Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 216

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 216
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<div align='center'>F-27

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

10 - RELATED PARTY TRANSACTIONS

Lease Arrangements

On March 1, 2014, the Company entered into
a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately % of the Company’s outstanding capital
stock (“NLabs”) for office space for an initial term of . In 2018, the Company renewed the sublease for an additional
-year term with all other terms and conditions of the sublease remaining the same. The renewal term expires February 28, 2024.

The expiration date of the Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events. The Company accrues rent for the office space. The Company recognized rent expense of $ 237,025in each of the years ended December 31, 2023 and 2022, 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 $ 1,468,800and $ 1,224,000, as of December 31, 2023 and 2022, respectively.

In April 2017 the Company entered into a lease agreement with 83 rdStreet LLC to lease office space for an initial term of 2 years. In 2018, the Company renewed the lease for an additional 5-year term, with all other terms and conditions of the lease remaining the same. The renewal term expires February 28, 2024. The expiration date of Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events.The sole member of 83 rdStreet is the Salmasi 2004 Trust (the “Trust”). As of December 31, 2023, the Trust holds approximately 15% 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 $ 246,567in each of the years ended December 31, 2023 and 2022, all of which is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive