Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 69

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 69
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 30, 2025, compared to $336,036 for the six months ended June 30, 2024, an
increase of $52,929, or 16%. Professional fees increased in 2025 due to increased legal related costs from a settlement of an employment
claim in the current period, and increased accounting and audit fees.

7

Research
and Development Expenses

Research
and development expenses primarily consist of consulting expenses incurred to develop our technology-based solutions. We incurred $66,885
and $555,442 of research and development expenses for the six months ended June 30, 2025 and 2024, respectively, a decrease of $488,557,
or 88%, due to a decrease in consulting expenses incurred to develop our technology-based solutions.

Selling,
General and Administrative Expenses

SG&A
primarily consisted of marketing, rent, office, insurance, travel and repair and maintenance expenses incurred. We incurred $576,357
of SG&A expenses during the six months ended June 30, 2025, compared to $858,837 for the six months ended June 30, 2024, a decrease
of $282,480, or 33%. Our SG&A expenses decreased primarily due to our efforts to reduce overhead in 2025. SG&A included $67,253
and $64,263 of rent incurred in both periods from STVentures, LLC, an entity beneficially owned by our principal owners, our management
team and their affiliates, $78,104 and $94,308 of software expense, $229,253 and $330,984 of insurance, $20,221 and $90,683 of investor
relations, and $52,163 and $64,208 of subscription and membership fees for the six months ended June 30, 2025 and 2024, respectively.

Depreciation

We
incurred $12,775 of depreciation expense for the six months ended June 30, 2025, compared to $29,919 of depreciation expense for the
six months ended June 30, 2024, a decrease of $17,144, or 57%.

Other
Income (Expense)

Other
income, on a net basis, consisted of $7,087 of interest incurred on insurance finance charges, as partially offset by $7,718 of interest
income, for the six months ended June 30, 2025. Other expense, on a net basis, consisted of $