Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 392

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 392
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  1.79%   3.07% 

F-33

Veea
Inc. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

Operating
lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the
net present value of its lease payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based
on the information available at the later of the lease commencement date, lease modification date, or the date of adoption of ASC 842.
As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:

    Year 
    Other
    than related parties  
    Related
    Parties  
    Total 

    2025 
     121,579  
     -  
     121,579 
  
    Total lease payments 
     121,579  
     -  
     121,579 
  
    Less: imputed interest 
     (272) 
     -  
     (272)
  
    Present values of lease
    liabilities 
    $121,579  
    $-  
    $121,579 

    Operating lease liabilities current 
     121,579  
     -  
     121,579 
  
    Operating lease liabilities
    noncurrent 
     -  
     -  
     - 

    $121,579  
    $-  
    $121,579 

Warranties

The
Company accrues the estimated cost of product warranties at the time of recognizing revenue. The Company’s standard product warranty
terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of
time. The Company engages in product quality programs and processes, including actively monitoring and evaluating the quality of its
component suppliers. The estimated warranty obligation is based on contractual warranty terms, repair costs, current period product shipments
and product failure rates. Warranty terms are generally limited to twelve months.

Indemnifications

In
the normal course of business, the Company has indemnification obligations to other parties, including customers, lessors, and parties
to other transactions with us, with respect to certain matters. The Company has agreed to indemnify against losses arising from a