Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 27

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 27
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626 and $32,132 of rent incurred in both periods
from STVentures, LLC, an entity beneficially owned by our principal owners, our management team and their affiliates, $15,292 and 10,783
of office and computer supplies, $85,076 and $133,148 of insurance, $568 and $15,376 of advertising, and $19,358 and $37,746 of subscription
and membership fees for the three months ended March 31, 2025 and 2024, respectively.

Depreciation

We incurred $6,797 of depreciation expense for the
three months ended March 31, 2025, compared to $12,545 of depreciation expense for the three months ended March 31, 2024, a decrease of
$5,748, or 46%.

5

Other Income (Expense)

Other income, on a net basis, consisted of $3,229
of interest incurred on insurance finance charges, as partially offset by $4,298 of interest income, for the three months ended March
31, 2025. Other expense, on a net basis, consisted of $4,077 of interest incurred on insurance finance charges, as partially offset by
$981 of interest income, for the three months ended March 31, 2024. Other income, on a net basis, increased by $4,165, or 135%, primarily
due to increased interest income compared to the prior period.

Net Loss

Our net loss for the three months ended March 31,
2025 was $472,265, compared to a net loss of $1,447,050 for the three months ended March 31, 2024, a decrease of $974,785.

Liquidity and Capital Resources

We believe that our existing sources of liquidity,
along with cash expected to be generated from sales and services, will not be sufficient to fund our operations, anticipated capital expenditures,
working capital and other financing requirements for at least the next twelve months from the issuance of the financial statements included
elsewhere in this annual report. In the event we are unable to achieve profitable operations in the near term, we may require additional
equity and/or debt financing; however, we cannot provide assurance that such financing will be available to us on favorable terms, or
at all. We will continue to monitor our expenditures and cash flow position.

The following table summarizes total current assets,
liabilities, accumulated deficit and working capital (deficit