Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 205

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 205
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 year ended December 31, 2024, other expense on a net basis consisted of $15,600 of interest incurred on insurance finance charges,
partially offset by $21,247 of interest income. For the year ended December 31, 2023, other expense on a net basis consisted of $53,686
of interest incurred on the line of credit that we entered into in 2022, convertible promissory notes payable, and insurance finance
charges, as partially offset by $2,942 of interest income.

Net
Loss

Our
net loss for the year ended December 31, 2024, was $3,759,238, compared to a net loss of $2,938,343 for the year ended December 31, 2023,
an increase of $820,895. Net loss increased primarily due to the increase in salary costs related to expanded operations in 2023.

Liquidity
and Capital Resources

We
believe that our existing sources of liquidity, along with cash expected to be generated 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