Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 18

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 18
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 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 three3-year term of the lease. 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 Company is occupying the space for executive and administrative offices. Rent
expense for the three months ended March 31, 2025 and 2024 was $33,626 and $32,132,
which is included in selling, general and administrative expenses within the statements of operations.

    F-12

The components of lease expense were as follows:

Schedule
of Lease Expenses

    2025  
    2024 

    For the Three Months Ended 

    March 31, 

    2025  
    2024 
  
    Operating lease cost: 

    Amortization of ROU asset 
    $54,771  
    $31,373 
  
    Interest on lease liability 
     1,273  
     759 
  
    Total operating lease cost 
    $56,044  
    $32,132 

Supplemental balance sheet information related to
leases was as follows:

Schedule of Supplemental Balance Sheet Information

    March 31,  
    December 31, 

    2025  
    2024 
  
    Operating lease: 

    Operating lease assets 
    $54,771  
    $299,190 

    Current portion of operating lease liability, related party 
    $54,771  
     111,978 
  
    Noncurrent operating lease liability, related party 
     -  
     187,212 
  
    Total operating lease liability 
    $54,771  
    $299,190 

    Weighted average remaining lease term: 

    Operating leases 
     0.50 years  
     2.50 years 

    Weighted average discount rate: 

    Operating lease 
     9.25%