Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 776

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7A
Chunk 776
---
 Long-Lived Assets”, all long-lived assets
such as property and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison
of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets
are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets
exceed the fair value of the assets.

Leases

The
Company accounts for its leases under ASC 842 - Leases. The Company determines if an arrangement is a lease at inception. Operating
leases are included in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating leases,
and obligations under operating leases, non-current on the Company’s balance sheets.

Operating
lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over
the lease term at commencement date, adjusted by the deferred rent liabilities at the adoption date. As the Company’s lease does
not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date
in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes
lease incentives and initial direct costs incurred. The Company’s terms may include options to extend or terminate the lease when
it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over
the lease term.

Segment
Reporting

ASC
Topic 280, “Segment Reporting,” requires annual and interim reporting for an enterprise’s operating segments
and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component
of an enterprise that engages in business activities from which it may earn revenues and expenses, and about which separate financial
information is regularly evaluated by the chief operating decision maker in deciding how to allocate resources. In November 2023, the
FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The ASU updates
reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information
used to assess segment performance. The amendments do not change how segments are determined, aggregated, or how thresholds