Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 181

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 181
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 our relationship with our employees changes or deteriorates, there could be a material adverse impact
on our business, results of operations or financial condition.

We
are highly dependent upon our personnel, including Deepika Vuppalanchi, our Chief Executive Officer and Chairman. The loss of Dr. Vuppalanchi’s
services could impede the achievement of our business objectives. We have not obtained, do not own, nor are we the beneficiary of, key-person
life insurance. Furthermore, our future success depends upon our continuing ability to identify, attract, hire and retain highly qualified
personnel, including skilled management and scientific personnel, all of whom are in high demand and are often subject to competing offers.
Competition for qualified personnel in the healthcare services industry is intense, and we may not be able to hire or retain a sufficient
number of qualified personnel to meet our requirements, or be able to do so at salary, benefit and other compensation costs that are
acceptable to us. A loss of a substantial number of key or qualified employees, or an inability to attract, retain and motivate additional
highly skilled employees required for expansion of our business, could have a material adverse impact on our business, results of operations
or financial condition.

Our
ability to utilize loss carry forwards may be limited.

We
have incurred net operating losses (“NOLs”) during our history. To the extent that we continue to generate taxable losses,
unused losses will carry forward to offset future taxable income, if any, until such unused losses expire (if at all).

Federal
NOLs incurred in tax years beginning after December 31, 2017 and before January 1, 2021 may be carried back to each of the five tax years
preceding such loss, and NOLs arising in tax years beginning after December 31, 2020 may not be carried back. Moreover, federal NOLs
generated in taxable years ending after December 31, 2017, may be carried forward indefinitely, but the deductibility of such federal
NOLs may be limited to 80% of our taxable income annually for tax years beginning after December 31, 2020. Our NOL carryforwards are
subject to review and possible adjustment by the Internal Revenue Service (the “IRS”), and state tax authorities. In addition,
in general, under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (“Code”), a corporation that undergoes
an “ownership