Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 222

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 222
---
 and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

11 - COMMITMENTS AND CONTINGENCIES

Purchase Commitments with Contract Manufacturers and Suppliers

As of December 31,
2023, the Company had no unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers.
Unconditional purchase obligations are obligations that are enforceable and legally binding on the Company and specify all significant
terms, including quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction.
Unconditional purchase obligations exclude agreements that are cancellable without penalty.

Leases

The Company leases office space in the U.S., including office space from related parties as disclosed in Note 10 - Related Party Transactions. These leases expire at various dates through 2025. Under the terms of the various lease agreements, the Company may bear certain costs such as maintenance, insurance and taxes. Lease agreements may provide for increasing rental payments at fixed intervals. The Company’s CEO has guaranteed the obligations under the office space leased in New Jersey. The Company also leases offices in the United Kingdom and France, under short-term arrangements of twelve months or less.

| Lease cost:                                                            
 Operating lease cost                                                   |     | Years ended December 31, 
 2023                     |           |   |     | 2022 |           |   |
|:-----------------------------------------------------------------------|:----|:-------------------------|----------:|:--|:----|:-----|----------:|:--|
| Other than related parties                                             |     | $                        |   352,911 |   |     | $    |   352,911 |   |
| Related parties                                                        |     |                          |   483,592 |   |     |      |   483,592 |   |
| Total                                                                  |     |                          |   836,503 |   |     |      |   836,503 |   |
| Short-term lease cost                                                  |     |                          |           |   |     |      |           |   |
| Other than related parties                                             |     |                          |    35,749 |   |     |      |   180,998 |   |
| Related parties                                                        |     |                          |         - |   |     |      |         - |   |
| Total                                                                  |     |                          |    35,749 |   |     |      |   180,998 |   |