Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 287

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 287
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 of $2,626,000. Subsequent to June 30, 2025, NLabs made additional loans to the Company in the
aggregate principal amount of $550,000. (collectively, the “NLabs 2025 Notes”). Interest on the loans accrue at a rate of 10%
per annum, calculated on the basis of a 365-day year. Accrued interest on the NLabs 2025 Notes through June 30, 2025 was $28,432. The
Company satisfied the payment of the outstanding NLabs 2025 Notes, plus accrued interest, in the aggregate amount of approximately $3,239,096,
with the issuance of approximately 3,239,096 shares of Common Stock with accompanying common warrants issued in the Offering, based on
the assumed offering price of $1.00 per share. See Note 15 for additional information.

14 - COMMITMENTS AND CONTINGENCIES

Purchase Commitments with Contract
Manufacturers and Suppliers

As of June 30, 2025, the Company had
no unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers. Unconditional purchase
obligations are obligations that are enforceable and legally binding on the Company and specify all significant terms, including quantities
to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. Unconditional purchase obligations
exclude agreements that are cancellable without penalty.

19

Leases

The Company leases office space in
the U.S., including office space from related parties as disclosed in Note 13. These leases expire at various dates through 2025. Under
the terms of the various lease agreements, the Company may bear certain costs such as maintenance, insurance and taxes. Lease agreements
may provide for increasing rental payments at fixed intervals. The Company’s CEO has guaranteed the obligations under the office
space leased in New Jersey. The Company also leases offices in the United Kingdom, France, and Mexico under short-term arrangements of
twelve months or less.

Indemnifications

In the normal course of business, the
Company has indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us, with
respect to certain matters. The Company has agreed to indemnify against losses arising from a breach of representations or covenants or
out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances
within which an indemnification claim can