Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 230

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 230
---
 pursuant to Internal Revenue Code (“IRC”) Section 174.
The capitalized expenses are amortized over a five-year period for domestic expenses. As a result of this provision of the Tax Act, deferred
tax assets related to capitalized research expenses increased by $663,935 in 2023, partially offset by amortization on research expenses.

<div align='center'>F-35

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

16 - EMPLOYEE 401(k) PLAN

The Company sponsors a 401(k) plan
(the “Plan”) to provide retirement benefits for its employees.

As allowed under Section 401(k) of
the Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to 4% of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company’s matching
contributions to the Plan for the years ended December 31, 2023 and December 31, 2022 totaled approximately $158,000 and
$184,000, respectively.

17 - SUBSEQUENT EVENTS

The Company evaluated subsequent
events from December 31, 2023, the date of these financial statements, through May 8, 2024, the date on which the financial statements
were issued (the “Issuance Date”), for events requiring recording or disclosure in the financial statements as of and for
the year ended December 31, 2023. The Company concluded that no events have occurred that would require recognition or disclosure
in the financial statements, except as described below.

On January 15, 2024, the
Company entered into a Purchase Agreement with iFREE Group Holdings Limited (“iFree”) to purchase up to 6,250 next generation
TROLLEE™ smart retail carts (the “Units”), for a purchase price per unit not to exceed $800. The Company paid iFree
a deposit of $5 million for the Units, which shall be refunded to the Company if the Units are not delivered to the Company on or before
June 30, 2024. iFree granted the Company a security interest in the Units until delivery to