Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 7

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 7
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of Business 

Syra
Health Corp. (“Syra” or the “Company”) was incorporated in the state of Indiana on November 20, 2020 to provide
workforce staffing solutions, health education and healthcare research consulting services to mental health hospitals and organizations,
including government agencies, integrated health networks, managed care entities and pharmaceutical manufacturers. On March 11, 2022,
the Company redomiciled to Delaware. The Company’s corporate office is located in Carmel, Indiana.

Basis
of Presentation

The
accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) and should be read in conjunction with the financial statements and notes thereto
included in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission
(“SEC”) on March 11, 2025. Certain information and footnote disclosures normally included in the financial statements prepared
in accordance with U.S. GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC.

Results
for the interim periods in this report are not necessarily indicative of future financial results and have not been audited by our independent
registered public accounting firm. In the opinion of management, the accompanying unaudited consolidated financial statements include
all adjustments necessary to present fairly our interim financial statements as of June 30, 2025, and for the three and six months ended
June 30, 2025 and 2024. These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the
annual audited financial statements as of December 31, 2024.

Use
of Estimates

The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Concentrations
of Credit Risk

The
Company maintains cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed
by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 under current regulations. The Company had $1,027,188
and $1,032,827 cash in excess