Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 222

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 222
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 are determined, aggregated, or how thresholds are applied
to determine reportable segments. The Company adopted ASU No. 2023-07 during the year ended December 31, 2024.

Segment
information is prepared on the same basis that our CEO, who is our Chief Operating Decision Maker (“CODM”), manages our segments,
evaluates financial results, and makes key operating decisions. We have one reportable operating segment, Healthcare services. The reportable
segment derives its revenue from a variety of services primarily to state and federal health authorities. Our CODM uses net income to
evaluate and make key operating decisions. The Company operates as a single segment and will evaluate additional segment disclosure requirements
as it expands its operations.

    F-8

Revenue
Recognition

The
Company recognizes revenue in accordance with ASC 606, the core principle of which is that an entity should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue
can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when
or as the Company satisfies a performance obligation.

The
Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties
are identified, payment terms are identified, and collectability of consideration is probable. Payment terms vary by client and the services
offered.

The
Company has the following main forms of revenue:

    –
    Healthcare
    Workforce;

    –
    Population
    Health

    –
    Digital
    Health

    –
    Behavioral
    and Mental Health Services

    –
    Health
    Education

The
Company primarily provides its services to state health and social service agencies and universities. Healthcare Workforce, Health Education
and Behavioral Mental Health Service contracts are primarily accounted for as a single performance obligation satisfied over time because
the customer simultaneously receives and consumes the benefits of our medical staffing on an hourly or daily basis. Population Health
and Digital Health contracts generally consist of multiple performance obligations that are distinct, such as to provide data analytics
and reporting, training, or develop technology for implementation and maintenance