Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 223

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 223
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 The Company subsequently terminated the Contractor
in early 2021. In April 2021, the Contractor commenced a legal action against the Company alleging discrimination and retaliation
as a result of the Contractor’s disability and/or perceived disability. The Contractor sought three years of contract payments
in the amount of $. The Company timely submitted a claim under its Employment Practices Liability insurance. In accordance
with the terms of the Company’s policy, the insurance carrier assumed defense of the litigation. Due to the early stage of the litigation,
as well as uncertainties in the litigation due to the proceeding being stayed in 2021, the Company could not estimate the outcome as of
December 31, 2021. In July 2023, the litigation was submitted to mediation and ultimately confidentially settled. The Company’s
portion of the settlement amount totaled the amount of the recorded reserve and settlement amounts in excess of the Company’s deductible
were paid by the Company’s insurance carrier.

<div align='center'>F-31

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

11 - COMMITMENTS AND CONTINGENCIES(cont.)

Other Commitments

In connection with the Business Combination transaction,
Veea agreed to pay certain legal expenses contingent upon the closing of the Business Combination. As of December 31, 2023, the amount
of the deferred fees totaled approximately $.

12 - FAIR VALUE MEASUREMENTS

Money Market Funds

The Money Market Funds are classified within Level
1 as these securities are traded on an active public market. As of December 31, 2023, the Company held approximately $ in
money market funds. The Company held no money market funds at December 31, 2022.

13 - EARNINGS PER SHARE

| Numerator:                                                       |     | Years Ended December 31, 
 2023                     |             |   |     | 2022 |             |   |
|:-----------------------------------------------------------------|:----|:-------------------------|------------:|:--|:----|:-----|------------:|:--|
| Net loss attributable to Veea Inc.                               |     | $                        | (15,638,589 | ) |     | $    | (35,167,089 | ) |
| Denominator:                                                     |     |                          |             |   |     |      |             |   |
| Weighted-average common shares outstanding - and diluted         |