Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 212

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 212
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10,350,000 |     | $        | 1,013,219 |     | $     | 11,363,219 |

In 2021 and 2022, NLabs
made loans to the Company evidenced by promissory notes aggregating $9,500,000 (the “Bridge Notes”). The Bridge Notes bear
interest on the outstanding principal at a rate of 10% 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. The maturity date of the Bridge Notes was extended to June 30, 2024. Refer to Note 17 - Subsequent Events.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 years ended December 31,
2023 and 2022 was $1,000,000 and $843,690, respectively.

<div align='center'>F-28

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

10 - RELATED PARTY TRANSACTIONS (cont.)

In 2022 and 2023, NLabs
made loans to the Company evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “Promissory Notes”).
The Demand Notes bear interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year.
Principal and interest on the Promissory Notes is repayable upon the earlier of demand and December 31, 2023. The Demand Notes remained
outstanding as of December 31, 2023. The maturity date of the Demand Notes was extended to June 30, 2024 Refer to Note 17 - Subsequent Events.Interest expense for the years ended December 31, 2023 and December 31, 2022 was $290,288
and $5,356, respectively.

Under the terms of the Business
Combination Agreement