Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 48

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 48
---
, net 
    $20,550  
    $27,347 

Depreciation of property and equipment was $6,797
and $12,545 for the three months ended March 31, 2025 and 2024, respectively.

Note 7 – Accrued Expenses

Accrued expenses at March 31, 2025 and December 31, 2024, consisted of
the following:

Schedule of Accrued Expenses

    March 31,  
    December 31, 

    2025  
    2024 
  
    Accrued payroll and taxes 
    $178,601  
    $202,038 
  
    Accrued expenses 
     33,266  
     28,345 
  
    Total accrued expenses 
    $211,867  
    $230,383 

The Company
provides postretirement benefits pursuant to IRS code section 401(k) for employees meeting specified criteria. The Company matches 100%
of the employees’ contributions that are not in excess of 4% of the employee’s contributions. These matching contributions
are fully vested and paid pursuant to the employees’ bi-weekly or semi-monthly pay periods. The Company does not prefund these benefits
and has the right to modify or terminate certain of these benefits in the future. For the three months ended March 31, 2025, the Company
incurred $20,393 of IRA contribution expenses pursuant to the Company’s matching contributions, including $0, as accrued at March
31, 2025.

Note 8 – Lease

The Company
leases its current corporate headquarters under a fourteen month lease from STVentures, a related party. The lease, as amended on May
1, 2022 to expand its office space from 2,976 square feet to approximately 5,978 square feet, commenced on July 1, 2021, and provides
for a base monthly rent of $10,711, as increased from $5,332 per month, over the three3-year term of the lease. The lease was further amended
on June 26, 2024 and March 3, 2025 and provides for a base monthly rent of $11,209 per month, over a fourteen month term of the lease
commencing on July 1, 2024 through August 31, 2025. The Company is occupying the space for executive and