Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 482

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 2
Chunk 482
---
:

    Operating
    leases

    2.50
    years

    0.5
    years

    Weighted
    average discount rate:

    Operating
    lease

    9.25
    %

    5.75
    %

The
following payments are required under leases as of December 31, 2024:

 Schedule of Payments Under Leases

    Remaining 

    Operating  
    Term in 

     Lease  
    Years 
  
    2025 
     134,505  

    2026 
     134,505  

    2027 
     67,252  

    Total lease payments 
     336,262  

    Less: imputed interest 
     (37,072) 

    Present value of lease liability 
     299,190  
     2.50 

    F-14

Note
9 – Notes Payable

Line
of Credit

On
February 7, 2022, the Company entered into a business loan agreement (as amended, the “loan agreement”) with Citizens State
Bank of New Castle pursuant to which it originally received a revolving line of credit of up to $1,500,000 which was subsequently amended
to $800,000 (as amended, the “Revolving Line of Credit”). Pursuant to the terms of the Revolving Line of Credit, the outstanding
balance shall not exceed 75% of the Company’s outstanding accounts receivable due from the State of Indiana aged more than 90 days
together with all other accounts receivable aged less than 90 days. The Revolving Line of Credit was to terminate on December 31, 2022,
unless extended pursuant to the terms thereof. The Company received extensions on the Revolving Line of Credit such that it will now
terminate on October 24, 2023; however, no further advances are available under the Revolving Line of Credit. In the event of a default,
all commitments and obligations pursuant to the Revolving Line of Credit will terminate immediately and, at Citizens State Bank of New
Castle’s request, all Indebtedness (as defined in the loan agreement) shall become immediately due and payable. Advances on the
Revolving Line of Credit are pursuant to a promissory note dated February 7, 2022 which accrues interest at a variable rate of 1.5% above
the national prime interest