Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 50

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 50
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 of digital health revenue where the customer simultaneously receives and consumes benefits of the contract, such
as ongoing performance of our technology product.

The
contracts generally stipulate bi-weekly or monthly billing, and the Company has elected the “as invoiced” practical expedient
to recognize revenue based on the hours incurred at the contractual rate as the Company has the right to payment in an amount that corresponds
directly with the value of performance completed to date. The Company may also be subject to penalties for violations of certain ethical
standards and non-performance measures within these state contracts. The Company recognizes revenue net of penalties.

Disaggregated
revenue data

The
Company’s revenue consists of the following revenue services within its industry:

 Schedule of Disaggregation of Revenue

    Year Ended 

    December 31, 2024  
    December 31, 2023 
  
    Net revenues: 

    Healthcare workforce 
    $5,896,433  
    $4,259,292 
  
    Population health 
     1,659,804  
     715,499 
  
    Digital health 
     369,000  
     515,250 
  
    Behavioral and mental services 
     16,845  
     12,797 
  
    Health education 
     40,000  
     12,306 
  
    Net revenues 
    $7,982,082  
    $5,515,144 

    F-9

Cost
of Services

The
cost of services includes wages and related payroll taxes, employee benefits and certain other employee-related costs of the Company’s
contract service employees, while the employees work on contract assignments.

Significant
Concentrations

The
majority of accounts receivable and revenue contracts are between the Company and different divisions within the Indiana Family and Social
Services Administration (“FSSA”). Most contracts require monthly payments as the projects progress. The Company generally
does not require collateral or advance payments. For the years ended December 31, 2024 and 2023, FSSA accounted for approximately 61%
and 68% of revenues, respectively, which was derived through a combination of divisions within the State of Indiana, including the FSSA-NeuroDiagnostic
Institute, representing $4,567,637 and $3,734,004 of the Company’s Healthcare Workforce revenue for years ended December 31, 2024
and