Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 688

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 6
Chunk 688
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 various tax filing positions, including state and local taxes, the Company records allowances for probable
exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully
resolved. The Company has not yet undergone an examination by any taxing authorities. The Company
recognizes interest and penalties related to uncertain tax positions, if any, as an income tax expense.

The
assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s
various filing positions.

Recent
Accounting Standards

From
time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.

In
November 2023, the Financial Accounting Standard Board (“FASB”) issued ASU 2023-07, Improvements to Reportable
Segment Disclosures, which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure
requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM and
included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description
of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update were
effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The
Company adopted this standard on a retrospective basis within our annual report for the year ended December 31, 2024, with no material
impact to our financial statements.

Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.

Note
2 – Going Concern

As
shown in the accompanying financial statements, as of December 31, 2024, the Company had a cash balance of $2,395,405, working capital
of $2,739,246 and an accumulated deficit of $8,824,193 since inception. The Company is too early in its development stage to project
revenue with a necessary level of certainty. Therefore, the Company may not have sufficient funds to sustain its operations for the