Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 948

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 948
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 expense of approximately $281,000
and $247,000, respectively, in each of the years ended December 31, 2024 and 2023, all of which is classified as general and administrative
expenses, net in the Company’s consolidated statements of operations. Accrued and unpaid rent expense included in the Company’s
consolidated balance sheet were $1,944,000 and $1,656,000, respectively, as of December 31, 2024 and 2023.

Related
Party Debt

In 2021 and 2022, NLabs made loans to the Company evidenced by promissory
notes aggregating $9,500,000 (the “Bridge Notes”). Interest on the outstanding principal amount of the Bridge Notes accrued
at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest was payable on the maturity date
of the Bridge Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended to December 31, 2023, and
was subsequently extended to September 30, 2024.  The Company accounted for the extension as a modification of the Bridge Notes.
Interest expense for the years ended December 31, 2024 and 2023 was $195,155 and $237,500, respectively.

F-31

Veea
Inc. and Subsidiaries

Notes
to the Consolidated Financial Statements 

For
the Years ended December 31, 2024 and 2023

In 2022 and 2023, NLabs made loans
to the Company evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes” and collectively
with the Bridge Notes, the “Related Party Notes”). Interest on the outstanding principal amount of the Promissory Notes accrued
at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and interest on the Promissory Notes was repayable upon
the earlier of demand and December 31, 2023. The Promissory Notes remained outstanding as of December 31, 2023 and was subsequently extended
to September 30, 2024.  Interest expense for the years ended December 31, 2024 and 2023 was $63,709 and $78,087, respectively.

At the Closing, the