Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 249

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 249
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   |            - |
| Total                              |     | $ |     5,618,900 |     | $ |      513,670 |

On January 15, 2024, the Company entered into a Purchase Agreement with iFREE Group Holdings Limited (“iFree”) to purchase up to 6,250 next generation TROLLEE™ smart retail carts (the “Units”), for a purchase price per Unit not to exceed $800. The Company paid iFree a deposit of $5 million for the Units, which is to be refunded to the Company if the Units are not delivered to the Company on or before June 30, 2024. iFree granted the Company a security interest in the Units until delivery to the Company. The units were not delivered by June 30, 2024. On September 11, 2024 the Company and iFree signed an agreement providing for the return of the Company’s downpayment by November 15, 2024, which is being extended to year end December 31, 2024. Upon the return of the Company’s downpayment the Purchase Agreement will terminate.

Property and Equipment, net

Property and equipment, net consists
of the following:

|                                    |     |   | September 30, 
          2024 |   |     |   | December 31, 
         2023 |   |
|:-----------------------------------|:----|:--|--------------:|:--|:----|:--|-------------:|:--|
| Furniture and fixtures             |     | $ |       704,660 |   |     | $ |      683,763 |   |
| Computer equipment                 |     |   |       320,130 |   |     |   |      300,101 |   |
| Leasehold improvements             |     |   |       390,742 |   |     |   |      390,742 |   |
| Total property and equipment gross |     |   |     1,415,712 |   |     |   |    1,374,606 |   |
| Less - Accumulated depreciation    |     |   |    (1,163,559 | ) |     |   |     (997,939 | ) |
| Total property and equipment net   |     | $ |       252,153 |   |     | $ |      376,667 |   |

Total depreciation expense for the
three months ended September