Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 15

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 follows:

    Future estimated amortization as of March 31, 2025 

    Remainder of 2025 
    $57,000 
  
    2026 
     76,000 
  
    2027 
     76,000 
  
    2028 
     76,000 
  
    2029 
     76,000 
  
    Thereafter 
     537,052 

    $898,052 

7 - DEBT

Total outstanding debt of the Company
is comprised of the following, including convertible notes and other related party debt:

    March 31, 2025 
    Principal  
    Debt Discount  
    Accrued Interest  
    Total 
  
    Revolving Loan Facility 
    $14,000,000  
    $-  
    $      -  
    $14,000,000 
  
    Convertible note payable 
     750,000  
     (422,321) 
     -  
     327,679 
  
    Total 
    $14,750,000  
     (422,321) 
        
    $14,327,679 

    December 31, 2024 
    Principal  
    Debt Discount  
    Accrued
Interest  
    Total 
  
    Revolving Loan Facility 
    $12,700,000  
    $-  
    $        -  
    $12,700,000 
  
    Convertible note payable 
     1,200,000  
     (1,102,684) 
     -  
     97,316 
  
    Total 
    $13,900,000  
    $(1,102,684) 
    $-  
    $12,797,316 

Revolving Loan Facility

In June 2021, Private Veea entered
into a revolving loan agreement (the “2021 Revolving Loan Agreement”) with First Republic Bank, which was subsequently acquired
by JPMorgan Chase, (the “Bank”) providing up to $14.0 million of advances (collectively, the “Loan”). The Loan
accrues interest at a variable rate based on an index rate established by reference to the average 12-month trailing one-year US treasuries
plus a spread of 1.80% per annum and a