Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 781

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7A
Chunk 781
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 within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description
of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update were
effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The
Company adopted this standard on a retrospective basis within our annual report for the year ended December 31, 2024, with no material
impact to our financial statements.

Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.

Note
2 – Going Concern

As
shown in the accompanying financial statements, as of December 31, 2024, the Company had a cash balance of $2,395,405, working capital
of $2,739,246 and an accumulated deficit of $8,824,193 since inception. The Company is too early in its development stage to project
revenue with a necessary level of certainty. Therefore, the Company may not have sufficient funds to sustain its operations for the next
twelve months from the issuance date of these financial statements and may need to raise additional cash to fund its operations. These
factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company has commenced sales and
continues to develop its operations. In the event sales do not materialize at the expected rates, management would seek additional financing
or would attempt to conserve cash by further reducing expenses. There can be no assurance that the Company will be successful in achieving
these objectives.

The
Company continues to pursue sources of additional capital through debt and financing transactions or arrangements, including equity financing
or other means. The Company may not be successful in identifying suitable funding transactions in a sufficient time period or at all
and may not obtain the required capital by other means. If the Company does not succeed in raising additional capital, resources may
not be sufficient to fund its business. The Company’s ability to scale production and distribution capabilities and further increase
the value of its brands, is largely dependent on its success in raising additional capital. From January through April of 2023, the Company
raised a total of $1