Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 564

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 4
Chunk 564
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, and $185,692 of repayments on notes payable.

Financing
Transactions

Advances
from Related Party

On
various dates from July 11, 2023, through August 23, 2023, Sahasra Technologies Corp., doing business as STLogics, which is an entity
beneficially owned by the principal owners and management team of Syra, made short term, non-interest bearing advances due upon demand,
of which an aggregate of $1,295,010 was advanced and we repaid an aggregate $1,095,000 of such advances. The Company pays for payroll
and related costs for its employees that provide services to STLogics customers. During the year ended December 31, 2023, the Company
applied $200,010 of such costs to reduce the balance of the advance to $0. During the year ended December 31, 2024, the Company paid
$101,411 of payroll and related costs for these employees and had a receivable from STLogics of $0 and $50,614 for additional costs incurred
as of December 31, 2024 and December 31, 2023, respectively.

Common
Stock Sales

On
October 3, 2023 (the “Closing Date”), the Company completed its initial public offering (the “IPO”) of an aggregate
of 1,615,000 units (“Units”) at a public offering price of $4.125 per Unit, with each Unit consisting of (a) one share of
the Company’s Class A common stock and (b) one warrant (each, a “Warrant” and collectively, the “Warrants”)
to purchase one share of Class A common stock at an exercise price equal to $6.50 per share, exercisable until the fifth anniversary
of the issuance date, pursuant to that certain underwriting agreement dated as of September 28, 2023 (the “Underwriting Agreement”)
by and between the Company and Kingswood, a division of Kingswood Capital Partners, LLC, as representative of the several underwriters
named in the Underwriting Agreement (the “Representative”). The Company received gross proceeds of approximately $6.7 million
from the sale of the Units before deducting underwriting discounts, commissions and offering expenses. In addition, pursuant to the Underwriting
Agreement, the Company granted the Representative a 45-day option to purchase up to 242,250 Units at