Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 247

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 247
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 Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

Assets and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates during the year. Differences resulting from translation are presented in equity as accumulated other comprehensive loss. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Foreign currency transaction (gain) loss, mainly related to intercompany transactions, is included in the consolidated statements of operations. For the three months ended September 30, 2024 and September 30, 2023 transactions (gain) loss were $( 1,831,743) and $ 926,965, respectively. For the nine months ended September 30, 2024 and September 30, 2023 such amounts were $( 1,343,640) and $( 86,019), respectively.

Comprehensive Loss

Comprehensive loss consists of two components,
net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue, expenses, gains, and
losses that under GAAP are recorded as an element of stockholders’ deficit but are excluded from net loss. The Company’s other
comprehensive loss consists of foreign currency translation adjustments that result from the consolidation of its foreign subsidiaries
and is reported net of tax effects.

Investments

The Company holds non-marketable equity
and other investments (“privately held investments”) which are included in noncurrent assets in the Company’s consolidated
balance sheet. The Company monitors these investments for impairments and makes adjustments in carrying values if management determines
that an impairment charge is required based primarily on the financial condition and near-term prospects of these investments.

Concentration of Risks

Financial instruments that potentially
subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, and accounts receivable.
Cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $. The Company has not
experienced any losses in such accounts.

Earnings per Share, recasted

Basic net loss per share is calculated
by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the
year. Diluted net loss per share is based upon the diluted weighted-average number of shares outstanding during the year. Diluted net
loss per share gives effect to all potentially dilutive