Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 16

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 16
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 operations during the years ended December 31, 2024 and 2023, respectively.

Recruitment
and Human Resource Services

The
Company paid a total of $516,129 and $348,304 for recruitment and human resource services from NLogix, which is an entity beneficially
owned by the principal owners and the management team of Syra and their affiliates, which have been presented within cost of sales in
the statements of operations during the years ended December 31, 2024 and 2023, respectively.

Advances
from Related Party

On
various dates from July 11, 2023, through August 23, 2023, Sahasra Technologies Corp., doing business as STLogics, which is an entity
beneficially owned by the principal owners and management team of Syra, made short term, non-interest bearing advances due upon demand,
of which an aggregate of $1,295,010 was advanced and we repaid an aggregate $1,095,000 of such advances. The Company pays for payroll
and related costs for its employees that provide services to STLogics customers. During the year ended December 31, 2023, the Company
applied $200,010 of such costs to reduce the balance of the advance to $0. During the year ended December 31, 2024, the Company paid
$101,411 of payroll and related costs for these employees and had a receivable from STLogics of $0 and $50,614 for additional costs incurred
as of December 31, 2024 and December 31, 2023, respectively.

Note
4 – Basic and Diluted Earnings per Share

During
the years ended December 31, 2024 and 2023, the Company used the two-class method to compute net loss per common share because it had
issued securities, other than a single class of common stock, that contractually entitled the holders to participate in dividends and
earnings. These participating securities included the Company’s Class A common stock, which was authorized pursuant to the Company’s
amendment to its Certificate of Incorporation on May 2, 2022, and convertible Class B common stock which are entitled to share equally,
on a per share basis, in all assets of the Company of whatever kind available for distribution to the holders of common stock. The two-class
method requires earnings for the period to be allocated between common stock and participating securities based upon their