Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 458

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 2
Chunk 458
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 exercise price of $0.64 per share, and (iii) five-year warrants (the “Series
B Warrants” and, together with the Series A Warrants, the “Warrants”) to purchase up to an aggregate of 3,203,125 shares
of Common Stock at an exercise price of $0.64 per share, at an offering price of $0.64 per share of Common Stock and related Warrants,
for aggregate gross proceeds of $2,050,000.00. The Company issued to Rodman or its designees warrants to purchase up to an aggregate
of 160,156 shares of Common Stock, at an exercise price of $0.80 per share and an expiration date of September 11, 2029. The Company
received net cash proceeds of $1,619,021 after offering expenses. The Series A Warrants expire 18 months from the date of the offering,
and the Series B Warrants expire on September 11, 2029.

During
the year ended December 31, 2024, two investors exercised 130,789 warrants to purchase Class A Common stock pursuant to which the Company
received cash proceeds of $850,129.

On
January 17, 2025, a total of 233,334 shares of Class B Common Stock previously held by the Company’s Executive Chairman and President,
Sandeep Allam, automatically converted into 2,333,340 shares of Class A common stock according to the terms of the Company’s Articles
of Incorporation.

Critical
Accounting Policies and Estimates

The
preparation of the financial statements included elsewhere in this annual report requires us to make estimates and assumptions that affect
the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. We evaluate our estimates and assumptions on
an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under
the circumstances. Our actual results could differ from these estimates.

The
critical accounting estimates, assumptions and judgments that we believe have the most significant impact on our financial statements
are described below.

Leases

We
account for our leases under ASC 842 - Leases. We determine if an arrangement is a lease at inception. Operating leases are included
in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating leases, and obligations under
operating leases, non-current on our balance sheets.

Operating
lease ROU assets and operating lease liabilities