Company: SYRA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-022023
Chunk: 51

Company: Syra Health Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 51
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 -  
     45,095 
  
    Net revenues 
    $5,491,944  
    $5,975,357 

    September
30, 2025  
    September
30, 2024 

    Three Months Ended 

    September
30, 2025  
    September
30, 2024 
  
    Net revenues: 

    Healthcare workforce 
    $407,960  
    $1,577,788 
  
    Population health 
     1,280,011  
     652,298 
  
    Behavioral and mental services 
     -  
     23,250 
  
    Net revenues 
    $1,687,971  
    $2,253,336 

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 nine months ended September 30, 2025 and 2024, FSSA accounted for approximately
37% and 61% of revenues, respectively, which was derived through a combination of divisions within the State of Indiana, including the
FSSA-NeuroDiagnostic Institute, representing $2,049,270 and $3,398,761 of the Company’s Healthcare Workforce revenue for nine months
ended September 30, 2025 and 2024, respectively, and the FSSA-Division of Mental Health and Addiction and FSSA-HSCP, representing $1,211,568
and $248,000 of the Company’s Population Health revenues for the nine months ended September 30, 2025 and 2024, respectively. Additionally,
for the nine months ended September 30, 2025, Humana, Inc accounted for approximately 24% of the Company’s Population Health revenue.
In addition, the combined divisions of the FSSA, Coordinated Care Corporation (doing business as Managed Health Services, owed 30% of
the Company’s accounts receivable, respectively, at September 30, 2025, and