Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 183

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 183
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130 | ) |

<div align='center'>The accompanying notes are an integral part of these financial statements

F-7

Veea Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended December 31, 2023 and 2022</div>

| Cash flows from operating activities                             |     | Years ended December 31, 
 2023                     |             |   |     | 2022 |             |   |
|:-----------------------------------------------------------------|:----|:-------------------------|------------:|:--|:----|:-----|------------:|:--|
| Net loss                                                         |     | $                        | (15,638,589 | ) |     | $    | (35,200,039 | ) |
| Adjustments to reconcile net loss to net cash used for operating 
 activities:                                                      |     |                          |             |   |     |      |             |   |
| Depreciation and amortization                                    |     |                          |     818,203 |   |     |      |   1,879,398 |   |
| Amortization of debt issuance costs                              |     |                          |   2,010,298 |   |     |      |     753,232 |   |
| Impairment loss on investment                                    |     |                          |     174,066 |   |     |      |           - |   |
| Stock based compensation                                         |     |                          |     484,584 |   |     |      |     845,448 |   |
| Gain on forgiveness of Paycheck Protection Program loan          |     |                          |           - |   |     |      |  (1,238,145 | ) |
| Unrealized foreign currency transaction(gain) loss               |     |                          |  (1,332,914 | ) |     |      |   2,097,545 |   |
| Provision for inventory obsolescence                             |     |                          |     320,335 |   |     |      |     363,747 |   |
| Amortization of operating lease right of use assets              |     |                          |     793,209 |   |     |      |     739,694 |   |
| Loss on write off of property and equipment                      |     |                          |           - |   |     |      |      15,907 |   |
| Interest expense                                                 |     |                          |