Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 381

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1B
Chunk 381
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,265,000 of federal net operating losses. Under
the Tax Cuts and Jobs Act of 2017, the net operating loss carry forwards can be carried forward indefinitely, however the deductions
are limited to 80% of taxable income.

The
effective income tax rate for the years ended December 31, 2024 and 2023 consisted of the following:

 Schedule
of Effective Income Tax Rate

    December 31,  
    December 31, 

    2024  
    2023 
  
    Federal statutory income tax rate 
     21% 
     21%
  
    State income taxes 
     3% 
     3%
  
    Change in valuation allowance 
     (24)% 
     (24)%
  
    Net effective income tax rate 
     -  
     - 

The
components of the Company’s deferred tax asset are as follows:

 Schedule
of Deferred Tax Assets

    2024  
    2023 

    December 31, 

    2024  
    2023 
  
    Deferred tax assets: 

    Net deferred tax assets before valuation allowance 
    $1,900,457  
    $1,029,723 
  
    Less: Valuation allowance 
     (1,900,457) 
     (1,029,723)
  
    Net deferred tax assets 
    $-  
    $- 

Based
on the available objective evidence, including the Company’s history of its loss, management believes it is more likely than not
that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against
its net deferred tax assets at December 31, 2024 and 2023, respectively.

In
accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.

Note
14 – Subsequent Events

The
Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued.

On
January 7, 2025, the Company granted options to purchase an aggregate 57,646 shares of the Company’s Class A common stock at an
exercise price of $0.7386 per share for terms of 10 years under the 2022 Plan. These options will vest 25% on each anniversary, and 25%
quarter