Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 415

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1C
Chunk 415
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preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Concentrations
of Credit Risk

The
Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed
by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 under current regulations. The Company had $1,032,827
cash in excess of FDIC insured limits at December 31, 2024. The Company has not experienced any losses in such accounts.

Fair
Value of Financial Instruments

Accounting
Standards Codification (“ASC”) 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair
value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

    -
    Level
    1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

    -
    Level
    2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
    are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

    -
    Level
    3 inputs to valuation methodology are unobservable and significant to the fair measurement.

The
carrying value of the Company’s financial assets and liabilities, such as cash, accounts receivable and accounts payable are estimated
by management to approximate fair value primarily due to the short-term nature of the instruments. The Company’s advances from
related party approximates the fair value of such instruments based upon management’s best estimate of interest rates that would
be available to the Company for similar financial arrangements at December 31, 2024 and December 31, 2023.

Cash
and Cash Equivalents

Cash
equivalents include money market accounts which have maturities of three months or less when acquired. For the purpose of the statements
of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents.
Cash equivalents are stated at cost plus accrued interest, which approximates market value. There were $1,749,977 cash equivalents on
hand at December 31, 202