Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 113

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 113
---
 ) |     |   |     (249,264 | ) |     |   |     94,210 |   |
| Financing activities |     |   |   18,573,694 |   |     |   |   21,525,000 |   |     |   | (2,951,306 | ) |

Operating Activities

Net cash used in operating activities for the
year ended December 31, 2023 was $12.6 million compared to $22.0 million for the year ended December 31, 2022, an increase
of $9.4 million. The increase was primarily due to the license of AdEdge.

Investing Activities

Net cash used in
investing activities for the year ended December 31, 2023 decreased by $0.1 million from the year ended December 31, 2022.
The decrease was immaterial and related primarily to the purchase of intangibles.

Financing Activities

Net cash provided by financing activities for
the year ended December 31, 2023 was $18.6 million compared to $21.5 million for the year ended December 31, 2022,
a decrease of $2.9 million. The decrease was due to (1) a repayment of debt and (2) a decrease in the issuance of convertible notes
that was offset by an increase in the issuance of third-party debt.

Off-Balance Sheet Arrangements

We have not had any over
the past three fiscal years, and we currently do not have, any off-balance sheet arrangements as defined in the rules and regulations
of the SEC. To the extent we have any contingent assets or liabilities, these have been captured and audited within the accompanying consolidated
financial statements.

Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires
Veea’s management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of
contingent assets and liabilities and the reported amounts of revenue and expenses during the reported periods. Other than valuation of
inventory, Veea does not currently have any critical accounting estimates that could have a material impact on their financial statements.
Veea has other key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding
its results, which are described in Note 3 to Veea’s consolidated financial statements as of and for the years ended December 31,
2023 and 2022 included in this Registration