Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 292

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1A
Chunk 292
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 which was primarily
attributable to our net loss for such years.

Net
Cash Used in Investing Activities

Cash
used in investing activities for the years ended December 31, 2024, and 2023 was $11,111 and $15,251, respectively, which related entirely
to the purchase of property and equipment in each year.

Net
Cash Provided by Financing Activities

Cash
provided by financing activities for the year ended December 31, 2024, was $2,058,474, which consisted of $2,469,150 of proceeds from
the sale of our Class A common stock, partially offset by $410,676 of repayments on notes payable. Cash provided by financing activities
for the year ended December 31, 2023, was $6,051,050, which consisted of $5,332,283 of proceeds from the sale of our Class A common stock,
$1,455,000 of proceeds received from convertible notes payable, $1,295,010 of advances received from related parties, and $300,000 of
proceeds received from line of credit, partially offset by $1,050,551 of repayments on the line of credit, $1,095,000 of repayments on
advances from related parties, and $185,692 of repayments on notes payable.

Financing
Transactions

Advances
from Related Party

On
various dates from July 11, 2023, through August 23, 2023, Sahasra Technologies Corp., doing business as STLogics, which is an entity
beneficially owned by the principal owners and management team of Syra, made short term, non-interest bearing advances due upon demand,
of which an aggregate of $1,295,010 was advanced and we repaid an aggregate $1,095,000 of such advances. The Company pays for payroll
and related costs for its employees that provide services to STLogics customers. During the year ended December 31, 2023, the Company
applied $200,010 of such costs to reduce the balance of the advance to $0. During the year ended December 31, 2024, the Company paid
$101,411 of payroll and related costs for these employees and had a receivable from STLogics of $0 and $50,614 for additional costs incurred
as of December 31, 2024 and December 31, 2023,