Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 262

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 262
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 for the next 12 months through a
combination of private and public equity and debt offerings, or a combination thereof, including (1) ) cash proceeds of approximately
$6.0 million from the Offering (as defined below), (2) the ELOC Program (as defined below)(3) the expected cash tax refund of up to $1.0
million in respect of the Company’s UK subsidiary’s 2023 and 2024 research and development activities, and (4)) potential
additional investments in the form of debt or equity to fund operating deficits from existing and/or new investors, including related
parties, which may include the Company’s CEO and his affiliates. The Company has a reasonable basis to believe it has alleviated
substantial doubt regarding its ability to continue as a going concern. Since January 1, 2025, the Company has received approximately
$3.2 million in additional loans from related parties and $1.0 million in loans from unrelated parties in connection with the consummation
of the acquisition of Crowdkeep. See Note 13 for additional information. Although management continues to pursue these plans, there is
no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company, if at all.

3 - SUMMARY OF SIGNIFICANT ACCOUNTING  POLICIES

Principles of Consolidation

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for
interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements
in accordance with GAAP have been omitted. In the opinion of management, all adjustments considered necessary for a fair presentation
have been included.

All significant intercompany balances
and transactions have been eliminated in consolidation. We consolidate any variable interest entity (“VIE”) where we have
determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (i) the power to direct the activities
of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or receive benefits
of the entity that could potentially be significant to the VIE. The Company has one VIE, VeeaSystems MX. Transactions with VeeaSystems
MX were immaterial during all the period presented and are not separately disclosed.