Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 271

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 271
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 and December 31, 2023, respectively.

In April 2017 the Company entered into
a lease agreement with 83 Street LLC to lease office space for an initial term of years. In 2018, the Company renewed
the lease for an additional -year term, with all other terms and conditions of the lease remaining the same. The renewal term expires
February 28, 2024 and was subsequently extended to December 31, 2024. The sole member of 83rd Street is the Salmasi 2004 Trust (the “Trust”).
As of December 31, 2023, the Trust holds approximately % of the Company’s outstanding capital stock. The Company’s CEO
is the grantor of the Trust. The Company accrues rent for the office space. The Company recognized rent expense of $ all of which
is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss

Related Party Debt

In 2021 and 2022, NLabs made loans to
the Company evidenced by promissory notes aggregating $ (the “Bridge Notes”). The Bridge Notes bear interest
on the outstanding principal at a rate of % per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $ and $, respectively. Interest
expense for the nine months ended September 30, 2024 and 2023 was $ and $, respectively.

<div align='center'>F-60

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

In 2022 and 2023, NLabs made loans to
the Company evidenced by promissory notes