Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 94

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 94
---
 on a consolidated basis, accompanied by disaggregated revenue information.
Accordingly, the Company has determined that it has a single reportable segment and operating segment. The majority of the Company’s
assets as of September 30, 2025 and December 31, 2024, were attributable to its U.S. operations. The Company’s long-lived assets
are based on the physical location of the assets. For the three months and nine months ended September 30, 2025, revenue was negligible
and not materially concentrated among customers.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories
in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional
disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual periods
beginning after December 15, 2024, on a prospective basis with the option to apply it retrospectively. Early adoption is permitted. The
adoption of this guidance results in the Company being required to include enhanced income tax-related disclosures. The Company adopted
this guidance effective January 1, 2025; however, as there is a full valuation allowance on its deferred tax assets, income tax disclosures
are not material to the condensed consolidated financial statements and are not included in this Quarterly Report on Form 10-Q but will
be evaluated quarterly going forward necessary disclosures.

In November 2023, the FASB issued ASU
2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand
the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by reportable
segment as well as the segment’s profit or loss measure(s) that are regularly provided to the chief operating decision maker (the
“CODM”) to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss measure
to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit or loss
that are not captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group or committee
identified as the CODM. This guidance requires retrospective