Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 12

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 had an accumulated
deficit of $220.9 million as of June 30, 2025. Since its inception, the Company has incurred significant operating losses and negative
cash flows. The Company expects to continue to incur net losses as it continues to grow and scale its business. As of June 30, 2025, the
Company had cash of $238,008 and outstanding debt of $20.2 million, of which $750,000 was outstanding under the September 2024 Notes (as
defined below), $1.0 million was outstanding under the Crowdkeep Convertible Notes (as defined below), $14.0 million was outstanding under
the working capital facility, $2,626,000 was related party debt outstanding under the NLabs 2025 Notes (as defined below), and $1.8 million
was outstanding under a notes payable with an inventory vendor.

Although the Company has had recurring
losses each year since inception, the Company plans to fund its operations and capital funding needs for the next 12 months through a
combination of private and public equity and debt offerings, or a combination thereof, including (1) ) cash proceeds of approximately
$6.0 million from the Offering (as defined below), (2) the ELOC Program (as defined below)(3) the expected cash tax refund of up to $1.0
million in respect of the Company’s UK subsidiary’s 2023 and 2024 research and development activities, and (4)) potential
additional investments in the form of debt or equity to fund operating deficits from existing and/or new investors, including related
parties, which may include the Company’s CEO and his affiliates. The Company 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 approximately
$3.2 million 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 13 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