Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 686

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 6
Chunk 686
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,499 
  
    Digital health 
     369,000  
     515,250 
  
    Behavioral and mental services 
     16,845  
     12,797 
  
    Health education 
     40,000  
     12,306 
  
    Net revenues 
    $7,982,082  
    $5,515,144 

    F-9

Cost
of Services

The
cost of services includes wages and related payroll taxes, employee benefits and certain other employee-related costs of the Company’s
contract service employees, while the employees work on contract assignments.

Significant
Concentrations

The
majority of accounts receivable and revenue contracts are between the Company and different divisions within the Indiana Family and Social
Services Administration (“FSSA”). Most contracts require monthly payments as the projects progress. The Company generally
does not require collateral or advance payments. For the years ended December 31, 2024 and 2023, FSSA accounted for approximately 61%
and 68% of revenues, respectively, which was derived through a combination of divisions within the State of Indiana, including the FSSA-NeuroDiagnostic
Institute, representing $4,567,637 and $3,734,004 of the Company’s Healthcare Workforce revenue for years ended December 31, 2024
and 2023, respectively, and the FSSA-Division of Mental Health and Addiction, representing $312,000 and $305,000 of the Company’s
Population Health revenues for each of the years ended December 31, 2024 and 2023, respectively. In addition, the combined divisions
of the FSSA (NeuroDiagnostic Institute and Division of Mental Health and Addiction), owed 56% and one other customer represented 11%,
of the Company’s accounts receivable respectively, at December 31, 2024, and FSSA represented 30% of outstanding accounts receivable
as of December 31, 2023.

Stock-Based
Compensation

The
Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation
(“ASC 718”). All transactions in which the consideration provided in exchange for the purchase of goods or services consists
of the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the
equity instrument issued, whichever is