Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 306

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1A
Chunk 306
---
 all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents.
Cash equivalents are stated at cost plus accrued interest, which approximates market value. There were $1,749,977 cash equivalents on
hand at December 31, 2024, consistent of certificates of deposit with maturities of three months or less. There were no cash equivalents
at December 31, 2023.

Accounts
Receivable

Accounts
receivable is carried at their estimated collectible amounts. Accounts receivable is periodically evaluated for collectability based
on past credit history with customers and their current financial condition. The Company had an allowance of $5,520 at December 31, 2024
and December 31, 2023.

    F-7

Property
and Equipment

Property
and equipment is stated at cost, less accumulated depreciation. The cost of office equipment is depreciated using the straight-line method
based on a five-year life expectancy.

Repairs
and maintenance expenditures are charged to operations as incurred. Major improvements and replacements, which extend the useful life
of an asset, are capitalized and depreciated over the remaining estimated useful life of the asset. When assets are retired or sold,
the cost and related accumulated depreciation are eliminated, and any resulting gain or loss is reflected in operations.

Impairment
of Long-Lived Assets

In
accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets
such as property and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison
of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets
are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets
exceed the fair value of the assets.

Leases

The
Company accounts for its leases under ASC 842 - Leases. The Company determines 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 the Company’s balance sheets.

Operating
lease ROU assets and operating lease liabilities are recognized based on