Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 91

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 edge computing and communications during the 2010s; and
beyond with the Company.

The Company has six wholly owned subsidiaries,
VeeaSystems Inc., formerly known as Veea Inc. a Delaware corporation, (“Private Veea”), Veea Solutions Inc., a Delaware corporation,
VeeaSystems Development Inc., formerly known as Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under
the laws of England and Wales, VeeaSystems SAS, a French simplified joint stock company and VeeaSystems CK Inc., a Delaware corporation;
and one majority owned subsidiary, VeeaSystems Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico
(“VeeaSystems MX”). VeeaSystems MX is 95% owned by VeeaSystems Inc., and due to local law requirements, the remaining 5% is
held by the Company’s CEO. The Company is headquartered in New York City with offices in the United States, Mexico and Europe.  

2 - LIQUIDITY AND MANAGEMENT’S PLAN

During the three months ended September
30, 2025 and 2024, the Company incurred operating losses of $4.7 million and $57.5 million, respectively, and during the nine months ended
September 30, 2025 and 2024, the Company incurred operating losses of $15.3 million and $69.9 million, respectively, and had an accumulated
deficit of $219.6 million as of September 30, 2025. Since its inception, it has incurred significant operating losses and negative cash
flows. The Company expects to continue to incur net losses as it continues to grow and scale its business. As of September 30, 2025, it
had cash of $1,071,151 and outstanding debt of $17.5 million, of which $750,000 was outstanding under the September 2024 Notes (as defined
below), $1.0 million was outstanding under the Crowdkeep Convertible Notes (as defined below), $14.0 million was outstanding under the
working capital facility, and $1.8 million was outstanding under a notes payable with an inventory vendor.

Although the Company has had recurring
losses each year since inception, the Company plans to fund its operations and capital funding needs for the next 12 months with revenue
generated from operations and through a combination of private and public equity offerings including, without limitation, anticipated
re