Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 124

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 124
---
 closing stock price on December 31, 2024 was $3.81 per share. Additionally, the Company incurred approximately $1.4 million of professional fees relating to the Business Combination. Depreciation and Amortization Depreciation and amortization decreased by $544,431, or 67%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was due to certain intangibles reaching the end of their useful lives. UK R&D Tax Credit The increase is related to the receipt of an R&D tax credit of $1.3 million received by the Company’s UK subsidiary. Loss on initial issuance of September 2024 Notes The loss on initial measurement of the September 2024 Notes (as defined below) was $1,770,993 is recorded as a transaction cost within operating expenses. Change in fair value of derivative liabilities Change in fair value of derivative liabilities comprised of the fair value adjustment to the conversion option, SPAC Private Placement Warrants, and earnout shares at balance sheet date. The gain on the change in fair value of conversion note option liability was $840,933 for the year ended December 31, 2024 was determined using a Black-Scholes option pricing model. The loss on the change in fair value of warrant liabilities was $200,124 for the year ended December 31, 2024 was determined based on the trading value of the public warrants. The loss on the change in fair value of the Earn-out Share Liability was $38.0 million for the year ended December 31, 2024 was determined using a Monte Carlo simulation. A significant driver of the value of the earnout at the close of the Business Combination was our closing stock price on December 31, 2024 which was $3.81. These derivative instruments were entered into in 2024 related to the Business Combination. 75 Other expense Other expenses relate to immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December 31, 2024 and 2023. Interest expense Interest expense decreased by $3.5 million, or 66%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was due to loans coming to term or being converted into equity. Liquidity and Capital Resources During the three months ended March 31, 2025 and 2024, the Company