Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 30

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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. The unpaid principal amount and accrued interest on the
Promissory Notes was due and payable upon the earlier of demand and December 31, 2023, which was subsequently extended to September 30,
2024. Interest expense for the three months ended March 31, 2024 was $57,963.

17

At the Closing in September 2024,
the Related Party Notes were converted into shares of Common Stock at a price of $5.00 per share, 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. Thus, there was no interest
expense recorded for the three months ended March 31, 2025, for the Related Party Notes. See Note 4 for further information regarding
the conversion of the Related Party Notes. 

During the three months ended March
31, 2025, NLabs made loans to the Company in the aggregate amount of $485,000 (the “March NLabs Notes”). Interest on the
loans accrue at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest is payable on
the earlier of demand or June 30, 2025. In April 2025, NLabs made additional loans in the aggregate amount of $341,000 (collectively
with the March NLabs Notes, the “2025 NLabs Notes”).

13 - COMMITMENTS AND CONTINGENCIES

Purchase Commitments with Contract
Manufacturers and Suppliers

As of March 31, 2025, 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 12. 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 leased in New Jersey. The Company also leases offices in