Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 591

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 4
Chunk 591
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 purchase various insurance policies. The total principal
of these arrangements was $370,596 with interest rates ranging from 10.38% through 14.05% and monthly payments totaling $32,328 are due
through July 2024. The Company made principal repayments of $184,904 and incurred interest expense of $6,265 during the year ended December
31, 2024. As of December 31, 2024 and December 31, 2023, the remaining balance was $0 and $184,904, respectively.

In
2024, the Company entered into two insurance policy financing arrangements to purchase various insurance policies. The total principal
of these arrangements was $378,659 with interest rates of 10.350% and 10.50% and monthly payments of $11,783 and $19,171 due through
July 2025. The Company made principal repayments of $225,773 and incurred interest expense of $9,436 during the year ended December 31,
2024. As of December 31, 2024, the remaining balance was $152,887.

The
Company recognized interest expense for the years ended December 31, 2024 and 2023 as follows:

 Schedule of Recognized Interest Expense

    December 31,  
    December 31, 

    2024  
    2023 

    Interest on line of credit 
    $-  
    $27,054 
  
    Interest on convertible notes payable 
     -  
     17,460 
  
    Interest on notes payable 
     15,600  
     8,966 
  
    Amortization of underwriting fee on line of credit 
     -  
     - 
  
    Interest on credit card debt 
     -  
     206 
  
    Total interest expense 
    $15,600$ 
     53,686 

Note
10 – Commitments and Contingencies

Legal
Contingencies

From
time to time, we may be involved in various disputes and litigation matters that arise in the ordinary course of business. The Company
is currently not a party to any material legal proceedings.

In
January 2024, a former employee filed a wrongful termination lawsuit against the Company in the U.S. District Court, Southern District
of Indiana. This case was settled on January 15, 2025 with no material impact to