Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 460

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 2
Chunk 460
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through maintenance for the life of the contract.

The
contracts generally stipulate bi-weekly or monthly billing, and we have elected the “as invoiced” practical expedient to
recognize revenue based on the hours incurred at the contractual rate as we have the right to payment in an amount that corresponds directly
with the value of performance completed to date. We may also be subject to penalties for violations of certain ethical standards and
non-performance measures within these state contracts. We recognize revenue net of penalties.

Recent
Accounting Standards

From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted
by us as of the specified effective date.

In
November 2023, the Financial Accounting Standard Board (“FASB”) issued ASU 2023-07, Improvements to Reportable
Segment Disclosures, which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure
requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM and
included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description
of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update were
effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The
Company adopted this standard on a retrospective basis within our annual report for the year ended December 31, 2024, with no material
impact to our financial statements.

There
are no other recently issued accounting pronouncements that we have yet to adopt that are expected to have a material effect on our financial
position, results of operations, or cash flows.

JOBS
Act

On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting
standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies.