Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 12

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
---
 Stock 
     -  
     12,598,000 
  
    Crowdkeep asset acquisition 
     6,957,456  
     - 
  
    Settlement of convertible notes for shares issued 
     700,000  
     24,000,000 
  
    Conversion of vendor payable to Common Stock 
     -  
     3,422,028 

    Supplemental cash flow information 

    Interest paid 
     640,441  
     504,431 

The accompanying notes are an integral part of
these unaudited condensed consolidated financial statements.  

5

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial
Statements 

1 - DESCRIPTION OF BUSINESS 

The Company is dedicated to simplifying
the journey towards creating a world in which virtually everyone and everything is intelligently connected, while bringing applications
and artificial intelligence to the edge of the network. Most service providers, equipment suppliers, system integrators and even hyperscalers
have adopted or advocated for similar solutions to various degrees either independently or in collaboration with the Company. However,
to our knowledge, we are the first to market with patented technologies that (a) bring virtualized data center capabilities to the far
edge of the network, commonly referred to as the Device Edge, where all wired and wireless devices connect to the network, (b) spawns
hyperconvergence of computing, multiaccess communications and storage, (c) provides for Cloud-managed applications at the Edge (“Hybrid
Edge-Cloud Computing”), and (d) enables machine learning with AI training, inferencing, and agentic AI at the edge (“Edge
AI”) including AI-driven cybersecurity for heterogenous networks. Such networks have given rise through any combination of our developed
devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run on the VeeaONE platform’s software stack. Our
end-to-end edge-cloud platform is referred to as VeeaONETM (“VeeaONE”) platform.

Veea has developed several generations
of highly integrated all-in-one devices that incorporate a Linux server, with a virtualized software environment, supporting our patented
secured docker containers, together with a Wi-Fi Access Point with a mesh router, a firewall, an IoT gateway, NVMe data storage and 4G/5G
modules. With an extensive patent portfolio of 123 granted patents and 32 pending patent applications