Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 137

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 137
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 unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $195,155 and $237,500, respectively. Interest expense
for the nine months ended September 30, 2024 and 2023 was $670,155 and $762,500, respectively.

In 2022 and 2023, NLabs
made loans to Private Veea evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes” and together with the Bridge Notes, the “Related Party 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 and subsequently extended to September 30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was
$63,709 and $78,087, respectively. Interest expense for the nine months ended September 30, 2024 and 2023 was $198,698 and $212,201,
respectively.

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At the Closing, the Related
Party Notes were converted into shares of Common Stock at the Closing at a price of $5.00 per share of Common Stock, which shares were
not considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. See
“- Note Conversion Agreements,” below for more information regarding the conversion of the Related Party Notes.

In January 2023, Janice Smith,
Veea’s Chief Operating Officer, made a loan to Private Veea 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 loan was repaid in full in March 16, 2023.