Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 221

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 221
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 |     |                          | 1.2 years |   |     |      | 1.9 years |   |
| Weighted average discount rate-operating leases                        |     |                          |           |   |     |      |           |   |
| Other than related parties                                             |     |                          |      1.79 | % |     |      |      1.79 | % |
| Related parties                                                        |     |                          |     10.00 | % |     |      |     10.00 | % |
| Aggregate                                                              |     |                          |      3.07 | % |     |      |      5.29 | % |

<div align='center'>F-30

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

11 - COMMITMENTS AND CONTINGENCIES(cont.)

Operating lease liabilities are based on the net
present value of the remaining lease payments over the remaining lease term. In determining the net present value of its lease payments,
the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information available at the later
of the lease commencement date, lease modification date, or the date of adoption of ASC 842.

| Year                                    |     | Other than      
 related parties |         |   |     | Related 
 parties |        |   |     | Total |         |   |
|:----------------------------------------|:----|:----------------|--------:|:--|:----|:--------|-------:|:--|:----|:------|--------:|:--|
| 2024                                    |     | $               | 360,359 |   |     | $       | 88,800 |   |     | $     | 449,159 |   |
| 2025                                    |     |                 | 121,851 |   |     |         |      - |   |     |       | 121,851 |   |
| Total lease payments                    |     |                 | 482,210 |   |     |         | 88,800 |   |     |       | 571,010 |   |
| Less: imputed interest                  |     |                 |  (5,369 | ) |     |         |   (367 | ) |     |       |  (5,736 | ) |
| Present value of lease liabilities      |