Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 291

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1A
Chunk 291
---
 from sales and services, will not be sufficient
to fund our operations, anticipated capital expenditures, working capital and other financing requirements for at least the next twelve
months from the issuance of the financial statements included elsewhere in this annual report. In the event we are unable to achieve
profitable operations in the near term, we may require additional equity and/or debt financing; however, we cannot provide assurance
that such financing will be available to us on favorable terms, or at all. We will continue to monitor our expenditures and cash flow
position.

The
following table summarizes total current assets, liabilities, accumulated deficit and working capital at December 31, 2024, and December
31, 2023.

    December 31,  
    December 31, 

    2024  
    2023 
  
    Current Assets 
    $3,352,795  
    $4,781,110 

    Current Liabilities 
    $613,549  
    $910,072 

    Accumulated Deficit 
    $(8,824,193) 
    $(5,064,955)

    Working Capital 
    $2,739,246  
    $3,871,038 

Liquidity
is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate
on an ongoing basis. To date, we have funded our operations through equity and debt financings. Our primary uses of cash have been for
the development of operations, compensation, and professional fees. All funds received have been expended in the furtherance of growing
our business and establishing our healthcare staffing and medical communication services. The following trends are reasonably likely
to result in a material decrease in our liquidity over the near to long term:

    ●
    A
    substantial increase in working capital requirements to finance our operations;

    ●
    Addition
    of administrative and professional personnel as our business continues to grow;

    ●
    The
    cost of being a public company; and

    ●
    Payments
    for seeking and securing quality staffing personnel.

-31-

Cash
Flow Activities for the Years Ended December 31, 2024, and 2023

Net
Cash Used in Operating Activities 

Cash
used in operating activities for the years ended December 31, 2024, and 2023 was $2,932,033 and $2,759,068, respectively,