Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 171

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 171
---
000 
  
    Total 
    $1,438,544 

5
- BALANCE SHEET COMPONENTS

Inventory,
net

Inventory
consists of the following:

    December
    31, 2024  
    December
    31, 2023 
  
    Inventory 
    $7,377,966  
    $7,392,919 
  
    Inventory allowance 
     (904,653) 
     (1,145,548)
  
    Consigned parts 
     985,927  
     1,128,250 
  
    Total 
    $7,459,240  
    $7,375,621 

F-19

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

Prepaid
and other current assets

Prepaid
and other current assets consists of the following:

    December 31, 2024

    December 31, 2023

    Prepaid expenses
     
    $
    312,239

    $
    177,027

    Inventory purchase deposit

    5,000,000

    -

    Production deposit

    336,643

    336,643

    Other current assets

    712

    -

    Total
     
    $
    5,649,594

    $
    513,670

In January 2024, the Company placed an
inventory order and paid a $5.0 million deposit against the order. The inventory was to be delivered on or before June 30, 2024. The
inventory was not delivered by such date; and as a result, the Company is entitled to a refund of its deposit. The Company was granted
a security interest in the purchased inventory. Upon the return of the Company’s down payment, the order will terminate. As of
December 31, 2024, the deposit has not been returned. The Company expects the return of the deposit before June 30, 2025.

Property
and Equipment, net

Property
and equipment, net consists of the following:

    December
    31, 2024  
    December
    31, 2023 
  
    Furniture and fixtures 
    $702,122  
    $683,763 
  
    Computer equipment 
     327,