Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 243

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 243
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 for an additional five-year term, with all other terms and conditions of the sublease remaining the same. The renewal term expired
February 28, 2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The
Company recognized rent expense of $61,200 for each of the three months ended March 31, 2025 and 2024, which was classified as general
and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss). Accrued
and unpaid rent expense included in the Company’s condensed consolidated balance sheets was $1,774,800 as of March 31, 2025 and
$1,713,600 as of December 31, 2024.

In April 2017, Private Veea entered
into a lease agreement with 83 Street LLC to lease office space for an initial term of two years. The sole member of
83 Street LLC is the Salmasi 2004 Trust. At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s
outstanding capital stock. Veea’s CEO is the grantor of the Salmasi 2004 Trust. In 2018, Private Veea renewed the lease for
an additional five-year term, with all other terms and conditions of the lease remaining the same. The renewal term expired February 28,
2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized
rent expense of $72,000 for each of the three months ended March 31, 2025, which is classified as general and administrative expenses
in the Company’s condensed consolidated statements of operations and comprehensive income (loss). Accrued and unpaid rent expense
included in the Company’s condensed consolidated balance sheets was $2,016,000 and $1,944,000 as of March 31, 2025 and December
31, 2024, respectively.

Related Party Debt

In 2021 and 2022, NLabs made loans
to the Company evidenced by promissory notes aggregating $9,500,000 (the “Bridge Notes”). The Bridge Notes bore interest
on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. The original maturity date of