Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 14

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 Accumulated Impairment   Net Book Value   Patents   15 years   $7,551,468   $130,991             -    7,682,459    (6,784,407)       -   $898,052  

     As of December 31, 2024      Amortization   Costs as of January 1,           Ending   Accumulated   Accumulated   Net Book      Period   2024   Additions   Disposals   Costs   Amortization   Impairment   Value   Patents   15 years   $7,332,227   $219,241   $      -   $7,506,485   $(6,765,407)  $-   $786,061   IPR&D   5 years    5,015,694    -    -    5,015,694    (3,554,784)   (1,460,910)   -   Other intellectual assts   5 years    969,278    -    -    969,278    (969,278)   -    -   Intangible assets, net       $13,317,199   $219,241   $-   $13,536,440   $(11,289,469)  $(1,460,910)  $786,061  

Intangible assets primarily consist
of patents, patent applications, and in-process research and development (“IPR&D”) and other identifiable intangible assets.
Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company’s patents have estimated
remaining economic useful lives ranging from 5-15 years. Management reviews intangible assets for impairment when events and circumstances
warrant. During the three months ended March 31, 2025 and 2024, there were no events that necessitated additional impairment of intangible
assets.

Intangible asset amortization expense
for the three months ended March 31, 2025 and 2024, totaled $19,000 and $14,065, respectively.

9

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