Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 220

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 220
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course travel expenses of the Company’s Chief Executive Officer and founder (“CEO”) for travel made by the CEO on behalf
of the Company. As of December 31, 2023 and 2022, the Company had accrued expenses reimbursable to the CEO in the aggregate amount
of $ and $, respectively. During 2023, the Company paid the CEO $ in reimbursement of these expenses. The Company
records the expenses as accrued expenses in the Company’s consolidated balance sheet. In January 2024, the Company reimbursed
the CEO for his previously incurred travel expenses in an amount equal to $.

<div align='center'>F-29

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

11 - COMMITMENTS AND CONTINGENCIES

Purchase Commitments with Contract Manufacturers and Suppliers

As of December 31, 2023, the Company had no
unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers. Unconditional purchase
obligations are obligations that are enforceable and legally binding on the Company and specify all significant terms, including quantities
to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. Unconditional purchase obligations
exclude agreements that are cancellable without penalty.

Leases

The Company leases office space in the U.S., including office space from related parties as disclosed in Note 10 - Related Party Transactions. These leases expire at various dates through 2025. Under the terms of the various lease agreements, the Company may bear certain costs such as maintenance, insurance and taxes. Lease agreements may provide for increasing rental payments at fixed intervals. The Company’s CEO has guaranteed the obligations under the office space leased in New Jersey. The Company also leases offices in the United Kingdom and France, under short-term arrangements of twelve months or less.

| Lease cost:                                                            
 Operating lease cost                                                   |     | Years ended December 31, 
 2023                     |           |   |     | 2022 |           |   |
|:-----------------------------------------------------------------------|:----|:-------------------------|----------:|:--|:----|:-----|----------:|:--|
| Other than related parties                                             |     | $                        |   352,911 |   |     | $    |   352,911 |   |
| Related parties                                                        |     |                          |   483,592 |   |