Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 179

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 179
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                                           |     |                          |             |   |     |      |             |   |
| 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 a
price of €1 per share. In December, the Company exercised its call options for the remaining 57.5% ownership stake in Veea SAS.
Veea SAS is accounted for as a Variable Interest Entity and consolidated as further described within Principles of Consolidation to Note 3 - Summary of Significant Accounting Policies.

On November