Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 454

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 2
Chunk 454
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 develop our technology-based solutions. We incurred $585,146
and $240,048 of research and development expenses for the years ended December 31, 2024 and 2023, respectively, related to continued
development of the Company’s Syrenity application for its Behavioral and Mental Health services.

Selling,
General and Administrative Expenses

SG&A
primarily consists of marketing, rent, office, insurance, travel and repair and maintenance expenses incurred. We incurred $1,445,170
of SG&A expenses during the year ended December 31, 2024, compared to $1,131,922 for the year ended December 31, 2023, an increase
of $313,248, or 28%. Our SG&A expenses increased primarily due to our increased operations in 2024. SG&A included $142,725 and
$117,816 of rent incurred from STVentures, LLC, an entity beneficially owned by our principal owners, our management team and their affiliates,
$456,327 and $154,347 of insurance for the years ended December 31, 2024, and 2023, respectively. Stock based compensation expense increased
to $131,180 during the year ended December 31, 2024 compared to $32,831 in the year ended December 31, 2023.

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Depreciation

We
incurred $62,738 of depreciation expense for the year ended December 31, 2024, compared to $48,771 of depreciation expense for the year
ended December 31, 2023, an increase of $13,967, or 29%. Depreciation increased as we expanded our office space and placed additional
office equipment into service during 2023.

Other
Income (Expense)

For
the year ended December 31, 2024, other expense on a net basis consisted of $15,600 of interest incurred on insurance finance charges,
partially offset by $21,247 of interest income. For the year ended December 31, 2023, other expense on a net basis consisted of $53,686
of interest incurred on the line of credit that we entered into in 2022, convertible promissory notes payable, and insurance finance
charges, as partially offset by $2,942 of interest income.

Net
Loss

Our
net loss for the year ended December 31, 2024, was $3,759,238, compared to