Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 162

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 162
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 Notes bore interest on the
outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year. The unpaid principal amount and accrued
interest on the Promissory Notes was due and payable upon the earlier of demand and December 31, 2023, which was subsequently extended
to September 30, 2024. Interest expense for the three months ended March 31, 2024 was $57,963.

At the Closing in September
2024, the Related Party Notes were converted into shares of common stock at a price of $5.00 per share, which shares were not considered
shares of Private Veea and were in addition to the shares of common stock issued to holders of shares of Private Veea. Thus, there was
no interest expense recorded for the three months ended March 31, 2025, for the Related Party Notes. See Note 4 for further information
regarding the conversion of the Related Party Notes.

During
the three months ended March 31, 2025, NLabs made loans to the Company in the aggregate amount of $485,000 (the “March NLabs Notes”). Interest on the loans accrue at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal
and accrued interest is payable on the earlier of demand or June 30, 2025. In April 2025, NLabs made additional loans in the aggregate
amount of $341,000 (collectively with the March NLabs Notes, the “2025 NLabs Notes”).

Private Veea Common Stock Warrants

In consideration for the
guarantee by the Company’s CEO (then CEO of Private Veea) of Private Veea’s obligations under the certain revolving loan
agreement and a previously outstanding loan agreement with First Republic Bank, which was subsequently acquired by JPMorgan Chase, Private
Veea issued warrants to purchase an aggregate of 2,430,000 shares of Private Veea’s common stock (the “Loan Guarantee Warrants”). The exercise price of the warrants is $0.01 per share. The warrants are exercisable for a period of seven years.
The warrants were equity classified and had a fair value of $2,189,014 on the date of grant which is recognized as deferred cost and
amortized to interest expense over the life of the loan agreements.

In December 2021, Private
Veea issued warrants to purchase