Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 44

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 44
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 and fully resolved. The Company has not
yet undergone an examination by any taxing authorities. The Company recognizes interest and penalties
related to uncertain tax positions, if any, as an income tax expense.

The assessment of the Company’s tax position
relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.

Reclassifications

Certain prior period amounts have been reclassified
to conform to current period presentation. These reclassifications had no effect on the reported results of operations.

    F-9

Recent Accounting Standards

From time to time, new accounting
pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.

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 March 31, 2025, the Company had a cash balance of $2,490,585, working capital of $2,381,315 and an accumulated deficit of $9,296,458
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 $1,455,000
of