Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 125

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 125
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4.99% of its outstanding voting power or shares of common
stock at any one point in time, or the aggregate number of shares of common stock would not exceed 19.99% of the voting power of the issued
and outstanding common stock.

During the three months ended
March 31, 2025, the Company issued 27,498 ELOC Commitment Shares (as defined below) to White Lion in payment of its commitment fee and
sold 240,500 shares to White Lion under the ELOC Program for aggregate proceeds of $604,426, with the stock price of shares purchased
by the White Lion ranging from $1.79 per share to $3.31 per share. The Company agreed to issue to White Lion 27,498 shares of common
stock as a commitment fee (the “ELOC Commitment Shares”). The fair value of the ELOC Commitment Shares was
$25,000, which pursuant to ASC 815, was recorded in transaction costs in the condensed consolidated statement of operations and comprehensive
income (loss) of the Company for the three months ended March 31, 2025. White Lion has agreed that during the term of the ELOC Purchase
Agreement, neither it nor any of its affiliates will engage in any short sales or hedging transactions involving the common stock. For
the period commencing on April 1, 2025 and ending on May 28, 2025, the Company sold 117,500 shares to White Lion under the ELOC Program
for aggregate proceeds of $242,340, with the stock price of shares purchased by the White Lion ranging from $1.60 per share to $2.35
per share.

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Components of Results of Operations

Sales, net

The Company recognizes revenue
based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, “Revenue from Contracts with Customers”, in determining the amount and timing of revenue to be recognized: (1) identify the contract with
a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction
price to the performance obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied.
Most contracts with customers are to provide distinct products or services within