Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 74

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 74
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4, FSSA accounted for approximately 35%
and 64% of revenues, respectively, which was derived through a combination of divisions within the State of Indiana, including the FSSA-NeuroDiagnostic
Institute, representing $607,985 and $2,225,628 of the Company’s Healthcare Workforce revenue for six months ended June 30, 2025
and 2024, respectively, and the FSSA-Division of Mental Health and Addiction and FSSA-HSCP, representing $915,882 and $172,000 of the
Company’s Population Health revenues for the six months ended June 30, 2025 and 2024, respectively. Additionally, for the six months
ended June 30, 2025, Humana, Inc accounted for approximately 24% of the Company’s Population Health revenue. In addition, the combined
divisions of the FSSA, Coordinated Care Corporation (doing business as Managed Health Services, owed 40% of the Company’s accounts
receivable, respectively, at June 30, 2025, and FSSA represented 11% of outstanding accounts receivable as of December 31, 2024. One
other customer owed 30% of the Company’s accounts receivable at June 30, 2025.

JOBS
Act

On
April 5, 2012, the Jumpstart Our Business Startups Act (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.

We
have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act.
As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for
complying with new or revised accounting standards.

Subject
to certain conditions set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain of these exemptions,
including, without limitation, (i) providing an auditor’s