Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 36

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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8, for an exercise
price of $10.19 per share. As of June 30, 2025, there are 159,307 Exchanged Warrants outstanding.

13 - RELATED PARTY TRANSACTIONS

Lease Agreements

On March 1, 2014, Private Veea entered
into a sublease agreement with NLabs Inc., an affiliate of the Company’s CEO that held approximately 33% of the Company’s
outstanding capital stock at December 31, 2024, for office space for an initial term of five years. In 2018, Private Veea renewed the
sublease for an additional five-year term, with all other terms and conditions of the sublease remaining the same. The renewal term expired
February 28, 2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The
Company recognized rent expense of $122,400 for each of the six months ended June 30, 2025 and 2024, which was classified as general and
administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss). Accrued
and unpaid rent expense included in the Company’s condensed consolidated balance sheets was $1,836,000 as of June 30, 2025 and $1,713,600
as of December 31, 2024.

In April 2017, Private Veea entered
into a lease agreement with 83rd Street LLC to lease office space for an initial term of two years. The sole member of
83rd Street LLC is the Salmasi 2004 Trust. At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s
outstanding capital stock. Veea’s CEO is the grantor of the Salmasi 2004 Trust. In 2018, Private Veea renewed the lease for
an additional five-year term, with all other terms and conditions of the lease remaining the same. The renewal term expired February 28,
2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized
rent expense of $144,000 for each of the six months ended June 30, 2025, which is classified as general and administrative expenses in
the Company’s condensed consolidated statements of