Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1413

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1413
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 Ended 

    December 31,
    2024  
    December 31,
    2023 
  
    ADJUSTED EBITDA: 

    Net
    (loss) Income 
    $(47,547,768) 
    $(15,638,589)
  
    Adjustments: 

    UK
    R&D tax credit 
     (1,251,243) 
     - 
  
    Interest
    expense 
     1,808,243  
     5,318,817 
  
    Depreciation
    and amortization 
     273,772  
     818,203 
  
    EBITDA 
     (46,716,996) 
     (9,501,569)
  
    Other
    income, net 
     (21,390) 
     (59,982)
  
    Other
    expense 
     244,732  
     21,857 
  
    Loss
    on initial issuance of September 2024 Notes 
     1,770,933  
     - 
  
    Change
    in fair value of conversion note option liability 
     (840,933) 
     - 
  
    Change
    in fair value of warrant liabilities 
     (200,124) 
     - 
  
    Change
    in fair value of Earn-out Shares Liability 
     (38,040,000) 
     - 
  
    Transaction
    costs incurred with contingent Earn-out Share Liability 
     55,038,544  
     - 
  
    Share-based
    compensation expense 
     6,699,040  
     76,431 
  
    ADJUSTED
    EBITDA 
    $(22,066,194) 
    $(9,463,263)

Critical Accounting Policies and Estimates

Our management's discussion and analysis
of financial condition and results of operations is based on our consolidated financial statements which have been prepared
in accordance with GAAP. In preparing our financial statements, we make estimates, assumptions, and judgments that can have a significant
impact on our reported revenue, results of operations, and net income or loss, as well as on the value of certain assets and liabilities
on our balance sheet during and as of the reporting periods. These estimates, assumptions, and judgments are necessary because future
events and their effects on our results of operations