Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 108

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 108
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 $3.0
million convertible note from an unrelated third party and an additional $2.2 million in demand notes from a related party.

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Comparison of the Years Ended December 31, 2023 and 2022

The following table shows
Veea’s cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:

|                      |     |   |   Year ended 
 December 31, 
         2023 |   |     |   |   Year ended 
 December 31, 
         2022 |   |     |   |   Variance |   |
|:---------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|:----|:--|-----------:|:--|
| Operating activities |     | $ |  (12,652,360 | ) |     | $ |  (22,025,362 | ) |     | $ |  9,372,732 |   |
| Investing activities |     |   |     (155,054 | ) |     |   |     (249,264 | ) |     |   |     94,210 |   |
| Financing activities |     |   |   18,573,694 |   |     |   |   21,525,000 |   |     |   | (2,951,306 | ) |

Operating Activities

Net cash used in operating
activities for the year ended December 31, 2023 was $12.6 million compared to $22.0 million for the year ended December 31,
2022, an increase of $9.4 million. The increase was primarily due to the license of AdEdge.

Investing Activities

Net cash used in investing
activities for the year ended December 31, 2023 decreased by $0.1 million from the year ended December 31, 2022. The decrease
was immaterial and related primarily to the purchase of intangibles.

Financing Activities

Net cash provided by financing
activities for the year ended December 31, 2023 was $18.6 million compared to $21.5 million for the year ended December 31,
2022, a decrease of $2.9 million. The decrease was due to (1) a repayment of debt and (2) a decrease in the issuance of convertible