Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 53

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 53
---
,714 of unamortized expenses are expected to be expensed over the vesting period.

On January 7, 2025, the Company granted options to
purchase an aggregate 57,646 shares of the Company’s Class A common stock at an exercise price of $0.7386 per share for terms of
10 years under the 2022 Plan. These options will vest 25% on each anniversary, and 25% quarterly, until fully vested. The Company recognized
expense of $16,669 for these awards and expects to recognize an additional $21,433 through the end of the vesting period.

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

Schedule of Share-Based Compensation, Stock Options Activity

    Weighted 

    Average 

    Number  
    Exercise 

    of Shares  
    Prices 
  
    Balance, December 31, 2024 
     223,599  
    $1.32 
  
    Options granted 
     57,646  
     0.74 
  
    Options forfeited 
     (10,000) 
     1.28 
  
    Balance, March 31, 2025 
     271,245  
    $1.04 
  
    Exercisable, March 31, 2025 
     -  
    $- 

The options had a weighted average remaining life
of 9.04 years and no intrinsic value as of March 31, 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.

On April 11, 2025, the Company voluntarily delisted
its Class A common stock from the Nasdaq Capital Market.

F-15

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You should read the following discussion and analysis
of our financial condition and results of operations together with our unaudited interim condensed financial statements and the related
notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains
forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed
below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed
in the section titled “