Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1511

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1511
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 segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which
it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by
the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating
decision maker (“CODM”) has been identified as the CEO, who reviews the assets, operating results, and financial metrics for
the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined
that there is only one reportable segment.

The CODM assesses the performance of and
decides how to allocate resources for the one segment based on consolidated net loss. Further, EBITDA (earnings before interest taxes,
depreciation and amortization), which is not presented on the face of the Company’s Consolidated Statements of Operations, is used
to assist with the measurement of segment performance and allocate resources. The CODM also uses net loss and adjusted EBITDA, to decide
the level of investment in various operating activities and other capital allocation activities.

The measure of segment assets is reported
on the Company’s Consolidated Balance Sheets as Total Assets.

The following table presents the Company’s
segment results for the years ended December 31, 2024 and 2023:

    For the years ended 

    December 31, 

    2024  
    2023 
  
    Sales, net 
    $141,760  
    $9,072,130 
  
    Cost of goods sold 
     83,290  
     466,802 
  
    Segment Gross profit 
     58,470  
     8,605,328 

    Operating Expenses: 

    Product development 
     1,373,351  
     693,448 
  
    Sales and marketing 
     811,537  
     215,332 
  
    General and administrative (A) 
     19,171,965  
     17,238,184 
  
    Transaction costs including those incurred with contingent Earn-out Share Liability 
     55,038,544  
     - 
  
    Depreciation and amortization 
     273,772  
     818,203 
  
    Impairment on investment 
     216,278