Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 74

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 - 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   Accumulated Impairment   Net Book Value   Patents   15 years   $7,551,468   $130,991             -    7,682,459    (6,784,407)       -   $898,052  

     As of December 31, 2024      Amortization   Costs as of January 1,           Ending   Accumulated   Accumulated   Net Book      Period   2024   Additions   Disposals   Costs   Amortization   Impairment   Value   Patents   15 years   $7,332,227   $219,241   $      -   $7,506,485   $(6,765,407)  $-   $786,061   IPR&D   5 years    5,015,694    -