Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 37

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 37
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(Unaudited)

Note 1 – Nature of Business and Significant Accounting Policies

Nature of Business 

Syra Health Corp. (“Syra” or the “Company”)
was incorporated in the state of Indiana on November 20, 2020 to provide workforce staffing solutions, health education and healthcare
research consulting services to mental health hospitals and organizations, including government agencies, integrated health networks,
managed care entities and pharmaceutical manufacturers. On March 11, 2022, the Company redomiciled to Delaware. The Company’s corporate
office is located in Carmel, Indiana.

Basis of Presentation

The accompanying interim consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year
ended December 31, 2024, which was filed with the Securities and Exchange Commission (“SEC”) on March 11, 2025. Certain information
and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been omitted from this
report on Form 10-Q pursuant to the rules and regulations of the SEC.

Results for the interim periods in this report are
not necessarily indicative of future financial results and have not been audited by our independent registered public accounting firm.
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present
fairly our interim financial statements as of March 31, 2025, and for the three months ended March 31, 2025 and 2024. These adjustments
are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited financial statements as of
December 31, 2024.

Use of Estimates

The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these estimates.

    F-5

Concentrations of Credit Risk

The Company maintains cash in bank deposit accounts,
the balances of which at times may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 under current regulations. The Company had $1,