Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 673

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 6
Chunk 673
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2023, the Financial Accounting Standard Board (“FASB”) issued ASU 2023-07, Improvements to Reportable
Segment Disclosures, which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure
requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM and
included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description
of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s)
of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update were
effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The
Company adopted this standard on a retrospective basis within our annual report for the year ended December 31, 2024, with no material
impact to our financial statements.

There
are no other recently issued accounting pronouncements that we have yet to adopt that are expected to have a material effect on our financial
position, results of operations, or cash flows.

JOBS
Act

On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting
standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies.

We
have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act.
As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for
complying with new or revised accounting standards.

We
are in the process of evaluating the benefits of relying on other exemptions and reduced reporting requirements provided by the JOBS
Act. Subject to certain conditions set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain
of these exemptions, including without limitation, (i) providing an