Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 49

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 49
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 administrative offices. Rent
expense for the three months ended March 31, 2025 and 2024 was $33,626 and $32,132,
which is included in selling, general and administrative expenses within the statements of operations.

    F-12

The components of lease expense were as follows:

Schedule
of Lease Expenses

    2025  
    2024 

    For the Three Months Ended 

    March 31, 

    2025  
    2024 
  
    Operating lease cost: 

    Amortization of ROU asset 
    $54,771  
    $31,373 
  
    Interest on lease liability 
     1,273  
     759 
  
    Total operating lease cost 
    $56,044  
    $32,132 

Supplemental balance sheet information related to
leases was as follows:

Schedule of Supplemental Balance Sheet Information

    March 31,  
    December 31, 

    2025  
    2024 
  
    Operating lease: 

    Operating lease assets 
    $54,771  
    $299,190 

    Current portion of operating lease liability, related party 
    $54,771  
     111,978 
  
    Noncurrent operating lease liability, related party 
     -  
     187,212 
  
    Total operating lease liability 
    $54,771  
    $299,190 

    Weighted average remaining lease term: 

    Operating leases 
     0.50 years  
     2.50 years 

    Weighted average discount rate: 

    Operating lease 
     9.25% 
     9.25%

Note 9 – Notes Payable

Insurance Notes Payable

In 2024, the Company entered into two insurance policy
financing arrangements to purchase various insurance policies. The total principal of these arrangements was $378,659 with interest rates
of 10.350% and 10.50% and monthly payments of $11,783 and $19,171 due through July 2025. The Company made principal repayments of $77,851
and incurred interest expense of $3,229 during the three months ended March 31, 2025. The Company made principal repayments of $225,773
and incurred interest expense of $9,436 during the year