Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 288

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1A
Chunk 288
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295  
     426,448 
  
    Professional services 
     606,051  
     586,463  
     19,588 
  
    Research and development expenses 
     585,146  
     240,048  
     345,098 
  
    Selling, general and administrative expenses 
     1,445,170  
     1,131,922  
     313,248 
  
    Depreciation 
     62,738  
     48,771  
     13,967 
  
    Total operating expenses: 
     5,417,848  
     4,299,499  
     1,118,349 

    Operating loss 
     (3,764,885) 
     (2,887,599) 
     (877,286)

    Total other income (expense) 
     5,647  
     (50,744) 
     56,391 

    Net loss 
    $(3,759,238) 
    $(2,938,343) 
    $(820,895)

-29-

Net
Revenues

Net
revenue increased by $2,466,938 or 45%, driven by an increase of $1,637,141 in our healthcare workforce services and a $944,305 increase
in population health revenues. The increase in healthcare workforce revenue was driven by new customer acquisitions and additions to
existing contracts. Population health revenues increased in 2024 due to additional services provided to state departments and other customers.
The decline in digital health revenues of $146,250 was due to phased transition from implementation to maintenance and operational support
services. On January 31, 2025, with the completion of the Company’s contract FSSA (NeuroDiagnostic Institute), the Company expects
a decline in revenue generation for healthcare workforce. A new contract from FSSA (NeuroDiagnostic Institute) has been executed with
a contract end date of June 30, 2025 with a ceiling value of approximately $1,480,000 in revenue.

Cost
of Services

Our
cost of services included wages and related payroll taxes, employee benefits and certain other employee-related costs of our contract
service employees while they work on contract assignments. We incurred $6,329,119 of cost of services for the year ended December 31,
2024, compared to $4,103