Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 561

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 4
Chunk 561
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% payroll reduction for its executive officers for a period of five months. Salaries and benefits included $629,643
and $535,909 of officer compensation for the years ended December 31, 2024 and 2023, respectively.

Professional
Services

Professional
services primarily consist of expenses incurred from business development, accounting, legal fees, and consulting activities. We incurred
$606,051 of professional services for the year ended December 31, 2024, compared to $586,463 for the year ended December 31, 2023, an
increase of $19,588, or 3%. Professional fees increased in 2024 due increased legal and other professional costs related to the Company’s
regulatory filings.

Research
and Development Expenses

Research
and development expenses primarily consist of consulting expenses incurred to develop our technology-based solutions. We incurred $585,146
and $240,048 of research and development expenses for the years ended December 31, 2024 and 2023, respectively, related to continued
development of the Company’s Syrenity application for its Behavioral and Mental Health services.

Selling,
General and Administrative Expenses

SG&A
primarily consists of marketing, rent, office, insurance, travel and repair and maintenance expenses incurred. We incurred $1,445,170
of SG&A expenses during the year ended December 31, 2024, compared to $1,131,922 for the year ended December 31, 2023, an increase
of $313,248, or 28%. Our SG&A expenses increased primarily due to our increased operations in 2024. SG&A included $142,725 and
$117,816 of rent incurred from STVentures, LLC, an entity beneficially owned by our principal owners, our management team and their affiliates,
$456,327 and $154,347 of insurance for the years ended December 31, 2024, and 2023, respectively. Stock based compensation expense increased
to $131,180 during the year ended December 31, 2024 compared to $32,831 in the year ended December 31, 2023.

-30-

Depreciation

We
incurred $62,738 of depreciation expense for the year ended December 31, 2024, compared to $48,771 of depreciation expense for the year
ended December 31, 2023, an increase of $13,967, or 29%. Dep