Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 13

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 13
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 measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a
tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition.

Various taxing authorities may periodically audit
the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the
timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with
various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years
may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not
yet undergone an examination by any taxing authorities. The Company recognizes interest and penalties
related to uncertain tax positions, if any, as an income tax expense.

The assessment of the Company’s tax position
relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.

Reclassifications

Certain prior period amounts have been reclassified
to conform to current period presentation. These reclassifications had no effect on the reported results of operations.

    F-9

Recent Accounting Standards

From time to time, new accounting
pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date.

Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements.

Note 2 – Going Concern

As shown in the accompanying financial statements,
as of March 31, 2025, the Company had a cash balance of $2,490,585, working capital of $2,381,315 and an accumulated deficit of $9,296,458
since inception. The Company is too early in its development stage to project revenue with a necessary level of certainty. Therefore,
the Company may not have sufficient funds to sustain its operations for the next twelve months from the issuance date of these financial
statements and may need to raise additional cash to fund its operations. These factors raise substantial doubt about the Company’s
ability to continue as a going concern. The Company has commenced sales and continues to develop its operations. In the event sales do
not materialize at the expected rates, management would seek additional financing or would attempt to conserve cash by further reducing
expenses. There can be no assurance