Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 13

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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    Inventory 
    $7,256,166  
    $7,377,966 
  
    Inventory allowance 
     (904,653) 
     (904,653)
  
    Consigned parts 
     1,425,736  
     985,927 
  
    Total 
    $7,777,249  
    $7,459,240 

Property and Equipment, net

Property and equipment, net consists
of the following:

    March 31, 2025  
    December 31, 2024 
  
    Furniture and fixtures 
    $703,101  
    $702,122 
  
    Computer equipment 
     330,598  
     327,166 
  
    Leasehold improvements 
     390,742  
     390,742 
  
    Total property and equipment gross 
     1,424,441  
     1,420,030 
  
    Less - Accumulated depreciation 
     (1,253,070) 
     (1,209,401)
  
    Total property and equipment net 
    $171,371  
    $210,629 

Depreciation expense for the three
months ended March 31, 2025 and 2024, totaled $35,697 and $54,851, respectively.

8

6 - GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following is a summary of activity
in goodwill for the three months ended March 31, 2025 and 2024:

    March 31, 2025 
  
    Balance at December 31, 2024 
    $4,779,625 
  
    Foreign exchange transactions 
     144,526 
  
    Balance at March 31, 2025 
     4,924,151 

    March 31, 2024 
  
    Balance at December 31, 2023 
    $4,797,078 
  
    Foreign exchange transactions 
     16,156 
  
    Balance at March 31, 2024 
     4,813,234 

Intangible Assets

Intangible assets consist of the following:

     As of March 31, 2025      Amortization
Period   Costs as of December 31,
2024   Additions   Disposals   Ending Costs   Accumulated Amortization