Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 217

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 217
---
 loss. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $ 1,656,000and $ 1,368,000, as of December 31, 2023 and 2022, respectively.

Convertible Notes, related party

In February 2023, convertible notes issued
to Korea Information and Communications Co., Ltd. (“KICC”) totaling $, which included interest accrued and compounded
through December 31, 2022, converted into shares of Series A-1 Preferred Stock. The convertible notes were issued
to KICC under convertible note purchase agreement entered into in 2019 with other holders, including NLabs, and in exchange for deposits
made by KICC under certain agreements between KICC and the Company covering the purchase by KICC of VeeaHub units. The
convertible notes issued to the other holders under the 2019 purchase agreement previously converted into shares of Series A-1 Preferred
Stock on December 21, 2022.

|                       |     |           | December 31, 2023 |     |          |           |     |       |            |     |           | December 31, 2022 |     |          |           |     |       |            |
|:----------------------|:----|:----------|------------------:|:----|:---------|----------:|:----|:------|-----------:|:----|:----------|------------------:|:----|:---------|----------:|:----|:------|-----------:|
|                       |     | Principal |                   |     | Accrued  
 Interest |           |     | Total |            |     | Principal |                   |     | Accrued  
 Interest |           |     | Total |            |
| NLabs Bridge Notes    |     | $         |         9,500,000 |     | $        | 1,957,863 |     | $     | 11,457,863 |     | $         |         9,500,000 |     | $        | 1,007,863 |     | $     | 10,507,863 |
| NLabs Promissory Note |     |           |         3,098,000 |     |          |   295,644 |     |       |  3,393,644 |     |           |           850,000 |     |          |     5,356 |     |       |