Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 219

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 219
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 equity financing transaction with an unrelated third party. Interest expense for the years ended December 31, 2023 and 2022 was $1,000,000
and $843,690, respectively.

<div align='center'>F-28

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

10 - RELATED PARTY TRANSACTIONS (cont.)

In 2022 and 2023, NLabs
made loans to the Company evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes”).
The Demand Notes bear interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year.
Principal and interest on the Promissory Notes is repayable upon the earlier of demand and December 31, 2023. The Demand Notes remained
outstanding as of December 31, 2023. The maturity date of the Demand Notes was extended to June 30, 2024 Refer to Note 17 - Subsequent Events.Interest expense for the years ended December 31, 2023 and December 31, 2022 was $290,288 and $5,356, respectively.

Under the terms of the Business
Combination Agreement with Plum, at closing the Bridge Notes and Demand Notes will be converted into newly-issued Plum securities at
a price of $10.00 per share. Shares issued upon conversion of the Bridge Notes and the Demand Notes are not included as part of the consideration
issued to holders of Company’s capital stock.

In January 2023, the
Company’s Chief Operating Officer made a loan to the Company in the aggregate principal amount of $50,000. The loan accrues interest
on the outstanding principal amount at a rate of 10% per annum. Principal and interest on the loans are repayable upon the earlier of
demand and December 31, 2023. The Company repaid the outstanding principal amount of the loan on March 16, 2023 in the amount
of $50,000.

Common Stock Warrants

In consideration for the
guarantee by the Company’s CEO of the Company’s obligations under the 2021 Revolving Loan Agreement and a previously outstanding
loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of 2,430,000 shares of the Company