Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 191

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 191
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 transactions denominated in a currency other than the functional currency are included in the results of
operations as incurred. Foreign currency transaction gain (loss), mainly related to intercompany transactions, is included in the consolidated
statements of operations. For the years ended December 31, 2023 and December 31, 2022 such amounts were $1,284,846 and
$(2,193,685), respectively.

Comprehensive Loss

Comprehensive loss consists
of two components, net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue,
expenses, gains, and losses that under GAAP are recorded as an element of stockholders’ deficit but are excluded from net loss.
The Company’s other comprehensive loss consists of foreign currency translation adjustments that result from the consolidation
of its foreign subsidiaries and is reported net of tax effects.

Investments

The Company holds non-marketable
equity and other investments (“privately held investments”) which are included in noncurrent assets in the Company’s
consolidated balance sheet. The Company monitors these investments for impairments and makes adjustments in carrying values if management
determines that an impairment charge is required based primarily on the financial condition and near-term prospects of these investments.

Concentration of Risks

Financial instruments that
potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, and accounts
receivable. Cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000. The
Company has not experienced any losses in such accounts.

<div align='center'>F-16

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)

For the year ended December 31,
2023 one customer accounted for 99.2% of the Company’s revenue. For the year ended December 31, 2022, no customer accounted
for 10% or more of the Company’s revenue. For the year ended December 31, 2023, one supplier accounted for 39.3% of the Company’s
total supplier purchases. For the year ended December 31, 2022, two suppliers accounted for 37.1% and 35.8%, respectively, of the
Company’s total supplier purchases.

As of December 31,
2023,