Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 223

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 223
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F-30

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

11 - COMMITMENTS AND CONTINGENCIES(cont.)

Operating lease liabilities
are based on the net present value of the remaining lease payments over the remaining lease term. In determining the net present value
of its lease payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information
available at the later of the lease commencement date, lease modification date, or the date of adoption of ASC 842.

| Year                                    |     | Other than      
 related parties |         |   |     | Related 
 parties |        |   |     | Total |         |   |
|:----------------------------------------|:----|:----------------|--------:|:--|:----|:--------|-------:|:--|:----|:------|--------:|:--|
| 2024                                    |     | $               | 360,359 |   |     | $       | 88,800 |   |     | $     | 449,159 |   |
| 2025                                    |     |                 | 121,851 |   |     |         |      - |   |     |       | 121,851 |   |
| Total lease payments                    |     |                 | 482,210 |   |     |         | 88,800 |   |     |       | 571,010 |   |
| Less: imputed interest                  |     |                 |  (5,369 | ) |     |         |   (367 | ) |     |       |  (5,736 | ) |
| Present value of lease liabilities      |     | $               | 476,841 |   |     | $       | 88,433 |   |     | $     | 565,274 |   |
| Operating lease liabilities, current    |     | $               | 357,417 |   |     | $       | 88,433 |   |     | $     | 445,850 |   |
| Operating lease liabilities, noncurrent |     |                 | 119,424 |   |     |         |      - |   |     |       | 119,424 |   |
|                                         |     | $               | 476,841 |   |     | $       | 88,433 |