Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 187

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 187
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 $                        |   3,076,274 |   |     | $    |           - |   |
| Conversion of vendor payable to Series A-2 Preferred             
 Shares                                                           |     | $                        |   1,920,124 |   |     | $    |           - |   |
| Supplemental cash flow information                               |     |                          |             |   |     |      |             |   |
| Taxes paid                                                       |     | $                        |      13,070 |   |     | $    |      30,403 |   |
| Interest paid                                                    |     | $                        |     892,336 |   |     | $    |     353,604 |   |

<div align='center'>The accompanying notes are an integral part of these financial statements

F-8

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

1 - DESCRIPTION OF BUSINESS

Veea Inc. (together with
subsidiaries collectively, “Veea” or the “Company”) has developed a Smart platform that is capable of delivering
a wide range of services by intelligently connecting everyone and everything that is IoT-enabled, while making it possible for commercial
and social connections through its platform to offer more contextual, transactional and relevant data. The Company is a highly differentiated
Platform-as-a-Service (PaaS) company with a suite of innovative products and services that can serve many of Smart industries at the
network edge.

The Company has three wholly
owned subsidiaries, and located in the United Kingdom (“U.K.”)with offices in the United States (“U.S.”)
and Europe.

On March 24, 2021, the Company formed VeeaSystems SAS (“Veea SAS”), a simplified joint stock company in France. Upon formation, the Company contributed capital totaling € 875(approximately $ 1,100), which constitutes approximately a 17.5% ownership in Veea SAS. The Company’s Chief Executive Officer (“CEO”) contributed capital to constitute an approximately 7% ownership in Veea SAS. In addition, the Company’s CEO is the President of Veea SAS as well as a director. In July 2023, the Company exercised its call options to acquire an additional 24.50% stake in Veea SAS, bringing its total ownership stake in Veea SAS to 42.5%. The call option was exercised for