Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 276

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 276
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36,731 |
| Total long-lived assets |     | $             | 6,291,556 |     | $            | 6,347,633 |

<div align='center'>F-65

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

16 - EMPLOYEE 401(k) PLAN

The Company sponsors a 401(k) plan
(the “Plan”) to provide retirement benefits for its employees.

As allowed under Section 401(k) of
the Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to % of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company’s matching
contributions to the Plan for the nine months ended September 30, 2024 and December 31, 2023 totaled $ and $, respectively.

17 - SUBSEQUENT EVENTS

The Company evaluated subsequent events
from September 30, 2024, the date of these financial statements, through financial statements were issued (the “Issuance Date”),
for events requiring recording or disclosure in the financial statements as of and for the nine months ended September 30, 2024. The Company
concluded that no events have occurred that would require recognition or disclosure in the financial statements, except as described below.

Equity Line of Credit

On November 15, 2024, the Company and White Lion Capital, LLC (“White
Lion”) signed a term sheet providing for the issuance by the Company to White Lion of up to $ million of shares of the Company’s
common stock. The Company anticipates closing the transactions contemplated by the term sheet on or about November 20, 2024. At the closing,
the Company and White Lion will enter into a common stock purchase agreement (the “Common Stock Purchase Agreement”) and related
registration rights agreement (the “White Lion Registration Rights Agreement”). Pursuant to the Common Stock Purchase Agreement,
the Company, has the right to sell to White Lion up to the lesser of (i) shares of common stock (“ELOC Shares)
and (ii) the Purchase Notice Limit