Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 165

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 165
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 of credit risk consist primarily of cash and cash equivalents,
and accounts receivable. Cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000.
The Company has not experienced any losses in such accounts.

For
the year ended December 31, 2024, four customers accounted for 15%, 20%, 15% and 15%, respectively, of the Company’s revenue. For
the year ended December 31, 2023 one customer accounted for 99% of the Company’s revenue. For the year ended December 31, 2024,
two vendors accounted for 37% and 36%, respectively, of the Company’s total vendor purchases. For the year ended December 31, 2023,
one supplier accounted for 39% of the Company’s total supplier purchases.

As
of December 31, 2024, three customers accounted for 11%, 14% and 17% of the Company’s accounts receivable, and two vendors accounted
for 19% and 13% of the Company’s accounts payable balance. As of December 31, 2023, two customers accounted for 36% and 23% of
the Company’s accounts receivable, and no vendor accounted for 10% or more of the Company’s accounts payable balance.

F-15

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

Earnings
per Share, recasted 

Basic
net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of
common stock outstanding during the year. Diluted net loss per share is based upon the diluted weighted-average number of shares outstanding
during the year. Diluted net loss per share gives effect to all potentially dilutive common share equivalents, including stock options,
and warrants, to the extent they are dilutive. See Note 15 - Earnings Per Share.

Convertible
Note Payable

When
the Company issues convertible debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety
to determine (1) whether the instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity, and
(2) whether the conversion feature should be accounted for separately from the host instrument. A conversion feature of a convertible
debt instrument would be separated from the convertible instrument and