Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 116

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 116
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 continuing operations, if at all.

Comparison of the Nine Months Ended September 30, 2024 and 2023

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

|                      |     | Nine Months ended 
 September 30,     |        2024 |   |     |   |       2023 |   |     |   |    Variance |   |
|:---------------------|:----|:------------------|------------:|:--|:----|:--|-----------:|:--|:----|:--|------------:|:--|
| Operating activities |     | $                 | (19,829,558 | ) |     | $ | (7,150,873 | ) |     | $ | (12,678,685 | ) |
| Investing activities |     |                   |    (207,697 | ) |     |   |    (99,241 | ) |     |   |    (108,456 | ) |
| Financing activities |     |                   |  16,536,728 |   |     |   |  8,227,615 |   |     |   |   8,309,113 |   |

Operating Activities

Net cash used in operating
activities for the nine months ended September 30, 2024 was $19.8 million compared to $7.2 million for the nine months ended September
30, 2023, an increase of $12.6 million. The increase was primarily due to the $5.0 million deposit made for inventory and a $7.7 million
operating loss.

Investing Activities

Net cash used in investing activities
for the nine months ended September 30, 2024 decreased by $108,456 from the nine months ended September 30, 2023. The increase was primarily
due to purchase of additional property, equipment and intangible assets during the period.

Financing Activities

Net cash provided by financing
activities for the nine months ended September 30, 2024 was $16.5 million compared to $8.2 million for the nine months ended September
30, 2023, an increase of $8.3 million. The increase was primarily due to the receipt of $10.0 million of proceeds from the issuance of
preferred stock prior to the closing of the Business Combination, net of transaction costs,