanying condensed consolidated
financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted