Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 219

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 219
---
    $-  
    $200,010 
  
    Class a common stock issued for debt and interest conversion 
    $-  
    $1,472,460 
  
    Options issued for accrued director fees 
    $24,267  
    $- 
  
    Prepaid asset financed with note payable 
    $378,659  
    $370,596 

See
accompanying notes to audited financial statements.

F-6

SYRA
HEALTH CORP.

NOTES
TO FINANCIAL STATEMENTS

Note
1 – Nature of Business and Significant Accounting Policies

Nature
of Business

Syra
Health Corp. (“Syra” or the “Company”) was incorporated in the state of Indiana on November 20, 2020 to provide
workforce staffing solutions, health education and healthcare research consulting services to mental health hospitals and organizations,
including government agencies, integrated health networks, managed care entities and pharmaceutical manufacturers. On March 11, 2022,
the Company redomiciled to Delaware. The Company’s corporate office is located in Carmel, Indiana.

Basis
of Presentation

The
accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America (“GAAP”).

Use
of Estimates

The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Concentrations
of Credit Risk

The
Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed
by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 under current regulations. The Company had $1,032,827
cash in excess of FDIC insured limits at December 31, 2024. The Company has not experienced any losses in such accounts.

Fair
Value of Financial Instruments

Accounting
Standards Codification (“ASC”) 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair
value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

    -
    Level
    1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets