Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 23

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 impairment of intangible
assets.

Intangible asset amortization expense
for the three months ended September 30, 2025 and 2024, totaled $187,400 and $11,000, respectively. Intangible asset amortization expense
for the nine months ended September 30, 2025 and 2024, totaled $314,671 and $39,000, respectively.

12

Future estimated amortization expense
for the Company’s intangible assets is approximately as follows:

    Future estimated amortization as of September 30, 2025 

    Remainder of 2025 
    $187,619 
  
    2026 
     742,124 
  
    2027 
     742,124 
  
    2028 
     743,941 
  
    2029 
     742,124 
  
    Thereafter 
     4,436,483 

    $7,594,415 

8 - DEBT

Total outstanding debt of the Company
is comprised of the following, including convertible notes:

    September 30, 2025 
    Principal  
    Debt Discount  
    Total 
  
    Revolving Loan Facility 
    $14,000,000  
    $-  
    $14,000,000 
  
    Convertible note payable, net 
     1,750,000  
     (199,599) 
     1,550,401 
  
    Notes payable 
     1,762,415  
     -  
     1,762,415 
  
    Total 
    $17,512,415  
    $(199,599) 
    $17,312,816 

    December 31, 2024 
    Principal  
    Debt Discount  
    Total 
  
    Revolving Loan Facility 
    $12,700,000  
    $-  
    $12,700,000 
  
    Convertible note payable 
     1,200,000  
     (1,102,684) 
     97,316 
  
    Total 
    $13,900,000  
    $(1,102,684) 
    $12,797,316 

Revolving Loan Facility

In June 2021, Private Veea entered
into a revolving loan agreement (the “2021 Revolving Loan Agreement”) with First Republic