Company: SYRA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-022023
Chunk: 21

Company: Syra Health Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 21
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    F-12

Note
7 – Accrued Expenses

Accrued
expenses at September 30, 2025 and December 31, 2024, consisted of the following:

 Schedule of Accrued Expenses

    September 30, 2025  
    December 31, 2024 
  
    Accrued payroll and taxes 
    $220,512  
    $202,038 
  
    Accrued expenses 
     4,180  
     28,345 
  
    Total accrued expenses 
    $224,692  
    $230,383 

The
Company provides postretirement benefits pursuant to IRS code section 401(k) for employees meeting specified criteria. The Company matches
100% of the employees’ contributions that are not in excess of 4% of the employee’s contributions. These matching contributions
are fully vested and paid pursuant to the employees’ bi-weekly or semi-monthly pay periods. The Company does not prefund these
benefits and has the right to modify or terminate certain of these benefits in the future. For the nine months ended September 30, 2025,
the Company incurred $46,899 of IRA contribution expenses pursuant to the Company’s matching contributions, including $0, as accrued
at September 30, 2025. For the nine months ended September 30, 2024, the Company incurred $79,493, of IRA contribution expenses pursuant
to the Company’s matching contributions, including $0, as accrued at September 30, 2024.

Note
8 – Lease

The
Company leases its current corporate headquarters under a nine month lease from STVentures, a related party. The lease, as amended on
May 1, 2022 to expand its office space from 2,976 square feet to approximately 5,978 square feet, commenced on July 1, 2021, and provides
for a base monthly rent of $10,711, as increased from $5,332 per month. The lease was further amended on June 26, 2024 and March 3, 2025
and provides for a base monthly rent of $11,209 per month, over a fourteen month term of the lease commencing on July 1, 2024 through
August 31, 2025. The lease was further amended on July 1, 2025, and provides for a base monthly rent of $