Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 100

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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    2026 
     742,124 
  
    2027 
     742,124 
  
    2028 
     743,941 
  
    2029 
     742,124 
  
    Thereafter 
     4,436,483 

    $7,594,415 

8 - DEBT

Total outstanding debt of the Company
is comprised of the following, including convertible notes:

    September 30, 2025 
    Principal  
    Debt Discount  
    Total 
  
    Revolving Loan Facility 
    $14,000,000  
    $-  
    $14,000,000 
  
    Convertible note payable, net 
     1,750,000  
     (199,599) 
     1,550,401 
  
    Notes payable 
     1,762,415  
     -  
     1,762,415 
  
    Total 
    $17,512,415  
    $(199,599) 
    $17,312,816 

    December 31, 2024 
    Principal  
    Debt Discount  
    Total 
  
    Revolving Loan Facility 
    $12,700,000  
    $-  
    $12,700,000 
  
    Convertible note payable 
     1,200,000  
     (1,102,684) 
     97,316 
  
    Total 
    $13,900,000  
    $(1,102,684) 
    $12,797,316 

Revolving Loan Facility

In June 2021, Private Veea entered
into a revolving loan agreement (the “2021 Revolving Loan Agreement”) with First Republic Bank, which was subsequently acquired
by JPMorgan Chase, (the “Bank”) providing up to $14.0 million of advances (collectively, the “Loan”). The Loan
accrues interest at a variable rate based on an index rate established by reference to the average 12-month trailing one-year US treasuries
plus a spread of 1.80% per annum and a minimum floor rate of 1.5% per annum. Interest is payable monthly in cash. Private Veea was not
required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien on certain personal