Company: SYRA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-022023
Chunk: 28

Company: Syra Health Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 28
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 hiring a new CEO. The agreement is in effect through September 30,
2025, and the Company awarded 25,000 Class A common stock options of the Company’s Class A common stock to the consultant at an
exercise price of $0.12 per share. The aggregate estimated value using the Black-Scholes Pricing Model, based on an expected term of
6.25 years, a weighted average volatility rate of 124%, a weighted average risk-free interest rate of 3.94%, and a weighted average call
option value of $0.11, was $2,679. As of September 30, 2025, the Board determined that achievement of the milestones was not probable, and accordingly,
no stock-based compensation expense has been recognized related to this award.

On
August 13, 2025, the Company appointed a new director to the Board of Directors of the Company. In
connection with the appointment, the director will receive $20,000
in annual cash compensation and receive an equity award representing 0.25% of the Company’s fully diluted Class A Common Stock
as of December 31, 2025, with 50% of such award in the form of restricted stock units and 50% in common stock options. The
Company determined a grant date had not been reached until the terms of the award are finalized at December 31, 2025.

The
following is a summary of activity of outstanding stock options:

 Schedule of Share-Based Compensation, Stock Options Activity

    Weighted
    Average 

    Number of Shares  
    Exercise Prices 
  
    Balance, December 31, 2024 
     223,599  
    $1.32 
  
    Options granted 
     82,646  
     0.55 
  
    Options forfeited 
     (10,000) 
     1.28 
  
    Balance, September 30, 2025 
     296,245  
    $1.13 
  
    Exercisable, September 30, 2025 
     -  
    $- 

The
options had a weighted average remaining life of 8.64 years and no intrinsic value as of September 30, 2025.

Note
13 – Subsequent Events 

The
Company evaluates events that have occurred after the balance sheet date through the date these financial statements were issued.

F-16

ITEM
2. MANAGEMENT’S DIS