Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 227

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 227
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 Company
raised a total of $1,455,000 of capital from the sale of convertible notes. On October 3, 2023, the Company completed its IPO and received
net proceeds of approximately $5,332,283. In October 2023, the convertible notes were converted into Class A common stock in accordance
with the terms of the convertible promissory notes as a result of the IPO. On September 11, 2024, the Company completed a public offering
and received net proceeds of $1,619,021.

The
financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability
to continue as a going concern. These financial statements also do not include any adjustments relating to the recoverability and classification
of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue
as a going concern.

Note
3 – Related Party Transactions

The
Company pays for payroll and related costs for its employees that provide services to Sahasra Technologies Corp., doing business as
STLogics to service contracts of STLogics, which is an entity beneficially owned by the principal owners and management team of
Syra. 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.

    F-11

Office
Lease

The
Company leases its current corporate headquarters under a three-year lease from STVentures, LLC (“STVentures”),
an entity beneficially owned by the principal owners and the management team of Syra and their affiliates.
The lease commenced on July 1, 2021 and as amended on May 1, 2022, provides for a base monthly rent of $10,711 over the three-year term
of the lease. A total of $131,516 and $128,527 was included in selling, general and administrative expenses for the year ended December
31, 2024 and 2023, respectively. The lease was further amended on June 26, 2024, and provides for a base monthly rent of $11,209 over
the additional three-year term of the lease.

Information
Technology (“IT”) Services

The
Company incurred a total