Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1224

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1224
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On March 1, 2014, Private Veea entered into a sublease agreement with NLabs
Inc., an affiliate of the Company’s CEO that held approximately 26% of the Company’s outstanding capital stock at December
31, 2024, for office space for an initial term of five years. In 2018, Private Veea renewed the sublease for an additional five-year term,
with all other terms and conditions of the sublease remaining the same. The renewal term expired February 28, 2024 and was subsequently
extended to June 30, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of approximately
$244,000 and $237,000, respectively, for the years ended December 31, 2024 and 2023, all of which is classified as general and administrative
expenses, net in the Company’s consolidated statements of operations. Accrued and unpaid rent expense  included in the Company’s
consolidated balance sheets were $1,713,600 and $1,468,800, respectively, as of December 31, 2024 and 2023.

In April 2017, Private Veea entered into
a lease agreement with 83rd  Street LLC to lease office space for an initial term of two years. The sole member of 83rd  Street
is the Salmasi 2004 Trust. At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s outstanding capital stock.
Veea’s CEO is the grantor of the Salmasi 2004 Trust.  In 2018, Private Veea renewed the lease for an additional five-year term,
with all other terms and conditions of the lease remaining the same. The renewal term expired February 28, 2024 and was subsequently extended
to June 30, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of approximately $281,000
and $247,000, respectively, in each of the years ended December 31, 2024 and 2023, all of which is classified as general and administrative
expenses, net in the Company’s consolidated statements of operations. Accrued and unpaid rent expense included in the Company’s
consolidated balance sheet were $1,944,000 and $1,656,000