Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 21

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 985,927 
  
    Total 
    $9,562,118  
    $7,459,240 

Property and Equipment, net

Property and equipment, net consists
of the following:

    September 30, 2025  
    December 31, 2024 
  
    Furniture and fixtures 
    $710,241  
    $702,122 
  
    Computer equipment 
     335,498  
     327,166 
  
    Leasehold improvements 
     390,742  
     390,742 
  
    Total property and equipment gross 
     1,436,481  
     1,420,030 
  
    Less - Accumulated depreciation 
     (1,323,009) 
     (1,209,401)
  
    Total property and equipment net 
    $113,472  
    $210,629 

Depreciation expense for the three
months ended September 30, 2025 and 2024, totaled $29,036 and $56,000, respectively. Depreciation expense for the nine months ended September
30, 2025 and 2024, totaled $106,425 and $166,000, respectively.

11

7 - GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following is a summary of activity
in goodwill for the nine months ended September 30, 2025 and 2024:

    September 30, 2025 
  
    Balance at December 31, 2024 
    $4,779,625 
  
    Foreign exchange transactions 
     394,615 
  
    Balance at September 30, 2025 
     5,174,240 

    September 30, 2024 
  
    Balance at December 31, 2023 
    $4,797,078 
  
    Foreign exchange transactions 
     279,713 
  
    Balance at September 30, 2024 
     5,076,791 

Intangible Assets

Intangible assets consist of the following:

     As of September 30, 2025     Amortization Period  Costs as of December 31, 2024   Additions   Disposals   Ending Costs   Accumulated Amortization   Accumulated Impairment   Net Book Value   Patents  15 years  $7,551,468