Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 192

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 192
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 6,531 |
| Subscription  |     |                          |       243 |     |   |   5,366 |
| Others        |     |                          |    42,559 |     |   |  23,911 |
| Total revenue |     | $                        | 9,072,130 |     | $ | 224,052 |

|                   |     | Years Ended December 31, |      2023 |     |   |    2022 |
|:------------------|:----|:-------------------------|----------:|:----|:--|--------:|
| United States     |     | $                        |    52,133 |     | $ | 175,327 |
| Republic of Korea |     |                          |    13,878 |     |   |  34,362 |
| Rest of the world |     |                          | 9,006,119 |     |   |  14,363 |
| Total revenue     |     | $                        | 9,072,130 |     | $ | 224,052 |

Warranties

The Company accrues the estimated cost of product
warranties at the time of recognizing revenue. The Company’s standard product warranty terms generally include post-sales support
and repairs or replacement of a product at no additional charge for a specified period of time. The Company actively monitors and evaluates
the quality of its component suppliers. The estimated warranty obligation is based on contractual warranty terms, repair costs, and the
Company’s baseline experience. The Company’s standard warranty terms are twelve months. Warranty expense was not significant
for the years ended December 31, 2023 and December 31, 2022.

<div align='center'>F-13

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

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)

Accounts Receivable

Trade accounts receivable are recognized and carried
at billed amounts less an allowance for credit losses. The Company adopted the Current Expected Credit Losses (“CECL”) guidance
effective January 1, 2023. The Company maintains the allowance for estimated losses resulting from the inability of the Company’s
customers to make required payments. The allowance represents the current estimate of lifetime expected credit losses over the remaining
duration of existing accounts receivable considering current market conditions and supportable forecasts when