Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 237

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 237
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 unfunded amount
of $ million, which is to be funded on or prior to November 15, 2024, subsequently extended to December 15, 2024. Following the Closing,
the Company received approximately $ million of net proceeds from Plum’s trust account and received a cash tax refund of approximately
$ million in respect to the Company’s UK subsidiary’s R&D activities. Taking into account, the cash proceeds received
to date, the anticipated funding of the remaining convertible note commitment, the term sheet entered into with White Lion Capital, LLC
for access to a $ million Equity Line of Credit and the anticipated return by year end of the Company’s $ million downpayment
for certain inventory purchased from iFREE Group Holdings Limited, 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. See Note 17 “Subsequent Events” for further information regarding the Equity
Line of Credit.

The Company’s condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things,
the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements
do not include adjustments to reflect the possible future effects on the recoverability and classification of recorded assets or the amounts
of liabilities that might be necessary should the Company be unable to continue as a going concern.

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 in the United States
of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for
interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements
in accordance with GAAP have been omitted. In the opinion of management, all adjustments considered necessary for a fair presentation
have been included.

All significant intercompany
balances and transactions have been eliminated in consolidation.

The condensed consolidated balance
sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does