Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 317

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1A
Chunk 317
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 July 1, 2021, and provides
for a base monthly rent of $10,711, as increased from $5,332 per month, over the three-year term of the lease. The lease was further
amended on June 26, 2024 and provides for a base monthly rent of $11,209 per month, over a three-year term of the lease commencing on
July 1, 2024. The Company is occupying the space for executive and administrative offices. Rent expense for the years ended December
31, 2024 and 2023 was $131,516 and $128,527, respectively, which is included in selling,
general and administrative expenses within the statements of operations.

The
components of lease expense were as follows:

 Schedule
of Lease Expenses

    2024  
    2023 

    For the Year Ended 

    December 31, 

    2024  
    2023 
  
    Operating lease cost: 

    Amortization of ROU asset 
    $282,876  
    $121,089 
  
    Interest on lease liability 
     16,314  
     7,438 
  
    Total operating lease cost 
    $299,190  
    $128,527 

Supplemental
balance sheet information related to leases was as follows:

 Schedule of Supplemental Balance Sheet Information

    December
    31,

    December
    31,

    2024

    2023

    Operating
    lease:

    Operating
    lease assets
     
    $
    299,190

    $
    63,199

    Current
    portion of operating lease liability, related party
     
    $
    111,978

    63,199

    Noncurrent
    operating lease liability, related party

    187,212

    -

    Total
    operating lease liability
     
    $
    299,190

    $
    63,199

    Weighted
    average remaining lease term:

    Operating
    leases

    2.50
    years

    0.5
    years

    Weighted
    average discount rate:

    Operating
    lease

    9.25
    %

    5.75
    %

The
following payments are required under leases as of December 31, 2024:

 Schedule