Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 192

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 192
---
 December 31, 2024 and 2023 was $63,709 and $78,087, respectively.

At the Closing, the Related Party
Notes were converted into shares of common stock at a price of $5.00 per share of common stock, which shares were not considered Private
Veea Shares and were in addition to the shares of common stock issued to holders of Private Veea Shares. See Note 4 “Recapitalization”
for further information regarding the conversion of the Related Party Notes.

In March and April 2025, the Company’s CEO and NLabs made loans
to the Company in the aggregate amount of $826,000. Interest on the loan accrues at a rate of 10% per annum, calculated on the basis of
a 365-day year. Principal and accrued interest is payable on the earlier of demand or June 30, 2025.

13
- COMMITMENTS AND CONTINGENCIES

Purchase
Commitments with Contract Manufacturers and Suppliers

As
of June 30, 2024, the  Company did not have any unconditional purchase obligations for the purchase of goods or services from suppliers
and contract manufacturers. Unconditional purchase obligations are obligations that are enforceable and legally binding on the Company
and specify all significant terms, including quantities to be purchased, fixed, minimum, or variable price provisions and the approximate
timing of the transaction. Unconditional purchase obligations exclude agreements that are cancellable without penalty.

Leases

The Company leases office space in the U.S., including office space
from related parties as disclosed in Note 12  - Related Party Transactions. These leases expire at various dates through
2025. Under the terms of the various lease agreements, the Company may bear certain costs such as maintenance, insurance, and taxes. Lease
agreements may provide for increasing rental payments at fixed intervals. The Company’s CEO has guaranteed the obligations under
the office space leased in New Jersey. The  Company also leases offices in the United Kingdom and France and Mexico under short-term
arrangements of twelve months or less.

F-32

Veea
Inc. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

    Year
    ended December 31, 

    2024  
    2023 
  
    Lease cost: 

    Operating lease costs 

    Other than
    related parties 
    $269,