Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 29

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 29
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ancies and optimizing our workforce.

Professional
Fees

Professional
fees primarily consisted of expenses incurred from business development, accounting, legal fees, and consulting activities. We incurred
$164,939 of professional fees for the three months ended June 30, 2025, compared to $141,456 for the three months ended June 30, 2024,
an increase of $23,483, or 17%. Professional fees increased in 2025 due to increased legal related costs from a settlement of an employment
claim in the current period, and increased accounting and audit fees.

5

Research
and Development Expenses

Research
and development expenses primarily consist of consulting expenses incurred to develop our technology-based solutions. We incurred $29,712
and $277,894 of research and development expenses for the three months ended June 30, 2025 and 2024, respectively, a decrease of $248,182,
or 89%, due to a decrease in consulting expenses incurred to develop our technology-based solutions.

Selling,
General and Administrative Expenses

SG&A
primarily consisted of marketing, rent, office, insurance, travel and repair and maintenance expenses incurred. We incurred $289,070
of SG&A expenses during the three months ended June 30, 2025, compared to $456,572 for the three months ended June 30, 2024, a decrease
of $167,502, or 37%. Our SG&A expenses decreased primarily due to our efforts to reduce overhead in 2025. SG&A included $33,626
and $32,132 of rent incurred in both periods from STVentures, LLC, an entity beneficially owned by our principal owners, our management
team and their affiliates, $46,372 and $65,185 of software expense, $119,747 and $197,836 of insurance, $6,846 and $33,739 of investor
relations, and $32,805 and $26,462 of subscription and membership fees for the three months ended June 30, 2025 and 2024, respectively.

Depreciation

We
incurred $5,978 of depreciation expense for the three months ended June 30, 2025, compared to $17,374 of depreciation expense for the
three months ended June 30, 2024, a decrease of $11,396, or 66%.

Other
Income (Expense)

Other
expense, on a net basis, consisted of $