Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 15

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 15
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 materialize at the expected rates, management would seek additional financing or
would attempt to conserve cash by further reducing expenses. There can be no assurance that the Company will be successful in achieving
these objectives.

    F-10

The
Company continues to pursue sources of additional capital through debt and financing transactions or arrangements, including equity financing
or other means. The Company may not be successful in identifying suitable funding transactions in a sufficient time period or at all,
and may not obtain the required capital by other means. If the Company does not succeed in raising additional capital, resources may
not be sufficient to fund its business. The Company’s ability to scale production and distribution capabilities and further increase
the value of its brands, is largely dependent on its success in raising additional capital. From January through April of 2023, the Company
raised a total of $1,455,000 of capital from the sale of convertible notes. On October 3, 2023 the Company completed its IPO and received
net proceeds of $5,332,283. In October 2023, the convertible notes were converted into Class A common stock in accordance with the terms
of the convertible promissory notes as a result of the IPO.

On
September 11, 2024, the Company completed a public offering and received net proceeds of $1,619,021.

The
financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability
to continue as a going concern. These financial statements also do not include any adjustments relating to the recoverability and classification
of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue
as a going concern.

Note
3 – Related Party Transactions

Office
Lease

The
Company leases its current corporate headquarters under a thirty-six months lease from STVentures, LLC
(“STVentures”), an entity beneficially
owned by the principal owners and the management team of Syra and their affiliates. The lease
commenced on July 1, 2021 and as amended on May 1, 2022, provided for a base monthly rent of $10,711.
The lease was further amended on June 26, 2024, and provides for a base monthly rent of $11,209.
The lease was also amended on March 3, 2025 and in July 2025, and provides for a base monthly rent of $11,209 through