Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 266

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 266
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 to December 31, 2024.

In February 2024, the Lease Agreement
was extended. The Company accrues rent for the office space. The Company recognized rent expense of $ and $ in the
three months ended September 30, 2024 and 2023, respectively, and $ and $ in the nine months ended September 30,
2024 and 2023, respectively, all of which is classified as general and administrative expenses in the Company’s consolidated statements
of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $ and
$, as of September 30, 2024 and December 31, 2023, respectively.

In April 2017 the Company entered into a lease agreement with 83
Street LLC to lease office space for an initial term of years. In 2018, the Company renewed the lease for an additional -year term,
with all other terms and conditions of the lease remaining the same. The renewal term expires February 28, 2024 and was subsequently extended
to December 31, 2024. The sole member of 83rd Street is the Salmasi 2004 Trust (the “Trust”). As of December 31, 2023, the
Trust holds approximately % of the Company’s outstanding capital stock. The Company’s CEO is the grantor of the Trust. The
Company accrues rent for the office space. The Company recognized rent expense of $ all of which is classified as general and administrative
expenses in the Company’s consolidated statements of operations and comprehensive loss

Related Party Debt

In 2021 and 2022, NLabs made loans to the Company evidenced by promissory
notes aggregating $ (the “Bridge Notes”). The Bridge Notes bear interest on the outstanding principal at a rate
of % 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