Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 114

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 114
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   |     (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 Statement beginning at page