Veea Inc. Files Q3 2024 10-Q Report

TL;DR

Veea Inc. filed its 10-Q for Q3 2024. Check financials.

AI Summary

Veea Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, formerly known as Plum Acquisition Corp. I, is incorporated in Delaware and operates in computer-integrated systems design. Its principal executive offices are located at 164 E. 83rd Street, New York, NY.

Why It Matters

This filing provides investors with an update on Veea Inc.'s financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial and operational updates, not indicating immediate significant risks.

Key Players & Entities

• VEEA INC. (company) — Registrant
• Plum Acquisition Corp. I (company) — Former company name
• 001-4021 (company) — Commission file number
• 20240930 (date) — Quarterly period end date
• 164 E. 83rd Street, New York, NY 10028 (location) — Principal executive offices address

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share VEEA The Nasdaq Stock Market
• $11.50 — ne Common Stock at an exercise price of $11.50 per share VEEAW The Nasdaq Stock Market

Filing Documents

• ea0221355-10q_veeainc.htm (10-Q) — 1479KB
• ea0221355ex31-1_veeainc.htm (EX-31.1) — 12KB
• ea0221355ex31-2_veeainc.htm (EX-31.2) — 12KB
• ea0221355ex32-1_veeainc.htm (EX-32.1) — 5KB
• ea0221355ex32-2_veeainc.htm (EX-32.2) — 5KB
• 0001213900-24-100269.txt ( ) — 7677KB
• veea-20240930.xsd (EX-101.SCH) — 72KB
• veea-20240930_cal.xml (EX-101.CAL) — 65KB
• veea-20240930_def.xml (EX-101.DEF) — 360KB
• veea-20240930_lab.xml (EX-101.LAB) — 645KB
• veea-20240930_pre.xml (EX-101.PRE) — 362KB
• ea0221355-10q_veeainc_htm.xml (XML) — 909KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 ITEM 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION 38 ITEM 1.

Legal Proceedings

Legal Proceedings 38 ITEM 1A.

Risk Factors

Risk Factors 38 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 ITEM 3. Defaults Upon Senior Securities 38 ITEM 4. Mine Safety Disclosures 38 ITEM 5. Other Information 38 ITEM 6. Exhibits 38

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements VEEA INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 (unaudited) ASSETS Cash $ 2,802,970 $ 6,010,075 Receivables, net 84,709 52,838 Inventory, net 7,977,277 7,375,621 Contingent financing asset 21,680,000 — Prepaid and other current assets 5,618,900 513,670 Total current assets 38,163,856 13,952,204 Property and equipment, net 252,153 376,667 Goodwill 5,076,791 4,797,078 Intangible assets, net 757,697 628,477 Right-of-use assets 204,915 545,411 Investments 452,642 451,874 Security deposits 87,171 85,595 TOTAL ASSETS $ 44,995,225 $ 20,837,306 LIABILITIES AND STOCKHOLDERS' EQUITY Revolving line of credit $ 12,700,000 $ 9,000,000 Related party notes, net of discount — 12,598,000 Accrued interest, related party — 2,272,993 Accounts payable 1,638,738 1,077,898 Accrued expenses 6,249,523 4,741,495 Investor deposits — 2,048,776 Deferred payables, current 204,445 — Operating lease liabilities, current 211,345 445,850 Total current liabilities 21,004,051 32,185,012 Convertible note payable, net 45,648 — Convertible note option liability 293,866 — Warrant liabilities 1,261,492 — Contingent earn-out share liability (Note 4) 28,850,000 — Deferred payables 1,545,278 — Operating lease liabilities — 119,424 TOTAL LIABILITIES 53,000,335 32,304,436 STOCKHOLDERS' EQUITY Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Common Stock, $ 0.0001 par value, 500,000,000 shares authorized, 35,686,757 and 19,635,912 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 3,568 1,964 Additional paid-in capital 210,665,277 159,475,010 Accumulated deficit ( 216,903,369 ) ( 170,282,750 ) Accumulated other comprehensive loss ( 1,770,586 ) ( 661,354 ) T

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View this 10-Q filing on SEC EDGAR