Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 17

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 17
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31,  
    December 31, 

    2025  
    2024 
  
    Office equipment – 5 year estimated life 
    $86,958  
    $86,958 
  
    Leasehold improvements – 2 year estimated life 
     60,783  
     60,783 
  
    Furniture and fixtures – 7 year estimated life 
     6,170  
     6,170 
  
    Property and equipment, gross
 
     6,170  
     6,170 

    Less: Accumulated depreciation 
     (133,362) 
     (126,564)
  
    Total property and equipment, net 
    $20,550  
    $27,347 

Depreciation of property and equipment was $6,797
and $12,545 for the three months ended March 31, 2025 and 2024, respectively.

Note 7 – Accrued Expenses

Accrued expenses at March 31, 2025 and December 31, 2024, consisted of
the following:

Schedule of Accrued Expenses

    March 31,  
    December 31, 

    2025  
    2024 
  
    Accrued payroll and taxes 
    $178,601  
    $202,038 
  
    Accrued expenses 
     33,266  
     28,345 
  
    Total accrued expenses 
    $211,867  
    $230,383 

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 three months ended March 31, 2025, the Company
incurred $20,393 of IRA contribution expenses pursuant to the Company’s matching contributions, including $0, as accrued at March
31, 2025.

Note 8 – Lease

The Company
leases its current corporate headquarters under a fourteen month lease from STVentures, a related party. The lease, as amended