Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 111

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 111
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 local currency on the books and records of the subsidiary.

Other expense

Other expenses relate to
immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December 31, 2023
and 2022.

Interest expense

Interest expense decreased
by $3.3 million, or 38%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was related to
the conversion of convertible notes into shares of Series A-1 Preferred Stock at the end of 2022.

Liquidity and Capital Resources

To date, we have financed our
operations primarily through private placements of equity securities and debt to. We plan to fund our operations and capital funding
needs through a combination of private and public equity and debt offerings, or a combination thereof. Since our inception, we have incurred
significant operating losses and negative cash flows. As of September 30, 2024 and December 31, 2023, we had an accumulated deficit of
$216.9 million and $170.3 million, respectively.

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As of September 30, 2024
and December 31, 2023, we had cash of $2.8 million and $6.0 million, respectively. As of September 30, 2024, we had $14.15 million outstanding
debt, of which approximately $1.45 million was outstanding under the Note Purchase Agreement and $12.7 million was outstanding under
our working capital facility.

During the nine months ended
September 30, 2024 and 2023, the Company has incurred net losses of $46.6 million and $9.4 million, respectively, and had an accumulated
deficit of $216.9 million as of September 30, 2024. The Company expects to continue to incur net losses as it continues to grow and scale
its business. Historically, the Company’s activities have been financed through private placements, of equity securities and debt
to related parties.

At the Closing of the Business
Combination, the Company converted approximately $16 million of related party debt to equity; and received $1.45 million in proceeds
from the issuance of its convertible promissory note. Following the Closing, the Company received approximately $1.1 million of proceeds
from Plum’s trust account, received a cash tax refund approximately $1.