Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 210

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 210
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 agreement with NLabs Inc., an affiliate of the CEO and that holds approximately 38.5% of the Company’s
outstanding capital stock (“NLabs”) for office space for an initial term of 5 years. In 2018, the Company renewed the
sublease for an additional 5-year term with all other terms and conditions of the sublease remaining the same. The renewal term expires
February 28, 2024.

The expiration date of the
Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events. The Company accrues rent for the office
space. The Company recognized rent expense of $237,025 in each of the years ended December 31, 2023 and 2022, all of which
is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss.
Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $1,468,800 and $1,224,000, as of December 31,
2023 and 2022, respectively.

In April 2017 the Company
entered into a lease agreement with 83 Street LLC to lease office space for an initial term of 2 years. In 2018, the
Company renewed the lease for an additional 5-year term, with all other terms and conditions of the lease remaining the same. The renewal
term expires February 28, 2024. The expiration date of Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events.The sole member of 83 Street is the Salmasi 2004 Trust (the “Trust”). As of December 31, 2023,
the Trust holds approximately 15% 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 $246,567 in each of the years ended December 31,
2023 and 2022, all of which is classified as general and administrative expenses in the Company’s consolidated statements of operations
and comprehensive loss. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $1,656,000 and
$1,368,000, as of December 31, 2023 and 2022, respectively.

Convertible Notes, related party

In February 2023, convertible
notes issued to