Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 216

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 216
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1.34 |   |

The Company estimated the
fair value of the warrants on the grant date using the Black-Scholes option-pricing model. The assumptions used to calculate the fair
value of the warrants granted during the Years Ended December 31, 2023 and 2022 are as follows:

|                         |     | For the years ended 
        December 31, |     |               |
|                         |     |                2023 |     |          2022 |
| Expected volatility     |     |           87 - 102% |     |           67% |
| Expected life in years  |     |    0.45 - 5.0 years |     |       7 years |
| Expected dividend yield |     |                   - |     |             - |
| Risk-free interest rate |     |       3.59% - 4.73% |     | 1.67% - 2.85% |

<div align='center'>F-27

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

10 - RELATED PARTY TRANSACTIONS

Lease Arrangements

On March 1, 2014, the
Company entered into a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately 38.5% of the Company’s
outstanding capital stock (“NLabs”) for office space for an initial term of 5 years. In 2018, the Company renewed the
sublease for an additional 5-year term with all other terms and conditions of the sublease remaining the same. The renewal term expires
February 28, 2024.

The expiration date of the
Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events. The Company accrues rent for the office space. The
Company recognized rent expense of $237,025 in each of the years ended December 31, 2023 and 2022, all of which is classified as general
and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. Accrued and unpaid rent
expense included in the Company’s consolidated balance sheet was $1,468,800 and $1,224,000, as of December 31, 2023 and 2022, respectively.

In April 2017 the Company
entered