Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 140

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 140
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7.9% of Veea’s
outstanding capital stock. Veea’s CEO is the grantor of the Salmasi 2004 Trust. Veea recognized rent expense of $72,000 and $72,000
in the three months ended September 30, 2024 and 2023, respectively, and $216,000 and $184,925 in the nine months ended September 30,
2024 and 2023, respectively. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $1,872,000
and $1,656,000, as of September 30, 2024 and December 31, 2023, respectively.

Rent expense for the above
leases is reported as general and administrative expenses in Veea’s consolidated statements of operations.

Related Party Debt

In 2021 and 2022, NLabs
made loans to Private Veea evidenced by promissory notes aggregating $9,500,000 (the “Bridge Notes”). The Bridge Notes bear
interest on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $195,155 and $237,500, respectively. Interest expense
for the nine months ended September 30, 2024 and 2023 was $670,155 and $762,500, respectively.

In 2022 and 2023, NLabs
made loans to Private Veea evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes” and together with the Bridge Notes, the “Related Party Notes”). The Demand Notes bear
interest on the outstanding principal amount at a rate of 10% per annum, calculated