Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 175

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 175
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, 2024 
    Principal  
    Debt
    Discount  
    Accrued
    Interest  
    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 

    December
    31, 2023 
    Principal  
    Debt
    Discount  
    Accrued
    Interest  
    Total 
  
    Revolving
    Loan Facility 
    $9,000,000  
    $              -  
    $-  
    $9,000,000 
  
    Other
    related party debt (Note 11) 
     12,598,000  
     -  
     2,272,993  
     14,870,993 
  
    Total 
    $21,598,000  
    $-  
    $2,272,993  
    $23,870,993 

F-22

Veea
Inc. and Subsidiaries

Notes
to the Consolidated Financial Statements 

For
the Years ended December 31, 2024 and 2023

Revolving
Loan Facility

In June 2021, the Company 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 $14,000,000 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. The Company was not
required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien on certain personal
assets of the CEO.