Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 219

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 219
---
 beginning of year                                        |     |                    |   1,685,633 |   |     |      |   6,010,075 |   |
| Cash and cash equivalents at end of year                                              |     | $                  |     247,341 |   |     | $    |   5,648,809 |   |
| Non-cash activities                                                                   |     |                    |             |   |     |      |             |   |
| Settlement of convertible notes for shares issued                                     |     | $                  |     350,000 |   |     |      |           - |   |
| Conversion of vendor payable to Series A-2 Preferred Shares                           |     | $                  |           - |   |     | $    |      78,422 |   |

<div align='center'>The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.

F-5

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements</div>

1 - DESCRIPTION OF BUSINESS

The Company is a provider of edge
computing and communications devices (i.e., “VeeaHubÒ” devices), applications,
and services hosted on its edge Platform-as-a-Service (“ePaaS”). Veea Edge Platform ePaaS is an end-to-end platform that
is both locally- and cloud-managed. VeeaHubÒ products are converged computing and communications
(i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point (AP), that provide for networking and computing
solutions for AI-assisted applications and solutions at the edge where people, places, and things connect to the network.

Veea Edge PlatformÔ
provides for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries,
as well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge PlatformÔ,
easily deployable products that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating,
globally, that the Veea Edge PlatformÔ enables our partners and customers to champion
digital transformations in multiple vertical markets.

Through our innovative Veea