Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 11

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 11
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 March 31, 2025  
    March 31, 2024 

    Three Months Ended 

    March 31, 2025  
    March 31, 2024 
  
    Net revenues: 

    Healthcare workforce 
    $655,217  
    $1,417,661 
  
    Population health 
     1,202,557  
     333,006 
  
    Behavioral and mental services 
     -  
     1,673 
  
    Net revenues 
     -  
     1,673 

    Net revenues 
    $1,857,774  
    $1,752,340 

Cost of Services

The
cost of services includes wages and related payroll taxes, employee benefits and certain other employee-related costs of the Company’s
contract service employees, while the employees work on contract assignments.

Significant Concentrations

The majority of accounts receivable and revenue contracts
are between the Company and different divisions within the Indiana Family and Social Services Administration (“FSSA”). Most
contracts require monthly 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