Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 58

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 58
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103,760 of IRA contribution expenses pursuant to the Company’s matching contributions, including $0, as accrued
at December 31, 2024. For the year ended December 31, 2023, the Company incurred $88,327 of investment retirement account contribution
expenses pursuant to the Company’s matching contributions, including $8,778, as accrued at December 31, 2023

    F-13

Note
8 – Lease

The
Company leases its current corporate headquarters under a three-year 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, over the three-year term of the lease. The lease was further
amended on June 26, 2024 and provides for a base monthly rent of $11,209 per month, over a three-year term of the lease commencing on
July 1, 2024. The Company is occupying the space for executive and administrative offices. Rent expense for the years ended December
31, 2024 and 2023 was $131,516 and $128,527, respectively, which is included in selling,
general and administrative expenses within the statements of operations.

The
components of lease expense were as follows:

 Schedule
of Lease Expenses

    2024  
    2023 

    For the Year Ended 

    December 31, 

    2024  
    2023 
  
    Operating lease cost: 

    Amortization of ROU asset 
    $282,876  
    $121,089 
  
    Interest on lease liability 
     16,314  
     7,438 
  
    Total operating lease cost 
    $299,190  
    $128,527 

Supplemental
balance sheet information related to leases was as follows:

 Schedule of Supplemental Balance Sheet Information

    December
    31,

    December
    31,

    2024

    2023

    Operating
    lease:

    Operating
    lease assets
     
    $
    299,190

    $
    63,199

    Current
    portion of operating