Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 272

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 272
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 of 10% per annum, calculated on the basis of a 365-day year. Principal and interest on the Promissory Notes is repayable upon
the earlier of demand and December 31, 2023. The Demand Notes remained outstanding as of December 31, 2023 and subsequently extended
to September 30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was $

At the Closing, the Related Party
Notes were converted into shares of Common Stock at the Closing at a price of $5.00 per share of Common Stock, which shares were not
considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. See Note 4 “Recapitalization” for further information regarding the conversion of the Related Party Notes.

CEO Expenses

The Company incurred expenses relating
to ordinary course travel expenses of the Company’s Chief Executive Officer and founder (“CEO”) for travel made by
the CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $119,075 and $179,075, respectively. During the nine months ended June 30, 2024, the Company paid the
CEO $150,000 in reimbursement of these expenses. The Company records the expenses as accrued expenses in the Company’s consolidated
balance sheet.

12 - COMMITMENTS AND
CONTINGENCIES

Purchase Commitments with Contract
Manufacturers and Suppliers

As of June 30, 2024, 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 11 - 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