Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1027

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1027
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 respectively, for the years ended December 31, 2024 and 2023, 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 $1,713,600and $1,468,800, respectively, as of December
31, 2024 and 2023.

In April 2017, Private Veea entered into a lease agreement with 83rd  Street
LLC to lease office space for an initial term of two years. The sole member of 83rd  Street is the Salmasi 2004 Trust.
At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s outstanding capital stock. Veea’s CEO is the
grantor of the Salmasi 2004 Trust. In 2018, Private Veea renewed the lease for an additional five-year term, with all other terms and
conditions of the lease remaining the same. The renewal term expired February 28, 2024 and was subsequently extended to December 31, 2024.
Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of approximately $281,000 and $247,000,
respectively, for the years ended December 31, 2024 and 2023, 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 $1,944,000 and $1,656,000, respectively, as of December 31, 2024 and 2023.

Rent
expense for the above leases is reported as general and administrative expenses in the Company’s consolidated statements of operations.

Related
Party Debt

In 2021 and 2022, NLabs made
loans to Private Veea evidenced by promissory notes aggregating $9,500,000 (the “Bridge Notes”). Interest on the outstanding
principal amount of the Bridge Notes accrued at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued
interest was payable on the maturity date of the Bridge Notes. The original maturity date of the Bridge Notes was December 31, 2022, which
was extended to December 31