Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 264

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 264
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 provided in the JOBS Act. As a result, these financial statements may not be comparable to
companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Segment Information

The Company operates as a single operating
segment. The chief operating decision maker is the Company’s Chief Executive Officer, who makes resource allocation decisions and
assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated revenue information.
Accordingly, the Company has determined that it has a single reportable segment and operating segment. The majority of the Company’s
assets as of June 30, 2025 and December 31, 2024, were attributable to its U.S. operations. For the three months ended June 30, 2025,
one customer accounted for more than 10% of the Company’s consolidated revenues. For the six months ended June 30, 2025, two customers
accounted for more than 10% of the Company’s consolidated revenues. The Company’s long-lived assets are based on the physical
location of the assets.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories
in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional
disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual periods
beginning after December 15, 2024, on a prospective basis with the option to apply it retrospectively. Early adoption is permitted. The
adoption of this guidance results in the Company being required to include enhanced income tax-related disclosures. The Company adopted
this guidance effective January 1, 2025; however, as there is a full valuation allowance on its deferred tax assets, income tax disclosures
are not material to the condensed consolidated financial statements and are not included in this Quarterly Report on Form 10-Q but will
be evaluated quarterly going forward necessary disclosures.

In November 2023, the FASB issued ASU
2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand
the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by reportable
segment as well as