Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 111

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 111
---
 of proceeds from Plum’s trust account, received a cash tax refund approximately $1.2 million in respect to the Company’s UK subsidiary’s R&D activities. Taking into account the cash proceeds received to date, the $5,364,159 received by the Company in connection with the termination of the convertible note commitment, the Company’s entering into the $25 million Equity Line of Credit with White Lion Capital LLC, the proceeds receivable under the $25 million Equity Line of Credit with White Lion Capital, LLC and the anticipated return of the Company’s $5 million downpayment for certain inventory purchased from iFREE Group Holdings Limited and, the Company expects it will be able to funds its operations over the next twelve months. The Company may seek additional funding through debt or other equity financing arrangements, implement incremental expense reduction measures or a combination thereof to continue financing its operations. 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 to fund continuing operations, if at all.

Comparison of the Nine Months Ended September 30, 2024 and 2023

The following table shows
Veea’s cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:

|                      |     | Nine Months ended September 30, |        2024 |   |     |   |       2023 |   |     |   |    Variance |   |
|:---------------------|:----|:--------------------------------|------------:|:--|:----|:--|-----------:|:--|:----|:--|------------:|:--|
| Operating activities |     | $                               | (19,829,558 | ) |     | $ | (7,150,873 | ) |     | $ | (12,678,685 | ) |
| Investing activities |     |                                 |    (207,697 | ) |     |   |    (99,241 | ) |     |   |    (108,456 | ) |
| Financing activities |     |                                 |  16,536,728 |   |     |   |  8,227,615 |   |     |   |   8,309,113 |   |

Operating Activities

Net cash used in operating
activities for the nine months ended September 30, 2024 was $19.8 million compared to $7.2 million for the nine months ended September
30