Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 76

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 76
---
     (422,321) 
     -  
     327,679 
  
    Total 
    $14,750,000  
     (422,321) 
        
    $14,327,679 

    December 31, 2024 
    Principal  
    Debt Discount  
    Accrued
Interest  
    Total 
  
    Revolving Loan Facility 
    $12,700,000  
    $-  
    $        -  
    $12,700,000 
  
    Convertible note payable 
     1,200,000  
     (1,102,684) 
     -  
     97,316 
  
    Total 
    $13,900,000  
    $(1,102,684) 
    $-  
    $12,797,316 

Revolving Loan Facility

In June 2021, Private Veea entered
into a revolving loan agreement (the “2021 Revolving Loan Agreement”) with First Republic Bank, which was subsequently acquired
by JPMorgan Chase, (the “Bank”) providing up to $14.0 million of advances (collectively, the “Loan”). The Loan
accrues interest at a variable rate based on an index rate established by reference to the average 12-month trailing one-year US treasuries
plus a spread of 1.80% per annum and a minimum floor rate of 1.5% per annum. Interest is payable monthly in cash. Private Veea was not
required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien on certain personal
assets of the CEO. In consideration for the security provided by the CEO, Private Veea issued common stock warrants (the “Related
Party Common Stock Warrants”) to NLabs, a principal shareholder of the Company and affiliate of Allen Salmasi (“NLabs”),
in consideration for the CEO’s guaranteeing the advances. See Note 12 for further information. In December 2023, Private Veea repaid
$5,000,000 of the principal balance of the Loan. Following the acquisition of First Republic, the Loan was transferred to the Bank. Total
borrowings during the three months ended March 31, 2025, were $1.3 million. As of March 31, 2025, the outstanding principal amount of