Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 97

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 97
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limitations and conditions as described below (the "ELOC Program") at a purchase price equal to (i) 96.5% of the volume weighted
average stock price for the three consecutive business days after a purchase notice is given, (ii) 98% of the volume weighted average
stock price on the day a notice is delivered, or (iii) the lowest traded price for a given purchase date.

The Company controls the timing and amount of any sales to White Lion,
which depended on a variety of factors including, among other things, market conditions, the trading price of the Company’s common
stock, and determinations by the Company as to appropriate sources of funding for its business and operations. However, White Lion’s
obligation to purchase shares is subject to certain conditions, including the daily trading volume of the Company’s stock. In all
instances, the Company may not sell shares of its common stock under the Purchase Agreement if it would result in White Lion and its affiliate
beneficially owning more than 4.99% of its outstanding voting power or shares of common stock at any one point in time, or the aggregate
number of shares of common stock would not exceed 19.99% of the voting power of the issued and outstanding common.

As of December 31, 2024, the Company had sold no shares under the ELOC
Program.

Components
of Results of Operations

Revenue,
net

The
Company recognizes revenue based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company
generates revenue from hardware sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined
in ASC 606, Revenue from Contracts with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the
contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate
the transaction price to the performance obligations in the contract; and (5) recognize revenue when a corresponding performance obligation
is satisfied. Most contracts with customers are to provide distinct products or services within a single contract. However, if a contract
is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an
amount based on the estimated relative standalone selling price.

For
licenses of technology, recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether
there are future performance obligations under the contract.