Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 270

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 270
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 taxable income during the periods in which
those temporary differences become deductible. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred
tax assets, the net deferred tax assets are fully offset by a valuation allowance at December 31, 2024 and 2023. The valuation allowance
for the year ending December 31, 2024 and 2023 was $ and $, respectively.

F-61 Veea Inc. and Subsidiaries
Notes to the Consolidated Financial Statements
For the Years ended December 31, 2024 and 2023

The reconciliation of federal statutory income tax rate to our effective income tax rate is as follows for the years ended December 31:

|                                          |     | 2024 |        |    |     | 2023 |        |    |
| Federal income tax at the Statutory Rate |     |      |  21.00 | %  |     |      |  21.00 | %  |
| Earnout-Share Liability                  |     |      |  (6.87 | )% |     |      |        |    |
| Permanent Items                          |     |      |  (1.26 | )% |     |      |  (0.21 | )% |
| Foreign                                  |     |      |   0.52 | %  |     |      |   7.80 | %  |
| State Taxes                              |     |      |   0.27 | %  |     |      |  24.10 | %  |
| Return to Provision                      |     |      |  (0.01 | )% |     |      |   0.09 | %  |
| Other                                    |     |      |   0.69 | %  |     |      |   6.79 | %  |
| Change in valuation allowance            |     |      | (14.34 | )% |     |      | (60.27 | )% |
| Total tax benefit                        |     |      |      - | %  |     |      |      - | %  |

As of December 31, 2024, the Company had gross federal net operating loss carryforwards of approximately 109,644,085, resulting in a tax effected benefit of $ 23,025,258, which will be carried forward indefinitely. In addition, the Company has gross state net operating loss carryforwards