Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 232

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 232
---
    December
    31,

    December
    31,

    2024

    2023

    Operating
    lease:

    Operating
    lease assets
     
    $
    299,190

    $
    63,199

    Current
    portion of operating lease liability, related party
     
    $
    111,978

    63,199

    Noncurrent
    operating lease liability, related party

    187,212

    -

    Total
    operating lease liability
     
    $
    299,190

    $
    63,199

    Weighted
    average remaining lease term:

    Operating
    leases

    2.50
    years

    0.5
    years

    Weighted
    average discount rate:

    Operating
    lease

    9.25
    %

    5.75
    %

The
following payments are required under leases as of December 31, 2024:

 Schedule of Payments Under Leases

    Remaining 

    Operating  
    Term in 

     Lease  
    Years 
  
    2025 
     134,505  

    2026 
     134,505  

    2027 
     67,252  

    Total lease payments 
     336,262  

    Less: imputed interest 
     (37,072) 

    Present value of lease liability 
     299,190  
     2.50 

    F-14

Note
9 – Notes Payable

Line
of Credit

On
February 7, 2022, the Company entered into a business loan agreement (as amended, the “loan agreement”) with Citizens State
Bank of New Castle pursuant to which it originally received a revolving line of credit of up to $1,500,000 which was subsequently amended
to $800,000 (as amended, the “Revolving Line of Credit”). Pursuant to the terms of the Revolving Line of Credit, the outstanding
balance shall not exceed 75% of the Company’s outstanding accounts receivable due from the State of Indiana aged more than 90 days
together with all other accounts receivable aged less than 90 days. The Revolving Line of Credit was to terminate on December 31, 2022,
unless extended pursuant to the terms thereof. The Company received extensions