Company: SYRA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-022023
Chunk: 9

Company: Syra Health Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 9
---
    $- 
  
    Initial recognition of right-of-use asset and lease liability 
    $-  
    $325,491 
  
    Amendment of of right-of-use asset and lease liability 
    $166,119  
     - 
  
    Prepaid asset financed with note payable 
    $311,118  
    $378,659 

See
accompanying notes to condensed unaudited financial statements.

F-5

SYRA
HEALTH CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Note
1 – Nature of Business and Significant Accounting Policies

Nature
of Business 

Syra
Health Corp. (“Syra” or the “Company”) was incorporated in the state of Indiana on November 20, 2020 to provide
workforce staffing solutions, health education and healthcare research consulting services to mental health hospitals and organizations,
including government agencies, integrated health networks, managed care entities and pharmaceutical manufacturers. On March 11, 2022,
the Company redomiciled to Delaware. The Company’s corporate office is located in Carmel, Indiana.

Basis
of Presentation

The
accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) and should be read in conjunction with the financial statements and notes
thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange
Commission (“SEC”) on March 11, 2025. Certain information and footnote disclosures normally included in the financial statements
prepared in accordance with U.S. GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC.

Results
for the interim periods in this report are not necessarily indicative of future financial results and have not been audited by our independent
registered public accounting firm. In the opinion of management, the accompanying unaudited consolidated financial statements include
all adjustments necessary to present fairly our interim financial statements as of September 30, 2025, and for the three and nine months
ended September 30, 2025 and 2024. These adjustments are of a normal recurring nature and consistent with the adjustments recorded to
prepare the annual audited financial statements as of December 31, 2024.

Use
of Estimates

The
preparation of financial statements in conformity with U