Company: VEEAW
Filing Date: 2025-08-06
Form Type: S-1/A
Source: 0001213900-25-072342
Chunk: 265

Company: VEEA INC.
Filing Date: 2025-08-06
Form: S-1/A
Chunk 265
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 lease agreement with 83 rdStreet LLC to lease office space for an initial term of two years. The sole member of 83 rdStreet is the Salmasi 2004 Trust. At December 31, 2024, the Salmasi 2004 Trust held approximately 8% of Veea’s outstanding capital stock. Veea’s CEO is the grantor of the Salmasi 2004 Trust. In 2018, Private Veea renewed the lease for an additional five-year term, with all other terms and conditions of the lease remaining the same. The renewal term expired February 28, 2024 and was subsequently extended to June 30, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of approximately $ 281,000and $ 247,000, respectively, in each of the years ended December 31, 2024 and 2023, all of which is classified as general and administrative expenses, net in the Company’s consolidated statements of operations. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet were $ 1,944,000and $ 1,656,000, respectively, as of December 31, 2024 and 2023. Related Party Debt In 2021 and 2022, NLabs made loans to the Company evidenced by promissory notes aggregating $ 9,500,000(the “Bridge Notes”). Interest on the outstanding principal amount of the Bridge Notes accrued at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest was payable on the maturity date of the Bridge Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended to December 31, 2023, and was subsequently extended to September 30, 2024. The Company accounted for the extension as a modification of the Bridge Notes. Interest expense for the years ended December 31, 2024 and 2023 was $ 195,155and $ 237,500, respectively. F-54 Veea Inc. and Subsidiaries Notes to the Consolidated Financial Statements For the Years ended December 31, 2024 and 2023 In 2022 and 2023, NLabs made loans to the Company evidenced by promissory notes in the aggregate principal amount of $ 3,098,000(the “Promissory Notes”