Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 229

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 229
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 liabilities |     |                          |    (472,288 | ) |     |      |           - |   |
| Net deferred tax liabilities         |     | $                        |           - |   |     | $    |           - |   |

<div align='center'>F-34

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

15 - INCOME TAXES(cont.)

|                                          |     | Years ended December 31, |        |    |     |      |        |    |
|                                          |     |                     2023 |        |    |     | 2022 |        |    |
| Federal income tax at the Statutory Rate |     |                          |  21.00 | %  |     |      |  21.00 | %  |
| Permanent Items                          |     |                          |  (0.21 | )% |     |      |  (0.95 | )% |
| Foreign                                  |     |                          |   7.80 | %  |     |      |      - | %  |
| State Taxes                              |     |                          |  24.10 | %  |     |      |  (0.03 | )% |
| Return to Provision                      |     |                          |   0.09 | %  |     |      |      - | %  |
| Other                                    |     |                          |   6.79 | %  |     |      |  (1.86 | )% |
| Change in valuation allowance            |     |                          | (60.27 | )% |     |      | (18.15 | )% |
| Total tax benefit                        |     |                          |      - | %  |     |      |      - | %  |

As of December 31,
2023, the Company had federal net operating loss carryforwards of approximately $ which will be carried forward indefinitely.
In addition, the Company has state net operating loss carryforwards of approximately $ with varying expiration dates as determined
by each state.

As of December 31,
2023, The Company had foreign net operating loss carryforwards of approximately $ and $ as of December 31, 2023
and 2022, respectively, which have no expiration.

As of December 31,
2023, Company had federal R&D credit carryforwards of approximately $