Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 596

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 4
Chunk 596
---
 recognized in selling, general and administrative
expenses.

    F-18

The
following is a summary of activity of outstanding stock options:

 Summary of Activity of Outstanding Stock Options

    Weighted 

    Average 

    Number  
    Exercise 

    of Shares  
    Prices 
  
    Balance, December 31, 2023 
     140,750  
    $1.82 
  
    Options granted 
     115,349  
     0.79 
  
    Options cancelled 
     (32,500) 
     - 
  
    Balance, December 31, 2024 
     223,599  
    $1.32 
  
    Exercisable, December 31, 2024 
     -  
    $- 

The
options had a weighted average remaining life of 8.20 years and no intrinsic value as of December 31, 2024.

Note
13 – Income Taxes

For
the period from November 20, 2020 (inception) through December 31, 2024, the Company incurred a net operating loss and, accordingly,
no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of
the realization of any tax assets. At December 31, 2024, the Company had approximately $8,265,000 of federal net operating losses. Under
the Tax Cuts and Jobs Act of 2017, the net operating loss carry forwards can be carried forward indefinitely, however the deductions
are limited to 80% of taxable income.

The
effective income tax rate for the years ended December 31, 2024 and 2023 consisted of the following:

 Schedule
of Effective Income Tax Rate

    December 31,  
    December 31, 

    2024  
    2023 
  
    Federal statutory income tax rate 
     21% 
     21%
  
    State income taxes 
     3% 
     3%
  
    Change in valuation allowance 
     (24)% 
     (24)%
  
    Net effective income tax rate 
     -  
     - 

The
components of the Company’s deferred tax asset are as follows:

 Schedule
of Deferred Tax Assets

    2024  
    2023 

    December 31,