Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 62

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 62
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 payments as the projects progress. The Company generally does not require collateral or advance payments. For
the three months ended March 31, 2025 and 2024, FSSA accounted for approximately 35% and 67% of revenues, respectively, which was derived
through a combination of divisions within the State of Indiana, including the FSSA-NeuroDiagnostic Institute, representing $467,909 and
$1,108,230 of the Company’s Healthcare Workforce revenue for three months ended March 31, 2025 and 2024, respectively, and the FSSA-Division
of Mental Health and Addiction and FSSA-HSCP, representing $271,601 and $71,000 of the Company’s Population Health revenues for
the three months ended March 31, 2025 and 2024, respectively. Additionally, for the three months ended March 31, 2025, Humana, Inc accounted
for approximately 36% of the Company’s Population Health revenue. In addition, the combined divisions of the FSSA, Coordinated Care
Corporation (doing business as Managed Health Services, owed 38% of the Company’s accounts receivable, respectively, at March 31,
2025, and FSSA represented 11% of outstanding accounts receivable as of December 31, 2024. One other customer owed 32% of the Company’s
accounts receivable at March 31, 2025.

JOBS Act

On April 5, 2012, the Jumpstart
Our Business Startups Act (the “JOBS Act”) was enacted. Section 107 of the JOBS Act provides that an “emerging growth
company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying
with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting
standards until those standards would otherwise apply to private companies.

We have chosen to take advantage
of the extended transition periods available to emerging growth companies under the JOBS Act for complying with new or revised accounting
standards until those standards would otherwise apply to private companies provided under the JOBS Act. As a result, our financial statements
may not be comparable to those of companies that comply with public company effective dates for complying with new or revised accounting
standards.

Subject to certain conditions
set forth in the JO