Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 187

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 187
---
 in cash proceeds from the sales of shares of Series A-2 Preferred Stock before before the closing of the
Business Combination.

In December 2023, the Company
signed an agreement with a placement agent for the issuance of up to $ million of medium-term notes, face amount of % medium-term
notes that would mature in August 2030. Closing of the note offering is subject to customary closing conditions including legal and
financial due diligence. The Company expects the offering to close in the second quarter of 2024. Concurrent expects to convert up to
approximately $ million of related party debt to equity concurrently with the consummation of its de-SPAC transaction with Plum.
As a result, the Company believes that it has sufficient cash to meet its working capital requirements over the next twelve months.
If additional funding is required to execute the Company’s business plan, the Company expects to seek to obtain that additional
funding through a combination of private equity offerings, debt financings or a combination thereof. There can be no assurance as to the
availability or terms upon which such financing and capital might be available.

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiaries. The Company consolidates a variable interest entity (“VIE”)
when the Company possesses both the power to direct the activities of the VIE that most significantly impact its economic performance
and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the
VIE. All significant intercompany transactions and balances have been eliminated in consolidation.

Basis of Accounting

The accompanying consolidated financial statements
have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America
(“GAAP”).

Use of Estimates

Management of the Company is required to make certain
estimates, judgments, and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. The
Company believes that these estimates, judgments and assumptions are reasonable under the circumstances. These estimates, judgments, and
assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets
and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect amounts reported in future periods.
On an ongoing basis, the Company evaluates its estimates and judgments including those related to: liquidity and going concern, the useful