Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 221

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 221
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 (cont.)

The reconciliation of federal
statutory income tax rate to our effective income tax rate is as follows:

|                                          |     | Years ended December 31, |        |    |     |      |        |    |
|                                          |     |                     2023 |        |    |     | 2022 |        |    |
| Federal income tax at the Statutory Rate |     |                          |  21.00 | %  |     |      |  21.00 | %  |
| Permanent Items                          |     |                          |  (0.21 | )% |     |      |  (0.95 | )% |
| Foreign                                  |     |                          |   7.80 | %  |     |      |      - | %  |
| State Taxes                              |     |                          |  24.10 | %  |     |      |  (0.03 | )% |
| Return to Provision                      |     |                          |   0.09 | %  |     |      |      - | %  |
| Other                                    |     |                          |   6.79 | %  |     |      |  (1.86 | )% |
| Change in valuation allowance            |     |                          | (60.27 | )% |     |      | (18.15 | )% |
| Total tax benefit                        |     |                          |      - | %  |     |      |      - | %  |

As of December 31,
2023, the Company had federal net operating loss carryforwards of approximately $101,966,000 which will be carried forward indefinitely.
In addition, the Company has state net operating loss carryforwards of approximately $10,749,000 with varying expiration dates as determined
by each state.

As of December 31,
2023, The Company had foreign net operating loss carryforwards of approximately $22,182,000 and $16,200,000 as of December 31, 2023
and 2022, respectively, which have no expiration.

As of December 31,
2023, Company had federal R&D credit carryforwards of approximately $3,207,000 which will begin to expire in 2038 for federal tax
purposes.

At December 31, 2023
the Company had state R&D credit carryforwards of approximately $5,124,000 for state tax purposes which will not expire.