Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 19

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 19
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, 2025. For the six months ended June 30, 2024, the Company incurred $52,676, of IRA contribution expenses pursuant to the
Company’s matching contributions, including $0, as accrued at June 30, 2024.

Note
8 – Lease

The
Company leases its current corporate headquarters under a fourteen month lease from STVentures, a related party. The lease, as
amended on May 1, 2022 to expand its office space from 2,976 square
feet to approximately 5,978 square
feet, commenced on July 1, 2021, and provides for a base monthly rent of $10,711,
as increased from $5,332 per
month. The lease was further amended on June 26, 2024 and March 3, 2025 and provides for a base monthly rent of $11,209 per
month, over a fourteen month term of the lease commencing on July 1, 2024 through August 31, 2025. The Company is occupying the
space for executive and administrative offices. Rent expense for the six months ended June
30, 2025 and 2024 was $67,253 and 64,263,
which is included in selling, general and administrative expenses within the statements of operations. The lease was amended in July 2025 to extend the lease term through June 30, 2027.

The
components of lease expense were as follows:

 Schedule of Lease Expenses

    2025  
    2024 

    For the Six Months Ended 

    June 30, 

    2025  
    2024 
  
    Operating lease cost: 

    Amortization of ROU asset 
    $64,477  
    $63,199 
  
    Interest on lease liability 
     2,776  
     1,064 
  
    Total operating lease cost 
    $67,253  
    $64,263 

    2025  
    2024 

    For the Three Months Ended 

    June 30, 

    2025  
    2024 
  
    Operating lease cost: 

    Amortization of ROU asset 
    $32,610  
    $31,826 
  
    Interest on lease liability 
     1,017  
     305