Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 268

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 268
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     985,927 
  
    Total 
    $9,412,074  
    $7,459,240 

Property and Equipment, net

Property and equipment, net consists
of the following:

    June 30, 2025  
    December 31, 2024 
  
    Furniture and fixtures 
    $705,726  
    $702,122 
  
    Computer equipment 
     337,340  
     327,166 
  
    Leasehold improvements 
     390,742  
     390,742 
  
    Total property and equipment gross 
     1,433,808  
     1,420,030 
  
    Less - Accumulated depreciation 
     (1,296,584) 
     (1,209,401)
  
    Total property and equipment net 
    $137,224  
    $210,629 

Depreciation expense for the three
months ended June 30, 2025 and 2024, totaled $36,335 and $54,000, respectively. Depreciation expense for the six months ended June 30,
2025 and 2024, totaled $77,391 and $109,000, respectively.

10

7 - GOODWILL AND INTANGIBLE ASSETS

Goodwill

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

    June 30, 2025 
  
    Balance at December 31, 2024 
    $4,779,625 
  
    Foreign exchange transactions 
     453,874 
  
    Balance at June 30, 2025 
     5,233,499 

    June 30, 2024 
  
    Balance at December 31, 2023 
    $4,797,078 
  
    Foreign exchange transactions 
     (3,929)
  
    Balance at June 30, 2024 
     4,793,149 

Intangible Assets

Intangible assets consist of the following:

     As of June 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,