Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 16

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 Effective Date to clarify the effective date of ASU 2024-03. The amendments in this ASU require a public business
entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual
reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity’s
expenses to help investors (a) better understand the entity’s performance, (b) better assess the entity’s prospects for future cash flows,
and (c) compare an entity’s performance over time and with that of other entities. The additional disclosures under this update include
(1) disclosing the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation,
depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense)
that are included in each relevant expense caption, (2) include certain amounts that are already required to be disclosed under current
generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative
description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) disclose
the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments
in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after
December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its condensed consolidated
financial statements.

4 - ACQUISITION

On May 13, 2025, the Company entered
into an Asset Purchase Agreement (the “APA”) with Crowdkeep, Inc., a Delaware corporation (the “Seller”), pursuant
to which, the Company acquired (the “Crowdkeep Closing”), certain assets of Seller relating to Seller’s IoT technology
platform business (the “Crowdkeep Assets”), free and clear of any liens other than certain specified liabilities of Seller
that were assumed (the “Crowdkeep Liabilities”). In consideration for the acquisition, the Company issued 4,065,689 shares
of its Common Stock (the “Purchase Price”).

The transaction was accounted for as
an asset acquisition, as the Company determined that substantially all of the fair value was concentrated in a single identifiable intangible
asset, proprietary technology, and therefore