Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 45

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 45
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 capital from the sale of convertible notes. On October 3, 2023 the Company completed its IPO and received net proceeds of $5,332,283.
In October 2023, the convertible notes were converted into Class A common stock in accordance with the terms of the convertible
promissory notes as a result of the IPO.

On September 11, 2024, the Company completed a public
offering and received net proceeds of $1,619,021.

The financial statements do not include any adjustments
that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. These financial
statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts
and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 3 – Related Party Transactions

Office Lease

The Company
leases its current corporate headquarters under a fourteen month lease from STVentures, LLC (“STVentures”), an entity
beneficially owned by the principal owners and the management team of Syra and their affiliates.
The lease commenced on July 1, 2021 and as amended on May 1, 2022, provides for a base monthly rent of $10,711 over the three3-year term
of the lease. The lease was further amended on June 26, 2024, and provides for a base monthly rent of $11,209 over the additional three3-year
term of the lease. The lease was also amended on March 3, 2025, and provides for a base monthly rent of $11,209 through August 31, 2025.
A total of $33,626 and $32,132 was included in selling, general and administrative expenses for the three months ended March 31, 2025
and 2024, respectively. 

Information Technology (“IT”) Services

The Company incurred a total of $137,411 and $0 of
services from RAD CUBE LLC, which is an entity beneficially owned by the principal owners and the management team of Syra and their affiliates,
for outsourced IT services which have been presented within selling, general and administrative expenses in the statements of operations
during the three months ended March 31, 2025 and 2024, respectively.

    F-10

Recruitment and Human Resource Services

For the three months ended March 31, 2025, the Company
paid