Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 200

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 200
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 paid. The standard is intended to benefit
investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The standard
will be effective for public companies for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are
currently evaluating the impact of this accounting standard update on our consolidated financial statements.

<div align='center'>F-18

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

4 - BALANCE SHEET COMPONENTS

Inventory

|                     |     | As of December 31, |       2023 |   |     |   |      2022 |   |
|:--------------------|:----|:-------------------|-----------:|:--|:----|:--|----------:|:--|
| Inventory           |     | $                  |  7,392,919 |   |     | $ | 7,315,754 |   |
| Inventory allowance |     |                    | (1,145,548 | ) |     |   |  (825,213 | ) |
| Consigned parts     |     |                    |  1,128,250 |   |     |   | 1,057,433 |   |
| Total               |     | $                  |  7,375,621 |   |     | $ | 7,547,974 |   |

Property and Equipment, net

|                                    |     | As of December 31, |      2023 |   |     |   |      2022 |   |
|:-----------------------------------|:----|:-------------------|----------:|:--|:----|:--|----------:|:--|
| Furniture and fixtures             |     | $                  |   683,994 |   |     | $ |   664,943 |   |
| Computer equipment                 |     |                    |   300,526 |   |     |   |   294,536 |   |
| Leasehold improvements             |     |                    |   390,742 |   |     |   |   390,742 |   |
| Total property and equipment gross |     |                    | 1,375,262 |   |     |   | 1,350,221 |   |
| Less - Accumulated depreciation    |     |                    |