Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 316

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1A
Chunk 316
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     6,170  
     677 
  
    Property and equipment, gross 
     6,170  
     677 

    Less: Accumulated depreciation 
     (126,564) 
     (63,826)
  
    Total property and equipment, net 
    $27,347  
    $78,974 

Depreciation
of property and equipment was $62,738 and $48,771 for the years ended December 31, 2024 and 2023, respectively.

Note
7 – Accrued Expenses

Accrued
expenses at December 31, 2024 and December 31, 2023, consisted of the following:

 Schedule of Accrued Expenses

    December 31,  
    December 31, 

    2024  
    2023 
  
    Accrued payroll and taxes 
    $202,038  
    $148,924 
  
    Accrued expenses 
     28,345  
     50,054 
  
    Total accrued expenses 
    $230,383  
    $198,978 

The
Company provides postretirement benefits pursuant to IRS code section 401(k) for employees meeting specified criteria. The Company matches
100% of the employees’ contributions that are not in excess of 4% of the employee’s contributions. These matching contributions
are fully vested and paid pursuant to the employees’ bi-weekly or semi-monthly pay periods. The Company does not prefund these
benefits and has the right to modify or terminate certain of these benefits in the future. For the year ended December 31, 2024, the
Company incurred $103,760 of IRA contribution expenses pursuant to the Company’s matching contributions, including $0, as accrued
at December 31, 2024. For the year ended December 31, 2023, the Company incurred $88,327 of investment retirement account contribution
expenses pursuant to the Company’s matching contributions, including $8,778, as accrued at December 31, 2023

    F-13

Note
8 – Lease

The
Company leases its current corporate headquarters under a three-year lease from STVentures, a related party. The lease, as amended on
May 1, 2022, to expand its office space from 2,976 square feet to approximately 5,978 square feet, commenced on