Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 133

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 133
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 Private Veea evidenced by promissory notes aggregating $9,500,000 (the “Bridge Notes”). Interest on the outstanding
principal amount of the Bridge Notes accrued at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued
interest was payable on the maturity date of the Bridge Notes. The original maturity date of the Bridge Notes was December 31, 2022, which
was extended to December 31, 2023, and was subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. Interest expense for the years ended December 31, 2024 and 2023 was $195,155 and $237,500, respectively.

78

In 2022 and 2023, NLabs made
loans to Private Veea evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes”
and collectively with the Bridge Notes, the “Related Party Notes”). Interest on the outstanding principal amount of the Promissory
Notes accrued at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and interest on the Promissory Notes was
repayable upon the earlier of demand and December 31, 2023. The Promissory Notes remained outstanding as of December 31, 2023 and was
subsequently extended to September 30, 2024. Interest expense for the years ended December 31, 2024 and 2023 was $63,709 and $78,087,
respectively.

At the Closing, the Related Party
Notes were converted into shares of common stock at a price of $5.00 per share of common stock, which shares were not considered Private
Veea Shares and were in addition to the shares of common stock issued to holders of Private Veea Shares. See Note 4 “Recapitalization”
for further information regarding the conversion of the Related Party Notes.

In
January 2023, Janice Smith, the Company’s Interim Chief Financial Officer and Chief Operating Officer, made a loan to Private Veea
in the aggregate principal amount of $50,000. The loan accrues interest on the outstanding principal amount at a rate of 10% per annum.
Principal and interest on the loans are repayable upon the earlier of demand and December 31, 2023.